The Economic Week Ahead

21:00 EDT The Pound, Aussie and Kiwi have punched through the overnight highs to push the $ lower on big volume. There really seems to be no end in sight for the $ demise and with Global Growth forecasts mainly higher for most regions, with the distinct exception of the US, that leaves the Greenback at the mercy of any currency with a strong Business Cycle. 17:00 EDT The US session Commentary has been posted and looks at the real valuation of the US$. 11:00 EDT A review of this week’s important economic releases shows an even spread each day from Tuesday of reports that will justify to many whether or not the $ has been oversold, or maybe it is steadying for the next leg lower. Tuesday: UK Industrial Trends, expected at 7, down from last month, monitors the Manufacturers orders. CAD Retail Sales looking for 0.6% on the Core Rate, a big indicator as to whether the BOC raising rates has slowed the consumer, or are more rate hikes needed. US Richmond Fed looking to post a flat number of 4. Australian CPI, looking for a huge increase in inflation from 0.1% to 1.0%.Wednesday: US Existing Home Sales looking to draw lower at 5.87m units. Crude Inventory numbers are out looking to increase from the -0.5m barrels from last month. US Beige Book will reveal the 12 Regional Fed Members economic outlooks, this is printed two weeks before the FOMC meeting and allows Traders a preview of what is possibly important at the next meeting. New Zealand Interest Rate statement looking to increase to 8.25%.Thursday: UK Nationwide House Prices, confirmation that the Right Move numbers that came out on Sunday lower were reliable. Euro Zone IFO economic survey looking for Business expectation for the current period and the next six months. US GDP numbers looking to increase to reflect the increase in large manufactured goods. US New Home Sales looking to come in at 25 year lows at 900k units. New Zealand Trade Balance. Japanese CPI and Retail Sales both expected to stay flat, or slightly lower.Friday: Swiss Leading Indicators looking to improve to 2.0. US GDP, the overall economic check-up is looking to increase from 0.7% last month to 3.2% this month. The GDP Deflator, the economic activity inflation rate, is looking to print lower at 3.4% from 4.2% last month. US Consumer Sentiment, the final read in the University of Michigan’s survey, looking to come in lower at 91.5, that however is still a very strong read. 10:00 EDT Oil and Gold prices have backed off in trading today, as the consequences of higher energy prices start to pressurize inflation targets. Lower Oil inventory levels and a reduction in OPEC supplies have helped to fuel demand. The effect on CPI and the consumer of higher Oil related bills will not sit well with the FOMC. The US$ weakness is not being helped by both commodities being at such high levels. 04:30 EDT Global Equity Markets have turned positive after the fears of Friday’s sell-off following into this week were delayed , at least for today. 04:00 EDT A session full of movement with the US$ being pulled all over the charts will not be helped by any Fundamental News releases on Monday. The Technical traders have it all their own way and it will be interesting to see where they can move the Greenback. 03:00 EDT Oil and Gold prices have stabilized at $685 and $76, neither price is helping the US$. 07/22/07 21:00 EDT Aussie PPI numbers came in at 1.0% today, more inflationary than had been expected and a signal that the currency may be looking to appreciate much further than many analysts had thought. 26 years of growth have created a desirable Australian $ it seems. 19:10 EDT UK housing numbers are out, the analysts were looking for a decrease in the housing index from 0.8% to 0.5% and it posted at 0.3%. The Index is relevant, timely and reliable and as an indicator of House Price inflation is well respected. The Bank of England will be happy to see a drop in this number after the recent interest rate increase as they look to tackle 60 quarters of inflationary growth numbers. 16:55 EDT Aussie PPI numbers, the rate of inflation at the Factory Gate is looking to increase to 0.8% from 0.0%. All will be revealed at 21:30 EDT. 16:50 EDT The Aussie, Yen and the Pound are the focus of attention after Fridays big moves with the question being asked as to whether they can hold those positions. 16:00 EDT US Markets are feeling the full force of a Standard & Poors downgrade of CDO (Sub-Prime lending debt)…