Interest rates and monetary policies of the world's major central banks will take the center stage in a busy week ahead that will bring the FOMC Meeting Minutes and four interest rate announcements from the Reserve Bank of Australia, Bank of Japan, Bank of England and the European Central Bank.
In preparation for the new trading week, here is a quick look at the most important economic events that every currency trader should pay attention to.
Monday, Apr. 5 will start with the first spotlight event of the week- the U.S. ISM Non-Manufacturing Index of economic conditions in the services industries: agriculture, mining, construction, transportation, communications, wholesale trade and retail trade, at 10:00 am, ET.
The ISM Non-Manufacturing Purchasing Managers Index is expected to show further expansion in the services sector of the economy with consensus forecasts in a range between 53.6 and 54.0, compared with a previous reading of 53.0.
Another notable economic report will bring the release of the U.S. Pending Home Sales, a leading indicator of housing market conditions, at 10:00 am, ET. The data may show a smaller decline in pending home sales of -1% from -7.6%.
The day will conclude with New Zealand's Business Confidence survey of business sentiment, at 6:00 pm, ET.
Tuesday, Apr. 6 will start with one of the main spotlight events of the week- the Reserve Bank of Australia Interest Rate Announcement, at 12:30 am, ET. The Australian central bank's campaign toward interest rates normalization could continue with another rate hike at the upcoming meeting.
The Japanese Leading Indicators of economic activity will follow at 1:00 am, ET.
A spotlight event will deliver the Swiss CPI- Consumer Price Index, the main measure of inflation, at 3:15 am, ET.
The European economic data will continue with the Euro-zone Sentix Investor Confidence Index of investors' outlook on the economy, at 4:30 am, ET, along with the U.K. Construction PMI- Purchasing Managers' Index, measuring the level of activity of purchasing managers in the construction sector, also at 4:30 am, ET.
The only U.S. economic report for the day will bring a spotlight event- the U.S. FOMC Meeting Minutes, a detailed record of the Fed's last monetary policy meeting that may provide an outlook on the economy, inflation and the Fed's future monetary policy, scheduled at 2:00 pm, ET.
The evening will bring a sequence of important data, beginning with the U.K. Nationwide Building Society's Consumer Confidence Index, a survey of consumers' financial conditions and outlook on the economy, at 7:00 pm, ET, along with the British Retail Consortium Shop Price Index of changes in the prices of goods, also at 7:00 pm, ET.
The Australian Services PMI- Purchasing Managers' Index, measuring the level of activity of purchasing managers in the services sector, will wrap up the day at 7:30 pm, ET.
Wednesday, Apr. 7 will begin with a spotlight event- the Bank of Japan Interest Rate Announcement, expected around 12:00 am, ET. With deflation still posing a serious threat to the Japanese economic recovery, the Bank of Japan is not in a position to raise interest rates, but in light of recent positive economic data, the bank may provide a more upbeat assessment of economic conditions.
News from Switzerland will bring the Swiss Retail Sales, an important measure of consumer spending, at 3:15 am, ET.
Two notable reports will follow with the releases of the Euro-zone Services PMI- Purchasing Managers' Index, a measure of the activity level of purchasing managers in the services sector, at 4:00 am, ET, and the U.K. Services PMI- Purchasing Managers' Index, at 4:30 am, ET.
A major spotlight event will deliver the final reading of the Euro-zone GDP- Gross Domestic Product, the main measure of economic activity and growth, at 5:00 am, ET, along with the Euro-zone PPI- Producer Price Index, the main measure of wholesale inflation experienced by manufacturers and a leading indicator of consumer inflation, also at 5:00 am, ET.
The German Factory Orders, a leading indicator of economic activity measuring orders placed with manufacturers in the Euro-zone's largest economy, will follow at 6:00 am, ET.
Notable Canadian economic data will include the Canadian Building Permits, a leading indicator of housing market activity, at 8:30 am, ET, and the Canadian Ivey PMI-Purchasing Managers' Index, a leading indicator of economic conditions measuring the activity level of purchasing managers in all sectors of the economy, at 10:00 am, ET.
The only U.S. economic report for the day will be the EIA- Energy Information Administration Weekly Oil Inventories, at 10:30 am, ET.
The evening series of important economic data will start with the Japanese Current Account of goods, services and transfer of payments into and out of the country, at 7:50 pm, ET, along with the Japanese Core Machinery Orders, a leading indicator of industrial activity, also at 7:50 pm, ET.
The day will end with a spotlight event- the Australian Employment Situation and Unemployment Rate, the main gauges of labor market conditions, at 9:30 pm, ET.
Thursday, Apr. 8 will begin with the Japanese Eco Watchers Survey of economic conditions and consumer spending, at 1:00 am, ET, and the Bank of Japan's Monthly Report on economic conditions, inflation and monetary policy, also at 1:00 am, ET.
A spotlight event will bring the U.K. Industrial Production, the main gauge of industrial activity measuring the output of factories, mines and utilities, at 4:30 am, ET.
A couple of notable reports will follow with the releases of the Euro-zone Retail Sales, an important measure of consumer spending, at 5:00 am, ET, and the German Industrial Production, the main gauge of industrial activity in the Euro-zone's largest economy, at 6:00 am, ET.
The busy morning will continue with two of the main spotlight events of the week- the Bank of England Interest Rate Announcement, at 7:00 am, ET, and the European Central Bank Interest Rate Announcement, at 7:45 am, ET. Both of these central banks are expected to keep interest rates unchanged.
Another important event that morning will be the European Central Bank President Jean-Claude Trichet's press conference following the ECB Governing Council's interest rate decision, due at 8:30 am, ET. The language of his statement will be very closely watched for any hints of future changes in the ECB's monetary policy.
The U.S. economic reports will begin with the weekly Jobless Claims, a gauge of labor market conditions measuring new unemployment claims, at 8:30 am, ET, followed by the U.S. EIA- Energy Information Administration Weekly Natural Gas Inventories, at 10:30 am, ET.
The day will end with the preliminary estimate of the U.K. GDP- Gross Domestic Product, the main measure of economic activity and growth, expected around 7:00 pm, ET, and the Australian Construction PMI- Purchasing Managers' Index, measuring the level of activity of purchasing managers in the construction sector, at 7:30 pm, ET.
Friday, Apr. 9 will start with the German Trade Balance of the difference between imports and exports, at 2:00 am, ET, and the French Industrial Production, the main measure of industrial activity in the Euro-zone's second-largest economy, at 2:45 am, ET.
News from the U.K. will bring a notable report- the U.K. Input and Output PPI- Producers Price Indexes, the main measures of wholesale inflation experienced by manufacturers and leading indicators of consumer inflation, at 4:30 am, ET.
A spotlight event will follow with the release of the Canadian Employment Situation and Unemployment Rate, the main gauge of employment trends and labor market conditions, at 7:00 am, ET.
The trading week will end with the U.S. Wholesale Trade, an indicator of economic conditions measuring business inventories and sales, scheduled at 10:00 am, ET.
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