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

Key Fundamental Forex Events for the Week of November 21st
through November 25th The following table
lists the key economic data and other events that came out during
the week of November 21st through the 25th, 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 21st 3:00pm
USD Existing Home Sales 4.97M versus 4.82M expected. The USD rose.
Tuesday, November 22nd 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 23rd 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 24th 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 25th 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.