WEEKLY MARKET RECAP, WEEK AHEAD, AND SCHEDULE

WEEKLY MARKET RECAP, WEEK AHEAD, AND SCHEDULE
22 February 2009

Sunday
The euro depreciated vis-à-vis the U.S. dollar last week as the single currency tested bids around the $1.2510 level and was capped around the $1.2825 level. The pair lost about 230 pips last week. Eastern European meltdown jitters surfaced and western European banks’ exposures there dominated. Obama signed the US$ 787 stimulus bill and talk lingers his administration may nationalize some U.S. banks. Credit default swaps widened globally.
ECB’s Trichet would not rule out “non-standard action.” Tumpel-Gugerell said the ECB is revising its 2009 and 2010 forecasts. Stark called for “gradualism” in monetary policy. The European Commission criticized six countries, including France , for large budget deficits. Germany reported a “cloudy economic outlook” and passed a €50 billion stimulus.
Data released in the U.S. last week saw the February New York State Empire Index fall to -34.65; December net long-term TICS capital flows grew to US$ 34.8 billion; January housing starts were off 16.8%; January building permits were off 4.8%; January industrial production fell to 101.3 with capacity utilization lower at 72.0%; the January import price index improved to -1.1%; January headline PPI was up 0.8% m/m with core PPI up 0.4% m/m and 4.2% y/y; weekly initial jobless claims were steady at 627,000 with continuing jobless claims higher at a 42-year high; the Philadelphia Fed’s manufacturing survey printed at -41.3; the U.S. January leading index gained 0.4%; and January core CPI was up 0.3% m/m and 1.7% y/y.
Data released in the eurozone last week saw the EMU-15 trade balance print at -€700 million; the German February ZEW economic sentiment index improved to -5.8; and EMU-16 manufacturing PMI fell to 33.6 in January with PMI services lower at 38.9.
Technical Outlook
Last week’s high (1) was below the 76.4% retracement of the 1.2328-1.4718 range and last week’s low (2) was neared multi-month lows. The 1.2892/ 1.2927/ 1.3204/ 1.3359/ 1.3597/ 1.3745 levels represent upside resistance targets while the 1.2548/ 1.2328 levels represent downside support targets.
¥/ CNY
The yen depreciated vis-à-vis the U.S. dollar last week as the greenback tested offers around the ¥94.45 level and was supported around the ¥91.40 level. The pair gained about 225 pips last week. The Nikkei 225 stock index lost 1.87% on Friday to close at ¥7,416.38. Finance minister Nakagawa resigned after an embarrassing G7 speech and Yosano is assuming his helm. Japan may be planning an additional ¥20 trillion stimulus. PM Aso’s favourable approval ratings are below 10%. The government downgraded its economic assessment for the fifth consecutive month, noting the economy is “worsening rapidly while in a severe situation.” The government may compile its fourth stimulus package since August.
Data released in Japan this week saw Q4 GDP off 3.3% q/q; December revised industrial output was off 9.8% m/m; January total machinery orders were off 48.4% m/m and 84.1% y/y; and the 2008 current account surplus was around US$ 440 billion.
Last week’s high (1) was below the 38.2% retracement of the 110.64-87.10 range and last week’s low (2) was below the 23.6% retracement of the same range. Upside resistance targets remain the 96.10/ 97.53/ 98.43/ 101.65 levels while downside support targets remain the 92.66/ 88.88/ 87.10/ 84.20 levels.
The Chinese yuan appreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8367 in the over-the-counter market, down from CNY 6.8392. The G7 praised China ’s “fiscal measures and continued commitment to move to a more flexible exchange rate.” A government official said USD/CNY may reach 6.95 to 7.00.
Data released in China last week saw January foreign direct investment off 32.6% to US$ 7.54 billion.
₤
The British pound depreciated vis-à-vis the U.S. dollar last week as cable tested bids around the US$ 1.4090 level and was capped around the $1.4445 level. The pair lost about 50 pips last week. The G7 did not discuss sterling. MPC’s Bean said sterling’s weakness may be helping the current account deficit. BoE chief King said the MPC wants to expand the money supply by purchasing government and other securities through its Asset Purchase Facility. MPC’s Besley said the BoE has “unfinished business.” Outgoing BoE #2 Gieve expects quantitative easing soon to stave off a possible 10-year depression.
Data released in the U.K. last week saw Rightmove February asking house prices were off 9.1% y/y; January CPI was off 0.7% m/m and up 3.0% y/y with core off 0.8% m/m and up 1.3% y/y; the January DCLG house price index fell 10.2; the CBI February industrial output balance fell to -44; January average pay rose 1.9% y/y; M4 money supply growth expanded 17.5% y/y; January public sector net borrowing fell to -₤3.3 billion; January retail sales climbed 0.7% m/m and 3.6% y/y; and 2008 home repossessions reached a twelve-year high.
Last week’s high (1) was below the 23.6% retracement of the 2.0156-1.3501 range and last week’s low (2) was near a multi-decade low. Upside resistance targets include the 1.4720/ 1.5071/ 1.5475/ 1.6043 levels while downside support targets include the 1.3682/ 1.3501/ 1.2810 levels.
CHF
The Swiss franc depreciated vis-à-vis the U.S. dollar last week as the greenback tested offers around the CHF 1.1885 level and was supported around the CHF 1.1580 level. The pair gained about 185 pips last week. The franc lost ground on UBS’s provision of information on U.S. investors who held unknown accounts outside of the U.S.
Data released in Switzerland last week saw December retail sales climb 3.6% y/y and the January trade balance reached CHF 2.03 billion.
Last week’s high (1) was above the 76.4% retracement of the 1.2298-1.0371 range and last week’s low (2) was right around the 61.8% retracement of the same range. Upside resistance targets include the 1.1843/ 1.2298 levels while downside support targets include the 1.1672/ 1.1562/ 1.1424/ 1.1285 levels.
CAD
The Canadian dollar depreciated vis-à-vis the U.S. dollar last week as the greenback tested offers around the C$ 1.2670 level and was supported around the C$ 1.2390 level. The pair gained about 260 pips last week.
Data released in Canada last week saw December manufacturing shipments off 8%; December wholesale sales were off 3.4%; January leading indicators fell to -0.8%; and January consumer prices climbed to -0.3% m/m and 1.1% y/y.
Last week’s high (1) was near multi-month highs and last week’s low (2) was above the 23.6% retracement of the 0.9818-1.3006 range. Upside resistance targets include the 1.2673/ 1.2752 levels while downside support targets include the 1.2254/ 1.2053/ 1.1788/ 1.1412 levels.
AUD
The Australian dollar depreciated vis-à-vis the U.S. dollar last week as the Aussie tested bids around the US$ 0.6330 level and was capped around the US$ 0.6540 level. The pair lost about 170 pips last week.
Data released in Australia last week saw December personal finance up 4.1% m/m; January merchandise imports were off 14% m/m at A$ 17.26 billion; Q4 retail sales were up 0.8% q/q; the December leading economic index was off an annualized 1.2%;
Technical Outlook
Last week’s high (1) was below the 50.0% retracement of the 0.6007-0.7266 range and last week’s low (2) was right around the 76.4% retracement of the same range. Upside resistance targets include the 0.6488/ 0.6637/ 0.6785/ 0.6914/ 0.6969/ 0.7262 levels while downside support targets include the 0.6305/ 0.6007 levels.
SCHEDULE
Sunday, 22 February 2009
all times GMT
(last release in parentheses)
N/A
Monday, 23 February 2009
all times GMT
(last release in parentheses)
N/A Japan February small business confidence (24.8)
N/A Germany January wholesale price index (-3.0% m/m)
N/A Germany January wholesale price index (-3.3% y/y)
N/A UK February Nationwide house prices (-1.3% m/m)
N/A UK February Nationwide house prices (-16.6% y/y)
0500 Japan January supermarket sales (-2.8% y/y)
0800 CH January M3 money supply (2.4% y/y)
0900 Italy January consumer price inflation
1330 Canada December retail sales (-2.4% m/m)
1330 Canada December retail sales, ex-autos (-2.3% m/m)
1740 US Atlanta Federal Reserve President Lockhart speaks
2350 Japan Bank of Japan Policy Board meeting minutes
2350 Japan January corporate service prices (-2.5% y/y)
Tuesday, 24 February 2009
all times GMT
(last release in parentheses)
0030 Australia January balance of payments imports (-2.0% m/m)
0745 France February consumer confidence (-41)
0745 France January consumer spending (-0.9% m/m)
0745 France January consumer spending (-1.7% y/y)
0745 France January housing starts (-16.0%)
0745 France January housing permits (-11.1%)
0815 CH Q4 employment level (3.956 million)
0830 Italy February consumer confidence
0900 Eurozone December current account (-€16.0 billion)
0900 Germany February Ifo, business climate (83)
0900 Germany February Ifo, current assessment (86.8)
0900 Germany February Ifo, expectations (79.4)
0900 CH January UBS consumption indicator (1.15)
0930 UK Q4 total business investment (-1.3% q/q)
0930 UK Q4 total business investment (-0.1% y/y)
0930 UK January BBA loans for house purchase
1000 Eurozone December industrial new orders (-4.5% m/m)
1000 Eurozone December industrial new orders (-26.2% y/y)
1400 US Q4 S&P/ Case-Shiller home price index
1500 US Federal Reserve Chairman testifies before Senate
1500 US February consumer confidence (37.7)
1500 US December house price index (-1.8% m/m)
1500 US Q4 house price purchase index (-1.8% q/q)
1500 US February Richmond Fed manufacturing index (-49)
2145 NZ Q1 RBNZ 2-yea inflation expectation (2.7%)
2350 Japan January merchandise trade balance (-¥320.7 billion)
Wednesday, 25 February 2009
all times GMT
(last release in parentheses)
0030 Australia Q4 construction work done (4.4%)
0030 Australia Q4 wage cost index (0.9% q/q)
0030 Australia Q4 wage cost index (4.1% y/y)
0700 Germany Q4 gross domestic product (-0.5% q/q)
0700 Germany Q4 gross domestic product (-1.7% y/y)
0830 Italy February business confidence (65.5)
0900 Italy December retail sales (-0.2% m/m)
0900 Italy December retail sales (-3.0% y/y)
0930 UK Q4 gross domestic product (-1.5% q/q)
0930 UK Q4 gross domestic product (-1.8% y/y)
1200 US MBA mortgage applications
1500 US January existing home sales (4.74 million)
1500 US January existing home sales (6.5% m/m)
2145 NZ January trade balance (-NZ$ 347 million)
2300 Australia December leading index (-1.0%)
2350 Japan Foreign purchases of Japanese equities and bonds
2350 Japan Japanese purchase of foreign equities and bonds

Thursday, 26 February 2009
all times GMT
(last release in parentheses)
N/A Germany February consumer price index
0030 Australia Q4 private capital expenditure (0.6%)
0200 NZ February NBNZ business confidence
0200 NZ January M3 money supply (6.3% y/y)
0700 Germany January ILO unemployment rate (7.2%)
0710 Germany March GfK consumer confidence (2.2)
0855 Germany February unemployment change (56,000)
0855 Germany February unemployment rate (8.5%)
0900 Eurozone January M3 money supply (7.3% y/y)
1000 Eurozone February economic confidence (68.9)
1000 Eurozone February consumer confidence (-31)
1000 Eurozone February climate indicator (-3.16)
1000 Eurozone February industrial confidence (-34)
1000 Eurozone February services confidence (-22)
1330 US January durable goods orders (-2.6%)
1330 US January durable goods orders, ex-transportation (-3.6%)
1330 US Weekly initial jobless claims
1330 US Continuing jobless claims
1330 Canada Q4 current account
1500 US January new home sales (331,000)
1550 US January new home sales (-14.7% m/m)
2145 NZ January building permits (-6.0% m/m)
2315 Japan February PMI, manufacturing (29.6)
2330 Japan January jobless rate (4.4%)
2330 Japan January household spending (-4.6% y/y)
2330 Japan February Tokyo CPI (0.5% y/y)
2330 Japan February Tokyo CPI, ex-food and energy (-0.3% y/y)
2330 Japan January national consumer price index (0.4% y/y)
2330 Japan January national CPI, ex-food and energy (0.0% y/y)
2350 Japan January retail trade (-1.9% m/m)
2350 Japan January retail trade (-2.7% y/y)
2350 Japan January industrial production (-9.8% m/m)
2350 Japan January industrial production (-20.8% y/y)
2350 Japan January large retailers’ sales (-6.2%)
Friday, 27 February 2009
all times GMT
(last release in parentheses)
0001 UK February GfK consumer confidence survey (-37)
0030 Australia January private sector credit (-0.3% m/m)
0500 Japan January housing starts (-5.8% y/y)
0500 Japan January housing starts, annualized (1.001 million)
0500 Japan January construction orders (-27.3% y/y)
0830 Italy February services survey
1000 Eurozone January consumer price index (-0.1% m/m)
1000 Eurozone January consumer price index (1.6% y/y)
1000 Eurozone January consumer price index (1.8% y/y)
1000 Eurozone January unemployment rate (8.0%)
1030 CH February KOF leading indicator (-0.87)
1330 Canada Q4 current account (C$5.6 billion)
1330 Canada January raw materials price index
1330 Canada January industrial product prices
1330 US Q4 gross domestic product, annualized (-3.8%)
1330 US Q4 personal consumption expenditure, core (0.6% q/q)
1330 US Q4 GDP price index (-0.1%)
1445 US February Chicago PMI (33.3)
1500 US February University of Michigan consumer sentiment (56.2)
1500 US San Francisco Federal Reserve President speaks
1500 US St. Louis Federal Reserve President Bullard speaks
DISCLAIMER: GCI’s Weekly Market Recap and Week Ahead is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained. Forex trading involves a high degree of risk and may not be suitable for all investors.

CURRENCY WEEKLY MARKET RECAP, WEEK AHEAD, AND SCHEDULE

WEEKLY MARKET RECAP, WEEK AHEAD, AND SCHEDULE
Sunday 15 February 2009


€

The euro depreciated vis-à-vis the U.S. dollar last week as the single currency tested bids around the $1.2720 level and was capped around the $1.3095 level. The pair loat about 80 pips last week. The House passed a US$ 789 billion fiscal stimulus. Chicago Fed’s Evans wants to see more plans enacted before the Fed purchases long-term Treasuries. Geithner unveiled a plan to remove US$ 500 billion in bad assets from banks’ balance sheets and said the Fed may purchase up to US$ 1 trillion in asset-backed securities. Geithner also said mortgage relief could amount to US$ 50 billion. G7 officials meet in Roma this weekend and may discuss exchange rates. Congress is trying to finalize the US$ 789 billion fiscal stimulus.
ECB’s Ordonez is eyeing a 50bps cut in March and ECB’s Quaden said rates can go below two per cent. Europe inched closer to a “bad bank(s).” Eurogroup’s Juncker called for more cohesion among member countries. Germany ’s Bundestag passed another €50 billion in stimulus. ECB’s Bini-Smaghi said some of Europe may see an “L”-shaped recovery. ECB’s Liikanen, Papademos, and Tumpell-Gugerell noted rates may need to come down further.

Data released in the U.S. last week saw the December trade deficit decline to a six-year low at –US$ 39.9 billion with the 2008 total at –US$ 677.1 billion; the University of Michigan consumer sentiment index improved to 56.2; January retail sales were up 1.0% m/m and 0.9%; weekly initial jobless claims were off 8,000 to 623,000; December business inventories were off 1.3%; and single-family home prices fell 12.4% y/y in Q4.
Data released in the eurozone last week saw the EMU-16 Ifo economic climate index decline to an all-time low; the December trade surplus narrow to €10.7 billion; EMU-15 Q4 GDP growth was off 1.5% q/q; German Q4 GDP growth 2.1% q/q; and December industrial production was off 2.6% m/m and 12.0% y/y.
.


Technical Outlook



Last week’s high (1) was just below the 38.2% retracement of the 1.4866-1.2328 range and last week’s low (2) was below the 23.6% retracement of the same range. The 1.2927/ 1.3204/ 1.3359/ 1.3597/ 1.3745/ 1.3896/ 1.4183 levels represent upside resistance targets while the 1.2548/ 1.2328 levels represent downside support targets.


¥/ CNY

The yen depreciated marginally vis-à-vis the U.S. dollar last week as the greenback tested offers around the ¥92.40 level and was supported around the ¥90.10 level. The pair gained about 5 pips last week. The Nikkei 225 stock index gained 0.96% on Friday to close at ¥7,749.40. PM Aso is embattled and the LDP may lose its stronghold on Japanese politics for the first time in 50 years. Economy chief Yosano said more fiscal stimulus is possible. Finance chief Nakagawa called for “decisive” action against the strong yen and railed against “competition in currency devaluation.” BoJ’s Policy Board convenes this week and may increase asset purchases.

Data released in Japan this week saw preliminary December machine tool orders off 1.7% m/m and 84.4% y/y; January corporate bankruptcies were up 16%; January bank lending rose 3.7% y/y; the January Economy Watchers’ survey print at 17.1; January consumer confidence printed at 26.4; and January annualized wholesale inflation were off 0.2% y/y.



Last week’s high (1) was just below the 23.6% retracement of the 110.64-87.09 range and last week’s low (2) was near a multi-month low. Upside resistance targets remain the 92.65/ 95.55/ 98.43 levels while downside support targets remain the 88.88/ 87.09/ 84.20 levels.


The Chinese yuan depreciated vis-à-vis the U.S. dollar as the greenback closed at CNY 6.8392 in the over-the-counter market, up from CNY 6.8334. The government cited slowing consumer expectations and consumption.
Data released in China last week saw January exports decline 17.5% y/y with imports off 43.1%; January PPI was off 1.3% m/m; January CPI was up 1.0% y/y; January bank lending was up CNY 1.62 trillion; and January M2 money supply growth accelerated.


₤

The British pound depreciated vis-à-vis the U.S. dollar last week as cable tested bids around the US$ 1.4135 level and was capped around the $1.4985 level. The pair lost about 435 pips last week. BoE boss King said the central bank may purchase gilts to boost the money supply and counter the “deep recession.” BoE now sees inflation at 0.5% in two years and a rapid decline in GDP growth this year. The quarterly inflation report was much more dovish than expected and a March cut remains likely. Quantitative easing is possible at the March MPC meeting. Brown railed against bankers’ bonuses. BoE launched an asset purchase facility last week with a ₤50 billion budget. FX chief Paul Fisher joins the MPC on 1 March.


Data released in the U.K. last week saw January jobless benefit claims reach their highest level in nearly one decade at 1.233 million with ILO unemployment at 6.3%; BRC like-for-like January sales were up 1.1% y/y; RICS reported the decline in house prices quickened in January; the U.K.’s global trade gap narrowed to ₤7.367 billion; and December construction orders were off 9% in the three months to December.



Last week’s high (1) was below the 23.6% retracement of the 2.0156-1.3501 range and last week’s low (2) was a multi-decade low. Upside resistance targets include the 1.4720/ 1.5071/ 1.5475/ 1.6043 levels while downside support targets include the 1.3682/ 1.3501/ 1.2810 levels.


CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar last week as the greenback tested bids around the CHF 1.1500 level and was capped around the CHF 1.1780 level. The pair lost about 5 pips last week. The Swiss government proposed a second economic stimulus worth CHF 700 million.

Data released in Switzerland last week saw January headline CPI fall 0.1% with core inflation up 1.3%; January producer and import prices were off 0.8% n/n and 0.9% y/y; and Swiss consumer sentiment improved to -23 in January.




Last week’s high (1) was just above the 23.6% retracement of the 1.0010-1.2298 range and last week’s low (2) was above the 38.2% retracement of the same range. Upside resistance targets include the 1.1672/ 1.1758/ 1.1843 levels while downside support targets include the 1.1562/ 1.1424/ 1.1285/ 1.1154/ 1.0972 levels.


CAD

The Canadian dollar depreciated vis-à-vis the U.S. dollar last week as the greenback tested offers around the C$ 1.2545 level and was supported around the C$ 1.2125 level. The pair gained about 160 pips last week. Finance minister Flaherty said the loonie’s recent weakness will “make a difference going forward” in resolving the trade deficit. BoC chief Carney was criticized for being too optimistic in recent forecasts. BoC last month said the economy should contract 1.2% last month and expand 3.8% in 2010.

Data released in Canada last week saw the December trade deficit was –C$ 460 million, the largest deficit since March 1976; December new housing prices were off 0.1%; and December new home construction was off 11% to an annualized 153,500.



Last week’s high (1) was above the 23.6% retracement of the 0.9818-1.3006 range and last week’s low (2) was above the 38.2% retracement of the same range. Upside resistance targets include the 1.2382/ 1.2462/ 1.2673/ 1.2752 levels while downside support targets include the 1.2235/ 1.2053/ 1.1788/ 1.1412 levels.



AUD

The Australian dollar depreciated vis-à-vis the U.S. dollar last week as the Aussie tested bids around the US$ 0.6430 level and was capped around the US$ 0.6850 level. The pair lost about 190 pips last week. RBA boss Stevens railed against asset bubbles. Parliament passed a A$42 billion fiscal stimulus.

Data released in Australia last week saw the January leading indicator of employment decline to -0.321, the fourteenth consecutive fall; December housing finance expanded 6.4% m/m; ANZ job advertisements fell 6.3% m/m in January; January business confidence fell to -32; January unemployment climbed to 4.8%; and the NAB quarterly business conditions survey was very weak.


Technical Outlook



Last week’s high (1) was above the 38.2% retracement of the 0.6007-0.7266 range and last week’s low (2) was below the 61.8% retracement of the same range. Upside resistance targets include the 0.6637/0.6785/ 0.6914/ 0.6969/ 0.7262 levels while downside support targets include the 0.6488/ 0.6305/ 0.6007 levels.


SCHEDULE


Sunday, 15 February 2009
all times GMT
(last release in parentheses)

2130 NZ January performance of services index
2145 NZ Q4 producer prices, inputs (3.7% q/q)
2145 NZ Q4 producer prices, outputs (2.8% q/q)
2350 Japan Q4 gross domestic product (-0.50% q/q)
2350 Japan Q4 gross domestic product, annualized (-1.80%)
2350 Japan Q4 gross domestic product deflator (-1.60% y/y)

Monday, 16 February 2009
all times GMT
(last release in parentheses)

N/A Japan January nationwide department store sales (-9.40% y/y)
N/A Germany January wholesale price index (-3.0% m/m)
N/A Germany January wholesale price index (-3.3% y/y)
0001 UK February Rightmove house prices (-1.90% m/m)
0001 UK February Rightmove house prices (-7.30% y/y)
0400 Australia Reserve Bank of Australia official Ryan speaks
0400 Japan January Tokyo-area condominium sales (-18.20% y/y)
0430 Japan December industrial production (-9.6% m/m)
0430 Japan December industrial production (-20.6% y/y)
0430 Japan December capacity utilization (-9.40% m/m)
1330 Canada December manufacturing shipments (-6.40% m/m)
1330 Canada December international securities transactions (-C$4.3 billion)
2350 Japan December tertiary industry index (-0.90% m/m)

Tuesday, 17 February 2009
all times GMT
(last release in parentheses)

0030 Australia February Reserve Bank of Australia board minutes
0600 Japan January machine tool orders (-84.4% y/y)
0815 CH December retail sales (-1.40% y/y)
0930 UK January consumer price index (-0.40% m/m)0930 UK January consumer price index (3.10% y/y)
0930 UK January consumer price index, core (1.10% y/y)
0930 UK December DCLG house prices (-8.60% y/y)
0930 UK January retail price index (-1.40% m/m)
0930 UK January retail price index (0.90% y/y)
1000 Germany February ZEW survey, economic sentiment (-31)
1000 Germany February ZEW survey, current situation (-77.1)
1000 Eurozone February ZEW survey, economic sentiment (-30.8)
1000 Eurozone December trade balance (-€4.9 billion)
1330 US February Empire State manufacturing index (-22.2)
1400 US December net long-term TIC flows (-US$ 21.7 billion)
1400 US December total net TIC flows (US$ 56.8 billion)
1800 US February NAHB housing market index (8)
1800 US St. Louis Federal Reserve President Bullard speaks
2220 Australia Reserve Bank of Australia Assistant Governor Edey speaks
2330 Australia December Westpac leading index (-1.00% m/m)

Wednesday, 18 February 2009
all times GMT
(last release in parentheses)

N/A UK February CBI industrial trends survey
0030 Australia Q4 wage cost index (0.90% q/q)
0030 Australia Q4 wage cost index (4.10% y/y)
0030 Australia January balance of payments imports (-2.00% m/m)
0400 Japan Bank of Japan Policy Board meeting
0500 Japan December leading index (79.8)
0500 Japan December coincident index (92.3)
0930 UK Bank of England MPC meeting minutes
1000 Eurozone December construction output (-1.10% m/m)
1000 Eurozone December construction output (-4.70% y/y)
1200 US MBA mortgage applications
1330 US January import price index (-4.2% m/m)
1330 US January import price index (-9.3% y/y)
1330 US January housing starts (550,000)
1330 US January building permits (547,000)
1330 Canada December wholesale sales (-1.60% m/m)
1400 US Cleveland Federal Reserve President Pianalto speaks
1415 US January industrial production (-2.0%)
1415 US January capacity utilization (73.6%)
1730 US Federal Reserve President Bernanke speaks
1830 US Chicago Federal Reserve President Evans speaks
1900 US Federal Open Market Committee meeting minutes
2350 Japan Foreign purchases of Japanese equities and bonds
2350 Japan Japanese purchases of foreign equities and bonds

Thursday, 19 February 2009
all times GMT
(last release in parentheses)

0715 CH January trade balance
0900 Italy December trade balance
0930 UK January public sector net cash requirement (₤44.2 billion)
0930 UK January public sector net borrowing (₤14.9 billion)
0930 UK January M4 money supply
1000 CH February ZEW survey, expectations (-66.7)
1330 US January producer price index (-1.90% m/m)
1330 US January producer price index (-0.90% y/y)
1330 US January PPI, ex-food and energy (0.20% m/m)
1330 US January PPI, ex-food and energy (4.30% y/y)
1330 US Weekly initial jobless claims
1330 US Continuing jobless claims
1330 Canada January leading indicators (-0.60% m/m)
1500 US Philadelphia Federal Reserve manufacturing index (-24.3)
1500 US January leading indicators (0.30%0
2200 Australia Reserve Bank of Australia Stevens speaks
2350 Japan December all-industry activity index (-2.30% m/m)

Friday, 20 February 2009
all times GMT
(last release in parentheses)

N/A Japan January supermarket sales (-2.80% y/y)
N/A France February PMI, manufacturing
0500 Japan Bank of Japan monthly report
0700 Japan January convenience store sales (6.10% y/y)
0745 France January consumer price index (-0.20% m/m)
0745 France January consumer price index (1.00% y/y)
0745 France February business confidence (73)
0900 Italy December industrial orders
0900 Italy December industrial sales
0930 UK January retail sales (1.60% m/m)
0930 UK January retail sales (4.00% y/y)
1200 Canada January consumer price index (-0.70% m/m)
1200 Canada January consumer price index (1.20% y/y0
1200 Canada January CPI, core (-0.40% m/m)
1200 Canada January CPI, core (2.40% y/y)
1330 US January consumer price index (-0.70% m/m)
1330 US January consumer price index (0.10% y/y)
1330 US January CPI, core (0.0% m/m)
1330 US January CPI, core (1.80% y/y)