Next Week

May 21, 2010

Each currency market year can be divided into three trading seasons.  The middle or summer period runs between the U.S. Memorial Day and Labor Day holiday weekends. The coming week will be the 21st and final one of this year’s first trading season.  U.S. Treasury market desks will close early next Friday.  Canada will be closed on Monday for Victoria Day.  There are just a few scheduled central bank meetings.  The Bank of Israel may tighten again, but no changes seem likely from Poland or Colombia.  The Bank of Japan releases its monthly assessment, and several Fed officials including Bernanke have speaking engagements.

Scheduled U.S. data include the second estimate of first-quarter GDP growth, the Case-Shiller and FHFA house price gauges, new and existing home sales, and durable goods orders.  Personal spending and income, regional purchasing managers indices, and the Conference Board and U. Michigan measure of consumer confidence also arrive.  Finally, there are the sundry weekly statistics for mortgage applications, chain store sales, energy stocks, and jobless insurance claims.

Euroland only releases industrial orders, but scheduled national data within the currency union will cover German import prices and consumer prices, French and Italian consumer confidence, French business sentiment and consumer spending, Italian consumer confidence, Belgian and Dutch business sentiment, and Spanish consumer prices.

Britain reports revised first-quarter GDP, mortgage lending, consumer confidence, the Nationwide house price index and the CBI monthly survey of retailers. Switzerland and Sweden each release labor and trade statistics.  Swedish producer prices, GDP and retail sales also arrive next week.

Japan has a large data calendar, covering the all industry index, corporate service prices, consumer prices, household spending, retail sales, customs trade, and the Shoko Chukin index of small business sentiment.  Other Asian releases include Singapore consumer prices, Thai GDP and Taiwanese industrial production.

South Africa reports GDP, while Australian auto sales and New Zealand building permits will be arriving, too.

Both Canada and Mexico announce current account figures.  Peruvian GDP, Chilean industrial production and Brazilian labor statistics are some other Latin American data highlights.

Russia and Hungary will be reporting retail sales.

Copyright Larry Greenberg 2010.  All rights reserved.  No secondary distribution without express permission.

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