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Major Events This Week
Submitted by Anonymous on Mon, 23/07/2012 - 10:50
Tradervox.com (Dublin) – The US dollar dropped against most currencies as poor reports from the country hit the market last week. However, the dollar remained stronger than the euro which reached new lows against most major currencies. Here are some of the events to look out for this week.
At 0800hrs GMT, the Euro zone German Ifo Business Climate report will be released. German sentiments turned pessimistic in May as debt crisis continued to take toll on the region’s economy. The result showed a decline to 105.3 from 106.9 points registered in April. For the month of June, it is expected to drop further to 104.8 points. Thirty minutes later, at 0830hrs, the UK GDP report will be released. Despite the market prediction of 0.1 percent growth, the UK economy shrunk by 0.3 percent in the first three months of the year, which was attributed to weak construction. The market has predicted a 0.2 percent contraction this time round.
In the US, at 1400hrs, the US New Home Sales will be released. May data indicated that Single-family house sales increased from 343k to 369k. The housing sector is performing particularly well and a rise to 373k is expected this time round. On the same day, at 2100 hrs, the New Zealand rate decision will be announced by the Reserve Bank of New Zealand which has maintained its interest rate at 2.50 percent. There is no change expected from RBNZ.
The US Durable Goods Orders report will be released at 1230hrs GMT where an increase of 0.1 percent is predicted. In May, the report showed an increase of 0.4 percent which was lower than the market expectation of 0.7 percent. Another report from the US is the Unemployment claims which will be released at 1230hrs. a drop to 381k is expected this time round. Last week Unemployment claims shot to 386k well above the market expectation of 367k. US Pending Home Sales data will be released at 1499hrs where a 0.8 percent rise is anticipated. The data showed an increase of 5.9 percent in May which was above the market expectation of 1.2 percent.
On this day, the US Advance GDP data will be released at 1230 hrs where an expansion of 1.5 percent is expected. The US economy dropped in the first quarter growing at 1.9 percent from a 3.0 percent growth in the previous quarter.
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