Next Week

August 7, 2009

Next week begins the third year since the start of the financial crisis.  As we move into mid-August, much of Europe will be on holiday.  Currency trading tends to be thin.  In prior years, there have been a number of key dollar turning points and milestones set in this equivalent week of August.  Interest rate meetings are scheduled next week in the United States, Japan, Hong Kong, South Africa, Norway, South Korea and Chile, but none are favored to announce a change in policy.   The Bank of England releases its quarterly Inflation Report, a cornerstone that anchors monetary policy.  The Bank of Japan will release its monthly economic assessment and minutes from its mid-May policy meeting.

A bunch of economies release quarterly GDP figures, notably Euroland, Germany and France but also Hong Kong, Indonesia, Spain, The Netherlands, Romania, Hungary and the Czech Republic.

Scheduled U.S. releases include first sight of quarterly productivity growth and unit wage costs and monthly trades, import prices, retail sales, industrial production, consumer prices, and Federal public finances.  We get the early U. Michigan consumer sentiment survey and the usual assortment of weekly data for jobless claims, chain store sales, energy stocks, and mortgage applications.

Japan releases machinery orders, the trade and current accounts, money and credit growth, corporate goods prices, the economy watchers index, consumer confidence, and the Tertiary index of service-sector activity.  The Reuters monthly proxy for the Tankan index also arrives.

It’s labor market week in Britain with unemployment, wage growth, and productivity all due.  From that economy also comes the RICs and DCLG house price indices, the British Retail Consortium gauge of retail sales, and trade figures.  Sweden reports consumer prices, industrial output and orders,  and unemployment.  Switzerland releases producer and import prices, while Norway’s slate includes the CPI, PPI, and retail sales.

In addition to GDP, Euroland announces industrial production and consumer prices.  France releases several indicators — business sentiment, industrial production, fiscal flows, the current account, and consumer prices, while Spain and Italy each report consumer prices.

Romania, Hungary, Poland, Czech Republic and Israel report consumer prices.  Poland, Turkey, and the Czech Republic release current account data.

China will be reporting consumer and producer prices, trades, fixed asset investment, industrial production, retail sales and money and credit growth.

Some other releases in Asia will be Singapore’s retail sales, Malaysian industrial output, and South Korean unemployment.

From Canada comes house prices, trade figures, the monthly manufacturers survey, auto sales, and housing starts.  South Africa also releases its factory-sector survey.

Australia reports business and consumer sentiment, expected consumer price inflation, housing finance and the quarterly labor cost index.  New Zealand’s PMI, retail sales and house price index are due.

In Latin America, Peruvian, Mexican, and Colombian trade data will be announced, while Argentina and Brazil report consumer prices.

Copyright Larry Greenberg 2009.  All rights reserved.  No secondary distribution without express permission.


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