Weekly Forex Market Followup (October 17th - October 21st 2011)

Key Fundamental Forex Events for the Week of October 17
^th through October 21
^st The following table lists the key economic data and
other events that came out during the week of October 17
^th through the 21
^st, 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, October 17
^th 3:30pm CAD BOC Business Outlook Survey noted that,
The business outlook survey suggests that though respondents expect
growth to continue, the optimism has been curtailed, this
moderation in confidence provides further reason for the Bank of
Canada to maintain its highly accommodative stance. The CAD fell.
Tuesday, October 18
^th 1:30am AUD Monetary Policy Meeting Minutes noted
that, In the Australian markets, there was an expectation that the
cash rate would be reduced significantly by the middle of next
year, which was reflected in lower yields on comparable government
paper and bank bills. The AUD rose. 3:00am CNY GDP 9.1% versus 9.3%
expected. 9:30am GBP CPI 5.2% versus 4.9% expected. The GBP fell.
10:00am EUR German ZEW Economic Sentiment -48.3 versus -44.7
expected. The EUR rose slightly. 1:30pm USD PPI 0.8% versus 0.2%
expected. 2:00pm USD TIC Long-Term Purchases 57.9 versus 27.8B
expected. 6:15pm USD Fed Chairman Bernanke spoke. He said that,
Forward guidance and other forms of communication about policy can
be valuable even when the zero lower bound is not relevant, and I
expect to see increasing use of such tools in the future. The USD
was mixed. Wednesday, October 19
^th 9:30am GBP MPC Meeting Minutes vote 0-0-9, as
expected. They noted that, The Committees view remained that
inflation was likely to rise above 5% in the near term, boosted by
already announced increases in utility prices. Inflation was then
expected to fall back sharply in the first part of 2012 as base
effects from both the earlier VAT increase and higher oil prices
dropped out of the twelve-month comparison. The GBP rose. 1:30pm
USD Building Permits 0.59M versus 0.61M expected. 1:30pm USD Core
CPI 0.1% versus 0.2% expected. The USD was mixed. Thursday, October
20
^th 9:30am GBP Retail Sales 0.6% versus 0.1% The GBP rose
slightly. 1:30pm USD Weekly Initial Jobless Claims 403K versus 405K
expected. 3:00pm USD Existing Home Sales 4.91M versus 4.94M
expected. 3:00pm USD Philly Fed Manufacturing Index 8.7 versus -9.0
expected. The USD fell except versus the JPY. Friday, October 21
^st 9:00am EUR German Ifo Business Climate 106.4 versus
106.3 expected. The EUR rose. 9:30am GBP Public Sector Net
Borrowing 11.4B versus 11.9B expected. The GBP rose. 12:00pm CAD
Core CPI 0.5% versus 0.2% expected. The CAD rose. Technical Recap
for the Majors This Week EURUSD: Forecast: LowerActual: Mildly
higher from a 1.3866 open to a 1.3880 close. USDJPY: Forecast:
Mildly LowerActual: Mildly lower from a 77.06 open to a 76.13
close. GBPUSD: Forecast: LowerActual: Higher from a 1.5823 open to
a 1.5944 close. AUDUSD: Forecast: HigherActual: Mildly higher from
a 1.0324 open to a 1.0335 close. USDCAD: Forecast: LowerActual:
Mildly lower from a 1.0108 open to a 1.0087 close. NZDUSD:
Forecast: HigherActual: Virtually unchanged from a 0.8016 open to a
0.8011 close.