Key Fundamental Forex Events for the Week of December 19th
through December 23rd The following table lists the key economic
data and other events that came out during the week of December
19th through December 23rd, with release times displayed for the
GMT time zone. The list also indicates how much each release
deviated from the market consensus forecast upon release, as well
as what the affected major currency pair or pairs did after each
event or set of events. Monday, December 19th 12:00am NZD NBNZ
Business Confidence 16.9 versus last 18.3 expected. The NZD fell.
3:30pm EUR ECB President Draghi said that, "We have decided on
three-year refinancing operations to support the supply of credit
to the euro area economy. These measures address the risk that
persistent financial markets tensions could affect the capacity of
euro area banks to obtain refinancing over longer horizons." The
EUR fell. Tuesday, December 20th 12:30am AUD Monetary Policy
Meeting Minutes noted that, "The strains in European interbank
markets also intensified in November, with an increasing number of
banks effectively shut off from new funding and having to rely
instead on the European Central Bank (ECB). Some banks also
appeared to be running short of the collateral necessary to obtain
funding from the ECB and were undertaking collateral swaps with
non-bank institutions or turning to their national central bank."
The AUD rose. 9:00am EUR German Ifo Business Climate 107.2 versus
106.2 expected. The EUR rose. 12:00pm CAD Core CPI 0.1% versus 0.2%
expected. The CAD rose. 1:30pm USD Building Permits 0.68M versus
0.63M expected. The USD fell overall. 9:45pm NZD Current Account
-4.60B versus last -0.92B expected. The NZD rose. Wednesday,
December 21st 3:16am JPY Monetary Policy Statement noted that,
"Improvement in business sentiment has slowed on the whole despite
steady improvement in domestic demand-oriented sectors. Meanwhile,
although global financial markets remain under heavy strain,
financial conditions in Japan have continued to ease." 3:16am JPY
Overnight Call Rate Decision 0.10%, as expected. 7:11am JPY BOJ
Press Conference noted that, "A delay in dealing with Europe's
crisis may have a severe impact on the global economy. We must
prevent this from happening at all cost." The JPY fell. 9:30am GBP
MPC Meeting Minutes. The MPC voted 0-0-9, as expected. They also
noted that, "There had been modest upside news on the near-term
prospects for the United States but a further deterioration in
euro-area indicators and continued slowing in emerging market
economies." 9:30am GBP Public Sector Net Borrowing 15.2B versus
13.5B expected. The GBP rose slightly. 1:30pm CAD Core Retail Sales
0.7% versus 0.4% expected. The CAD rose. 3:00pm USD Existing Home
Sales 4.42M versus 5.04M expected. The USD fell overall. 9:45pm NZD
GDP 0.8% versus last 0.1% expected. The NZD rose. Thursday,
December 22nd 9:30am GBP Current Account -15.2B versus -5.2B
expected. The GBP rose slightly. 1:30pm USD Weekly Initial Jobless
Claims 364K versus 376K expected. The USD fell overall. 4:00pm EUR
ECB President Draghi failed to show at a key press conference. The
EUR was unchanged. Friday, December 23rd All Day JPY Bank Holiday
1:30pm CAD GDP 0.0% versus 0.1% expected. The CAD rose. 1:30pm USD
Core Durable Goods Orders 0.3% versus 0.5% expected. 3:00pm USD New
Home Sales 315K versus 314K expected. The USD was mixed. Technical
Recap for the Majors This Week EURUSD: Forecast: Mildly
HigherActual: Mildly higher from a 1.3033 open to a 1.3036 close.
USDJPY: Forecast: Mildly LowerActual: Mildly higher from a 77.77
open to a 78.12 close. GBPUSD: Forecast: Mildly HigherActual:
Mildly higher from a 1.5524 open to a 1.5624 close. AUDUSD:
Forecast: Mildly HigherActual: Higher from a 0.9967 open to a
1.0150 close. USDCAD: Forecast: Mildly LowerActual: Lower from a
1.0389 open to a 1.0193 close. NZDUSD: Forecast: Mildly
HigherActual: Higher from a 0.7620 open to a 0.7737 close.
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