Forex, Market Reports

Forex MarketWatch Weekly Outlook for August 26th, 2019

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Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

The economic calendar this week begins on Sunday with the second day of the G7 Meeting in Biarritz, France. The G7 Meetings conclude on Monday, which will also see the release of German Ifo Business Climate and U.S. Core Durable Goods Orders.

Tuesday’s highlights then include U.S. CB Consumer Confidence and the U.S. Richmond Manufacturing Index, while Wednesday’s releases are limited to Australian Construction Work Done and U.S. Crude Oil Inventories.

Thursday will feature the New Zealand ANZ Business Confidence index, Australian Private Capital Expenditure, the Canadian Current Account and U.S. Preliminary GDP.  The week then concludes with Friday’s release of Australian Building Approvals, EZ CPI Flash Estimate, Canadian GDP, U.S. Personal Spending and Chicago PMI.

ECONOMIC OUTLOOK

The following table contains significant upcoming data and events for each of the major economies, as well as the market’s consensus expectation and last result for each data release.

Date GMT Time Currency   Event    Actual Consensus Previous
SunAug 25 Day 2 All G7 Meetings
11:45pm NZD Trade Balance -685M -250M 331M
MonAug 26 All Day GBP Bank Holiday
9:00am EUR German Ifo Business Climate 94.3 95.1 95.8
Day 3 All G7 Meetings
 1:30pm USD Core Durable Goods Orders m/m 0.2% 1.0%
USD Durable Goods Orders m/m 1.4% 1.9%
3:00pm USD FOMC Member Bullard Speaks
TueAug 27 12:50am JPY SPPI y/y 0.6% 0.7%
3:00am AUD RBA Deputy Gov Debelle Speaks
6:00am JPY BOJ Core CPI y/y 0.6%
7:00am EUR German Final GDP q/q -0.1% -0.1%
9:30am GBP High Street Lending 42.8K 42.7K
1:00pm GBP MPC Member Tenreyro Speaks
2:00pm USD HPI m/m 0.2% 0.1%
USD S&P/CS Composite-20 HPI y/y 2.5% 2.4%
3:00pm USD CB Consumer Confidence 130.0 135.7
USD Richmond Manufacturing Index 3 -12
WedAug 28 12:01am GBP BRC Shop Price Index y/y -0.1%
2:30am AUD Construction Work Done q/q -1.0% -1.9%
7:00am EUR German GfK Consumer Climate 9.5 9.7
EUR German Import Prices m/m -0.1% -1.4%
28th-30th GBP Nationwide HPI m/m 0.1% 0.3%
9:00am CHF Credit Suisse Economic Expectations -24.0
EUR M3 Money Supply y/y 4.7% 4.5%
EUR Private Loans y/y 3.5% 3.3%
Tentative EUR German 10-y Bond Auction -0.41|2.0
3:30pm USD Crude Oil Inventories -2.7M
ThuAug 29 2:00am NZD ANZ Business Confidence -44.3
2:30am AUD Private Capital Expenditure q/q 0.4% -1.7%
6:00am JPY Consumer Confidence
7:45am EUR French Consumer Spending m/m 0.4% -0.1%
EUR French Prelim GDP q/q 0.2% 0.2%
8:00am EUR Spanish Flash CPI y/y 0.4% 0.5%
All Day EUR German Prelim CPI m/m -0.1% 0.5%
8:55am EUR German Unemployment Change 4K 1K
Tentative EUR Italian 10-y Bond Auction 1.56|1.3
1:30pm CAD Current Account -17.3B
USD Prelim GDP q/q 2.0% 2.1%
USD Goods Trade Balance -74.0B -74.2B
USD Prelim GDP Price Index q/q 2.4% 2.4%
USD Prelim Wholesale Inventories m/m 0.2% 0.0%
USD Unemployment Claims 215K 209K
3:00pm USD Pending Home Sales m/m 0.1% 2.8%
3:30pm USD Natural Gas Storage 59B
11:45pm NZD Building Consents m/m -3.9%
FriAug 30 12:01am GBP GfK Consumer Confidence -11 -11
12:30am JPY Tokyo Core CPI y/y 0.8% 0.9%
JPY Unemployment Rate 2.3% 2.3%
12:50am JPY Prelim Industrial Production m/m 0.3% -3.3%
JPY Retail Sales y/y -0.6% 0.5%
Tentative AUD HIA New Home Sales m/m -12.4%
2:30am AUD Building Approvals m/m 0.0% -1.2%
AUD Private Sector Credit m/m 0.2% 0.1%
6:00am JPY Housing Starts y/y -5.3% 0.3%
7:00am EUR German Retail Sales m/m -1.3% 3.5%
7:45am EUR French Gov Budget Balance -77.3B
EUR French Prelim CPI m/m 0.5% -0.2%
8:00am CHF KOF Economic Barometer 95.6 97.1
9:00am EUR Italian Monthly Unemployment Rate 9.6% 9.7%
9:30am GBP M4 Money Supply m/m 0.2% 0.1%
GBP Mortgage Approvals 66K 66K
GBP Net Lending to Individuals m/m 4.7B 4.8B
10:00am EUR CPI Flash Estimate y/y 1.0% 1.0%
EUR Core CPI Flash Estimate y/y 1.0% 0.9%
EUR Italian Prelim CPI m/m 0.3% 0.0%
EUR Unemployment Rate 7.5% 7.5%
1:30pm CAD GDP m/m 0.1% 0.2%
CAD RMPI m/m 1.6% -5.9%
CAD IPPI m/m 0.4% -1.4%
USD Personal Spending m/m 0.5% 0.3%
USD Core PCE Price Index m/m 0.3% 0.2%
USD Personal Income m/m 0.3% 0.4%
2:45pm USD Chicago PMI 48.1 44.4
3:00pm USD Revised UoM Consumer Sentiment 92.5 92.1
USD Revised UoM Inflation Expectations 2.7%
SatAug 31 2:00am CNY Manufacturing PMI 49.7 49.7
CNY Non-Manufacturing PMI 53.6 53.7

 

TECHNICAL OUTLOOK

The table below contains a directional forecast for the coming week, the current spot rate, and key support and resistance levels for each of the major currency pairs.

EUR/USD Mildly Higher Resistance: 1.1117/1.1249 1.1273/1.1570 1.1791/1.1852
Spot: 1.1117 Support: 1.1052/1.1112 1.1027 1.0873/1.0952
 
USD/JPY Higher Resistance: 106.73/109.31 110.37/112.56 113.38/114.21
Spot: 105.83 Support: 105.05/79 104.32/64 101.20
   
GBP/USD Higher Resistance: 1.2250/94 1.2382 1.2447/1.2506
Spot: 1.2237 Support: 1.2188/1.2209 1.2064/1.2110 1.1973/1.2023
 
AUD/USD Higher Resistance: 0.6799/0.6866 0.6903/0.7246 0.6909/0.7393
Spot: 0.6764 Support: 0.6677/0.6753 0.6248 0.6008
   
USD/CAD Lower Resistance: 1.3319/1.3403 1.3422/1.3598 1.3660
Spot: 1.3304 Support: 1.3018/1.3300 1.2970 1.2916/27
   
NZD/USD Higher Resistance: 0.6424 0.6498/0.6586 0.6626/0.6980
Spot: 0.6377 Support: 0.6342/77 0.6098 0.5992

Disclaimer:

 

TheFXperts’ Forex MarketWatch Reports are provided strictly for educational purposes and represent the opinions of the authors. No recommendation or endorsement for specific financial trading or investment purposes is offered. Subscribers are advised to seek financial, business and legal guidance from licensed professionals.

Visit TheFXperts’ official website at www.TheFXperts.com.  You can also view and purchase Jay and Julie Hawk’s six financial books at Jay’s Amazon author page here: amazon.com/author/Jayhawk

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