Weekly Forex Market Followup (November 21st - November 25th 2011)

Key Fundamental Forex Events for the Week of November 21
^st through November 25
^th The following table lists the
key economic data and other events that came out during the week of
November 21
^st through the 25
^th, 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, November 21
^st 3:00pm USD Existing Home Sales 4.97M versus 4.82M
expected. The USD rose. Tuesday, November 22
^nd 2:00am NZD Inflation Expectations 2.8% versus last
2.9%. The NZD rose slightly. 9:30am GBP Public Sector Net Borrowing
3.4B versus 4.3B expected. The GBP rose slightly. 1:30pm CAD Core
Retail Sales 0.5% versus 0.4% expected. The CAD fell. 1:30pm USD
Preliminary GDP 2.0% versus 2.5% expected. 7:00pm USD FOMC Meeting
Minutes noted that, in setting the stance of monetary policy,
participants consider not only what appears to be the most likely
economic outcome as embodied in their projections, but also the
range of alternative possibilities, the likelihood of their
occurring, and the potential costs to the economy should they
occur. The USD was mixed. Wednesday, November 23
^rd All Day JPY Bank Holiday 2:30am CNY HSBC Flash
Manufacturing PMI 48.0 versus last 51.0. 9:30am GBP MPC Meeting
Minutes noted that, Some members noted that the balance of risks to
inflation in the November Inflation Report projections meant that a
further expansion of the asset purchase programme might well become
warranted in due course; anticipation of that might itself have an
effect on asset prices and demand. Some other members judged that
the risks to inflation around the target were more balanced. The
rate vote was 0-0-9, as expected. The GBP fell. 1:30pm USD Core
Durable Goods Orders 0.7% versus 0.1% expected. 1:30pm USD Weekly
Initial Jobless Claims 393K versus 387K expected. The USD rose.
Thursday, November 24
^th 9:00am EUR German Ifo Business Climate 106.6 versus
105.5 expected. The EUR fell slightly. 9:30am GBP Revised GDP 0.5%,
as expected. The GBP fell. All Day USD Bank Holiday Friday,
November 25
^th No notable economic data releases or events
scheduled. Technical Recap for the Majors This Week EURUSD:
Forecast: HigherActual: Lower from a 1.3524 open to a 1.3279 close.
USDJPY: Forecast: Mildly LowerActual: Mildly higher from a 76.89
open to a 77.60 close. GBPUSD: Forecast: HigherActual: Lower
from a 1.5793 open to a 1.5499 close. AUDUSD: Forecast:
HigherActual: Lower from a 0.9997 open to a 0.9765 close.
USDCAD: Forecast: LowerActual: Higher from a 1.0273 open to a
1.0447 close. NZDUSD: Forecast: HigherActual: Lower from a
0.7563 open to a 0.7437 close.