Forex: Weekly outlook: New Zealand – Official Cash Rate Decision on Wednesday

on Sep 9, 2013
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Japan’s Current Account report today came out showing a ¥0.33 trillion surplus in July, slightly bettering expectations for ¥0.32 trillion but well down on the prior period’s ¥0.65 trillion surplus.
Japan’s Final Q2 GDP q/q grew by 0.9 percent, better than Q1’s 0.6 percent but disappointing analyst expectations for a one percent increase.

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Consumer Confidence in Japan dropped to 43.0 points in August from the prior level of 43.6 points. The Market had expected a rise to 44.3 points. The Economy Watchers Sentiment also registered a decrease – to 51.2 points in August from the previous level of 52.3 and well down on forecasts wee for a rise to 53.8.
Australian Home Loans m/m rose by 2.4 percent in July, as reported today by the Australian Bureau of Statistics. Economists had expected an increase of 2.2 percent. The prior period growth was 2.6 percent.

The Swiss Unemployment Rate for August was revealed today, matching expectations for no change in the current level of 3.2 percent.
Swiss Retail Sales checked in at an 0.8 per cent rise, surprisingly down on the expected 3.2% rise and the prior 2.3%
Eurozone’s Sentix Investor Confidence is expected to come out at 9.30 BST and to show a rise to -4.0 points in September, from the prior -4.9 points.

Canadian Building Permits m/m for July is due out at 13.30 BST and is expected to reveal a rise by 4.4 percent after dropping in June by 10.3 percent.
US Consumer Credit for July m/m is due for release at 20.00 BST. Analysts are expecting a rise of $12.7 billion.
A detailed record of the BOJ Policy Board’s latest meeting is to be released at 00.50 BST. The release is expected to provide in-depth insights into the economic conditions that influenced the Board’s decision on where to set interest rates.

Japan’s Tertiary Industry Activity July m/m comes out tomorrow and is expected to show a 0.4 percent drop, expanding the contraction from the prior period’s 0.3 percent.
From Australia the MI Inflation Expectations and the NAB Business Confidence reports are due out on Tuesday.
French Industrial Production m/m is forecasted to have grown by 0.7 percent in July. The previous period showed a 1.4 percent decline.
The Bank of will issue its Q3 Credit Conditions Survey report, which provides data on secured and unsecured lending to households, small businesses, non-financial corporations, and non-bank financial firms.
Housing Starts in Canada for August is expected to out as 3,000 fewer in August than the 193,000 in July.
The US Job Openings and Labor Turnover Summary (JOLTS) Job Openings report for July is expected to slightly better the prior month data, which showed a 3.94 million job openings excluding the farming industry. The forecasts are for 3.96 million.
Japan’s BSI Manufacturing Index is expected to rise to 7.2 points in Q3 from the prior level of 5.0 points.
The Australian Westpac Consumer Sentiment for September is to be announced this day. The previous period showed a 3.5 percent rise.
The UK Claimant Count Change for August is expected to log a drop of 21,200 unemployment benefit claimants, continuing the positive tendency of a reduction in the number of the people claiming unemployment benefits.
The Unemployment Rate in the UK will also be announced and is not expected to differ from the current level of 7.8 percent.
The Reserve Bank of New Zealand is to announce its decision on the Official Cash Rate, which is expected to stay at the current level of 2.50 percent.
The number of employed Australians is expected to be 10,200 up in August, reversing the prior period’s fall by that percentage. However, the Unemployment Rate is being tipped to rise to 5.8 percent in August from the prior level of 5.7 percent.
The ECB’s Monthly Bulletin is due out Thursday. The report provides statistical data and analysis of current and future economic conditions. This report is released seven days after announcement of a Minimum Bid Rate decision.
Industrial Production m/m in the Eurozone is expected to show a drop of 0.1 percent in July after rising 0.7 percent in June.
ECB president Mario Draghi is scheduled to speak at the Bank of Latvia’s Economic Conference, in Riga.
The Canadian New Housing Price Index for July comes out Thursday and is expected to repeat the prior rise of 0.2 percent.
US Unemployment Claims for last week are expected to be log in at 332,000, well up on the prior week’s 323,000.
US Import Prices m/m are forecast to increase by 0.6 percent in August. The prior period showed a 0.2 percent rise.
The Swiss Producer Price Index m/m is due to be announced on Friday and is expected to reveal a rise by 0.2 percent in August.
The Eurozone’s Q2 Employment Change q/q is expected to be down by 0.2 percent, compared with the prior period’s drop of 0.5 percent.
The Economic and Financial Affairs Council (ECOFIN) is to have a meeting on Friday, at which a range of financial issues, such as euro support mechanisms and government finances, are expected to be discussed. The Finance Ministers from the European Union member states are to participate in the ECOFIN Meetings.
Also on this day are to be held the Eurogroup Meetings, which will be attended by the group’s president Jeroen Dijsselbloem, finance ministers from Eurozone member states, the EC Commissioner for economic and monetary affairs, and the President of the European Central Bank.
US Core Retail Sales m/m and the Retail Sales reports are due out on Friday. Both are expected to reveal a rise in August – the former by 0.3 percent and the latter by 0.5 percent.
US PPI m/m is forecasted to grow by 0.2 percent in August, along with the Core PPI m/m.
Finally, Thomson Reuters/University of Michigan Consumer Sentiment Index is out on Friday and is expected to log in at 82.6 points in September, a gains on the prior 82.1 points, revised up from 80.00 points.


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