Forex, Market Reports

Forex MarketWatch Weekly Outlook for September 9th, 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 is mildly busy this week and begins on Monday with the release of UK GDP and Manufacturing Production. Tuesday’s highlights include the UK Average Earnings Index and Australian NAB Business Confidence.

On Wednesday, key releases include Australian Westpac Consumer Sentiment, and U.S. PPI and Core PPI. Thursday will feature the 13-nation OPEC-JMMC Meetings, the ECB’s Main Financing Rate, Monetary Policy Statement and Press Conference, U.S. CPI and Core CPI and the Business New Zealand Manufacturing Index.

Friday concludes the week with U.S. Core Retail Sales, Retail Sales and the Preliminary University of Michigan’s Consumer Sentiment index.

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  
SunSep 8 4:00am CNY USD-Denominated Trade Balance 34.8B 44.3B 45.1B
4:01am CNY Trade Balance 240B 300B 310B
11:45pm NZD Manufacturing Sales q/q -0.7% 0.8%
MonSep 9 12:50am JPY Bank Lending y/y 2.1% 2.3% 2.3%
JPY Current Account 1.65T 1.70T 1.94T
JPY Final GDP q/q 0.3% 0.3% 0.4%
12:54am JPY Final GDP Price Index y/y 0.4% 0.4% 0.4%
2:30am AUD Home Loans m/m 5.0% 0.5% -0.8%
6:00am JPY Economy Watchers Sentiment 42.8 41.4 41.2
6:45am CHF Unemployment Rate 2.3% 2.3% 2.3%
7:00am EUR German Trade Balance 20.2B 18.8B 18.0B
9:30am EUR Sentix Investor Confidence -11.1 -13.0 -13.7
GBP GDP m/m 0.3% 0.1% 0.0%
GBP Manufacturing Production m/m 0.3% -0.3% -0.2%
GBP Construction Output m/m 0.5% 0.2% -0.7%
GBP Goods Trade Balance -9.1B -9.6B -8.9B
GBP Index of Services 3m/3m 0.2% 0.1% 0.1%
GBP Industrial Production m/m 0.1% -0.3% -0.1%
12:45pm GBP NIESR GDP Estimate 0.1% 0.0%
8:00pm USD Consumer Credit m/m 23.3B 16.2B 13.8B
TueSep 10  12:50am JPY M2 Money Stock y/y 2.4% 2.4%
2:30am AUD NAB Business Confidence 4
CNY CPI y/y 2.6% 2.8%
CNY PPI y/y -0.9% -0.3%
6:30am EUR French Final Private Payrolls q/q 0.3% 0.3%
7:00am JPY Prelim Machine Tool Orders y/y -33.0%
7:45am EUR French Industrial Production m/m 0.5% -2.3%
9:00am EUR Italian Industrial Production m/m -0.1% -0.2%
9:30am GBP Average Earnings Index 3m/y 3.7% 3.7%
GBP Claimant Count Change 29.3K 28.0K
GBP Unemployment Rate 3.9% 3.9%
10th-15th CNY New Loans 1200B 1060B
10th-15th CNY M2 Money Supply y/y 8.2% 8.1%
11:00am USD NFIB Small Business Index 103.6 104.7
1:15pm CAD Housing Starts 213K 222K
1:30pm CAD Building Permits m/m 2.1% -3.7%
3:00pm USD JOLTS Job Openings 7.31M 7.35M
11:45pm NZD Visitor Arrivals m/m -0.2%
WedSep 11 12:50am JPY BSI Manufacturing Index -7.1 -10.4
1:30am AUD Westpac Consumer Sentiment 3.6%
11th-17th CNY Foreign Direct Investment ytd/y 7.3%
1:30pm CAD Capacity Utilization Rate 82.0% 80.9%
USD Core PPI m/m 0.2% -0.1%
USD PPI m/m 0.0% 0.2%
3:00pm USD Final Wholesale Inventories m/m 0.2% 0.2%
3:30pm USD Crude Oil Inventories -2.9M -4.8M
6:01pm USD 10-y Bond Auction 1.67|2.2
11:45pm NZD FPI m/m 1.1%
ThuSep 12 12:01am GBP RICS House Price Balance -10% -9%
12:50am JPY Core Machinery Orders m/m -9.0% 13.9%
JPY PPI y/y -0.8% -0.6%
2:00am AUD MI Inflation Expectations 3.5%
5:30am JPY Tertiary Industry Activity m/m -0.3% -0.1%
7:00am EUR German Final CPI m/m -0.2% -0.2%
7:30am CHF PPI m/m -0.2% -0.1%
7:45am EUR French Final CPI m/m 0.5% 0.5%
9:00am EUR Italian Quarterly Unemployment Rate 10.0% 10.4%
10:00am EUR Industrial Production m/m -0.1% -1.6%
Tentative All OPEC-JMMC Meetings
12:45pm EUR Main Refinancing Rate 0.00% 0.00%
EUR Monetary Policy Statement
1:30pm CAD NHPI m/m 0.0% -0.1%
EUR ECB Press Conference
USD CPI m/m 0.1% 0.3%
USD Core CPI m/m 0.2% 0.3%
USD Unemployment Claims 215K 217K
2:30pm GBP CB Leading Index m/m -0.3%
3:30pm USD Natural Gas Storage 83B 84B
6:01pm USD 30-y Bond Auction 2.34|2.2
7:00pm USD Federal Budget Balance -160.5B -119.7B
11:30pm NZD Business NZ Manufacturing Index 48.2
FriSep 13 All Day CNY Bank Holiday
5:30am JPY Revised Industrial Production m/m 1.3% 1.3%
7:00am EUR German WPI m/m 0.2% -0.3%
10:00am EUR Trade Balance 17.5B 17.9B
All Day EUR ECOFIN Meetings
All Day EUR Eurogroup Meetings
1:30pm USD Core Retail Sales m/m 0.1% 1.0%
USD Retail Sales m/m 0.2% 0.7%
USD Import Prices m/m -0.5% 0.2%
3:00pm USD Prelim UoM Consumer Sentiment 90.4 89.8
USD Business Inventories m/m 0.3% 0.0%
USD Prelim UoM Inflation Expectations 2.7%

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 Higher Resistance: 1.1052/1.1249 1.1273/1.1570 1.1791/1.1852
Spot: 1.1049 Support: 1.1016/27 1.0873/1.0952 1.0808/19
           
USD/JPY Higher Resistance: 107.23/109.31 110.37/112.56 113.38/114.21
Spot: 107.20 Support: 106.68/97 105.05/92 104.32/64
         
GBP/USD Mildly Higher Resistance: 1.2382/85 1.2440 1.2506/79
Spot: 1.2346 Support: 1.2188/1.2309 1.1940/1.2110 1.1884/1.1910
         
AUD/USD Higher Resistance: 0.6866/76 0.6903/0.7246 0.6909/0.7393
Spot: 0.6865 Support: 0.6677/0.6740 0.6248 0.6008
           
USD/CAD Lower Resistance: 1.3177/1.3403 1.3422/1.3598 1.3660
Spot: 1.3166 Support: 1.3018/1.3151 1.2970 1.2916/27
           
NZD/USD Higher Resistance: 0.6498/0.6586 0.6626/0.6780 0.6937/69
Spot: 0.6427 Support: 0.6342/0.6424 0.6269/79 0.6098

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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