Sunday, April 4, 2010

Econ Grapher - Economic Calendar - 5 April 2010

Here's the Economic Calendar for the week commencing 5 April 2010. It's monetary policy time again! This week we have scheduled rate reviews by the RBA in Australia, the ECB in the EU, the BoE in the UK, the BoJ in Japan, and even the US Fed with its peculiar announcement to review the discount rate. It's reasonably likely that the RBA will lift its cash rate again to 4.25%, likewise the US Fed seems like it might be out to increase the discount rate again. For the others though it will almost certainly be no change on the interest rate front, but watch for potential changes in other measures...

(More commentary follows the table)

Day Time (GMT) Code Event/Release Forecast Previous
Monday 15:30 USD Federal Reserve Discount Rate Review
NZD NZIER Business Opinion Survey
Monday 14:00 USD Pending Home Sales (m/m) -1% -7.60%
Monday 14:00 USD ISM Non-Manufacturing Composite 54 53
Tuesday 4:30 AUD RBA Interest Rate Decision 4.25% 4.00%
Tuesday 7:15 CHF Consumer Price Index 1.40% 0.90%
Tuesday 18:00 USD FOMC Meeting Minutes

GBP Halifax HPI 0.60% -1.50%
Wednesday 9:00 EUR Euro-Zone GDP Q4 2010 (y/y) -2.10% -2.10%
JPY BoJ Interest Rate Decision 0.10% 0.10%
Wednesday 23:50 JPY Current Account (Feb) 1620.0B 899.8B
Wednesday 3:15 CHF Retail Sales (y/y) 3.80% 4.40%
Wednesday 10:00 CAD Ivey PMI 55.1 51.9
Thursday 11:45 EUR ECB Interest Rate Decision 1.00% 1.00%
Thursday 11:00 GBP BoE Asset Purchase Target 200B 200B
Thursday 11:00 GBP BoE Interest Rate Decision 0.50% 0.50%
Thursday 1:30 AUD Employment Change 20.0K 0.4K
GBP NIESR GDP Estimate (Mar)
Friday 11:00 CAD Net Change in Employment 25.0k 20.9k
Friday 8:30 GBP Producer Price Index 4.40% 4.10%

But it's not -all- monetary policy, there's also Housing market updates in the US and UK; both set to show slight improvement. There's also the non-manufacturing PMI index in the US, which will be interesting to review progress of the recovery; speaking of PMI, there's also the Ivey PMI due out up in Canada. On Canada, there's also jobs data out with expectations for a slight improvement; there's also expectations for an improvement in Australia when they release their jobs numbers for March.

To be sure though, the main events this week are in the monetary policy space. Of those reviewing this week, only Australia is well on the path to stimulus withdrawal; while the EU and US are gradually exiting from some of the extraordinary monetary policy moves. But when you look at the UK it's less clear whether they should even be doing more or winding back yet, likewise in Japan the economic recovery is still fragile and deflationary conditions persist. Though as always be sure to check the detail and tone of the announcements (compared to previous announcements), and be prepared for the occasional surprise.

Stay tuned for updates...

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