February 25, 2008 – At 14:50 GMT, we have the Federal Reserve Governor and FOMC voting member Randall Kroszner speaking about risk management at the Global Association of Risk Management Professionals Annual Risk Convention, in New York. Some volatility in the U.S dollar pairs is expected as the traders try to scrutinize his speech for some clues regarding the future monetary policy.
At 15:00 GMT, we have the existing home sales figures from the U.S. It measures the annualized number of existing residential buildings that were sold during the previous month. A rising trend has a positive effect on the nation's currency. It is expected to print 4.80M, lower compared to the previous of 4.89M. Traders watch this report closely as it's the month's first demand-side housing indicator to be released. According to the estimates, we might see the U.S dollar weaken.
We also have the Swiss National Bank (SNB) Chairman Jean-Pierre Roth delivering a speech titled "Swiss business and financial center - success and new challenges" at the Handelskammer Schweiz-?–sterreich und Liechtenstein, in Vienna. Volatility is expected in the Swiss franc pairs.
At 18:50 GMT, we have the European Central Bank (ECB) President Jean-Claude Trichet speaking at the New Year's Reception Asia-Pacific, in Frankfurt. As head of the central bank's governing body, which is responsible for setting the euro zone's short term interest rate, his speeches can sometimes cause market volatility as traders react to clues regarding future monetary policy.
At 20:30 GMT, we have the Federal Reserve Governor and FOMC voting member Fredric Mishkin speaking about stabilizing inflation at the East Carolina University's Beta Gamma Sigma Distinguished Lecture Series, in North Carolina. Some volatility in the U.S dollar pairs is expected as the traders try to scrutinize his speech for some clues regarding the future monetary policy.
February 26, 2008 – At 9:00 GMT, we have the consumption indicator figures from Switzerland. It measures the total amount by consumers on goods and services. UBS publishes this indicator up to three months before official statistics. There are no forecasts made yet, while the previous figure stood at 2.200.
At 9:00 GMT, we have the German Information and Forschung (IFO) Business Climate Index and Business Expectations Index from the Euro zone. The climate index measures the mood of firms in manufacturing, construction, wholesale and retail. The index is derived from a monthly survey of over 7,000 firms where respondents are asked to give their assessments of the current business situation and their expectations for the next six months. It is expected to print 103, lower compared to the previous of 103.4. Whereas, the expectations index measures the mood of firms in regard to future expectations for the economy, is expected to print 98.7 lower compared to the previous of 99.
At 9:30 GMT, we have the business investment quarter over quarter figures from the U.K. It measures the total amount of capital expenditures by all businesses. A rising trend has a positive effect on the nation's currency because high levels of business investment are a sign of a strong economy. It is expected to print lower at 1% compared to the previous of 2%.
At 11:00 GMT, we have the Confederation of British Industry (CBI) Distributive Trades Realized figures from U.K. It measures the health of the retail sector by asking executives if their firm experienced an increase or decrease in sales compared to a year ago. A positive number indicates that more retailers reported an increase. A rising trend has a positive effect on the nation's currency because retail sales make up a large portion of consumer spending, which is a major driver of the economy. There are no forecasts made yet, while the previous figure stood at 4.
At 13:30 GMT, we have the Producer Price Index (PPI) figures from the U.S. PPI measures the rate of inflation (i.e., the rate of price changes) experienced by manufacturers when purchasing goods and services. A rising trend has a positive effect on the nation's currency. It is expected to print 0.4% better compared to the previous of -0.3%. Whereas, the core PPI which is a derivative of PPI that excludes the Food and Energy items, is expected to print unchanged from the previous at 0.2%. PPI being highly regarded, and at extremes will have a market impact equal to that of its CPI counterpart. According to the estimates, we might see the U.S dollar advance.
At 15:00 GMT, we have the consumer confidence and the national HPI composite 20 figures from the U.S. The consumer confidence, which measures the mood of consumers in regard to economic conditions, is expected to print lower at 82 compared to the previous of 87.9. Whereas, the S&P/Case-Shiller US National Home Price Index (HPI) Composite-20 measures the annual change in the average price of a single-family home in 20 metropolitan areas, is expected to print -9.9% worse compared to the previous of -7.7%. All in all, we might see the U.S dollar decline.
At 16:00 GMT, we have the Bank of Canada (BOC) Senior Deputy Governor Paul Jenkins, along with Deputy Governor John Murray; testifying about the impact of the appreciating Canadian Dollar before the House of Commons Standing Committee on Industry, Science and Technology. Volatility in the Canadian pairs is expected.
At 17:15 GMT, we have the Federal Reserve Vice Chairman and FOMC voting member Donald Kohn speaking about the US economy and monetary policy at the University of North Carolina Cameron School of Business, in North Carolina. FOMC voting members are responsible for setting the nation's short term interest rate, so traders scrutinize their speeches closely for clues regarding future monetary policy.
February 27, 2008 – At 0:30 GMT, we have the construction work done figures from Australia. It measures the value of all completed construction projects including new buildings and alterations to existing buildings. A rising trend has a positive effect on the nation's currency. It is expected to print 2% lower compared to the previous of 2.8%.
At 9:30 GMT, we have the Gross Domestic Product (GDP) figures from the U.K. It measures the total value of all goods and services produced by the economy. A rising trend has a positive effect on the nation's currency. It is expected to print unchanged from the previous at 0.6%.
At 13:30 GMT, we have the durable goods orders figures from the U.S. It measures the total value of new purchase orders placed with domestic manufacturers for hard goods with a life expectancy of more than 3 years, such as automobiles, computers, appliances, and airplanes. A rising trend has a positive effect on the nation's currency because an increased level of purchase orders signals that manufacturers will be busy in the months to come as they work to fill the orders. Traders watch this indicator closely because of its predictive abilities. It is expected to print -4% worse compared to the previous of 5%. While the core, which excludes the transportation components, is expected to print -1.4% lower compared to the previous of 2.3%. All in all, we might see the U.S dollar weaken.
At 15:00 GMT, we have the Federal Reserve Chairman Ben Bernanke testifying about the Monetary Policy Report before the US House of Representatives Committee on Financial Services, in Washington DC. Heavy market volatility is often experienced during Bernanke's speeches as traders attempt to decipher his clues. We also have the new home sales, measures the annualized number of new residential buildings that were sold during the previous month, which is expected to print 600K lower compared to the previous of 604K. According to the estimates, we might see the U.S dollar decline.
At 15:20 GMT, we have the Bank of England (BOE) Monetary Policy Committee (MPC) Member John Gieve speaking at the Euromoney Bond Investors Congress, in London. MPC members are responsible for setting the nation's short term interest rate, and traders scrutinize their speeches because they are known to drop clues regarding future monetary policy.
At 23:50 GMT, we have the industrial production and the retail sales figures from Japan. Industrial production, which measures the total value of output produced by factories, mines, and utilities, is expected to print -0.8% worse compared to the previous of 1.4%. While, the retail sales is expected to remain unchanged from the previous at 0.2%.
February 28, 2008 – At 0:30 GMT, we have the Private New Capital Expenditure figures from Australia. It measures the total amount of new capital expenditures by private businesses. A rising trend has a positive effect on the nation's currency because high levels of business investment are a sign of a strong economy. It is expected to print 3% worse compared to the previous of -6.5%.
At 8:15 GMT, we have the employment level figures from Switzerland. It measures the number of people employed full or part-time during the previous quarter. A rising trend has a positive effect on the nation's currency. There are no expectations yet, while the previous figure stood at 3.87M.
At 13:30 GMT, we have the Preliminary GDP Annualized and GDP Deflator Annualized figures from the U.S. The GDP annualized is expected to print 0.7% compared to the previous of 0.6%, whereas the GDP deflator is expected to print unchanged from the previous at 2.6%. All in all, we can see the U.S dollar advancing.
At 14:15 GMT, we have the European Central Bank (ECB) President Jean-Claude Trichet delivering introductory remarks at the Willem F. Duisenberg Lecture organized by the Nederlandsche Bank and the Netherlands Institute for Advanced Study, in the Netherlands. As head of the central bank's governing body, which is responsible for setting the euro zone's short term interest rate, his speeches can sometimes cause market volatility as traders react to clues regarding future monetary policy.
At 15:00 GMT, we have the Federal Reserve Chairman Ben Bernanke will testify about the Monetary Policy Report before the Senate Committee on Banking, Housing, and Urban Affairs, in Washington DC. Heavy market volatility is often experienced during Bernanke's speeches as traders attempt to decipher his clues.
At 23:30 GMT, we have the core Consumer Price Index (CPI) figures from Japan. It is the derivative of CPI that excludes the volatile Fresh Food items. It is expected to print 0.9% lower compared to the previous of 0.8%.
February 29, 2008 – At 7:00 GMT, we have the Nationwide House Prices figures from U.K. It measures the monthly change in the average price for a house in the UK. It serves as a leading inflation indicator for the housing market. It is expected to remain unchanged from the previous at -0.1%.
At 10:30 GMT, we have the leading index figures from Switzerland. It measures the overall economic health by combining 25 leading indicators including consumer expectations, housing permits, stock prices, and interest rate spreads. The index is published monthly by the Swiss Institute for Business Cycle Research (KOF), a leading Swiss research group. It is expected to print 1.60 compared to the previous of 1.70.
At 10:30 GMT, we have the consumer confidence figures from U.K. It is expected to print lower at -15 compared to the previous -13.
At 13:30 GMT, we have the current account figures from Canada. It measures the quarterly difference in value between imported and exported goods, services, income flows, and unilateral transfers. A rising trend has a positive effect on the nation's currency. It is expected to print unchanged from the previous at 1B. Till now, the estimates are not clear as to where will the Swiss franc go. Any deviations in the actual figures from the expectations can cause huge market volatility in the franc.
At 13:30 GMT, we have the Core PCE Price Index and Personal Spending figures from the U.S. The price index is expected to print 0.3% better compared to the previous of 0.2%. And the personal spending is expected to remain unchanged from the previous at 0.2%. All in all, we might see the U.S dollar advancing.
At 14:45 GMT, we have the National Association of Purchasing Managers (NAPM) Chicago Purchasing Manager's Index (PMI) from the U.S It measures the health of the Chicago business environment. It's derived from a monthly survey of purchasing managers where respondents indicate whether their organization's activity is higher than, the same as, or lower than the previous month for output, purchases, employment, inventories, orders, and prices. An index reading above 50 indicates sector expansion. It is expected to print lower at 49.4 compared to the previous of 51.5. According to the expectations, we might see the U.S dollar decline.
At 15:00 GMT, we have the consumer sentiment figures from the U.S. It is expected to print 70, better compared to the previous of 69.6. According to the expectations, we can see the U.S dollar advance.