Here's the Economic Calendar for the week commencing the 21st of February 2011. This week there's some key US data out that will give an insight into the US housing market; S&P/Case-Shiller house prices, existing home sales, and new home sales. In the US there's also durable goods orders, two key confidence indicators, and of course GDP stats. The UK and Germany also release GDP numbers this week, and over in Japan there's the BoJ meeting minutes, and inflation numbers.
(More commentary follows the table)
| Date | GMT | Country/ Currency | Event | Forecast | Previous |
| MON | 08:00 | EUR | French PMI Manufacturing | 55.30 | 54.90 |
| MON | 08:00 | EUR | French PMI Services | 58.00 | 57.80 |
| MON | 08:30 | EUR | German PMI Manufacturing | 60.20 | 60.50 |
| MON | 08:30 | EUR | German PMI Services | 60.00 | 60.30 |
| MON | 09:00 | EUR | Euro-Zone PMI Composite | 57.00 | |
| MON | 09:00 | EUR | Euro-Zone PMI Manufacturing | 57.00 | 57.30 |
| MON | 09:00 | EUR | Euro-Zone Purchasing Manager Index Services | 56.00 | 55.90 |
| MON | 23:50 | JPY | BOJ to Release Jan. 24-25 Board Mtg Minutes | ||
| MON | 02:00 | NZD | RBNZ 2-Year Inflation Expectation | 2.60% | |
| TUE | 13:30 | CAD | Retail Sales (MoM) | -0.10% | 1.30% |
| TUE | 14:00 | USD | S&P/Case Shiller 20 City (MoM) SA | -0.50% | -0.54% |
| TUE | 14:00 | USD | S&P/Case-Shiller Composite-20 (YoY) | -2.30% | -1.59% |
| TUE | 14:00 | USD | S&P/Case-Shiller US Home Price Index (YoY) | -1.51% | |
| TUE | 15:00 | USD | Consumer Confidence | 63.00 | 60.60 |
| TUE | 23:50 | JPY | Merchandise Trade Exports (YoY) | 8.30 | 13.00 |
| TUE | 23:50 | JPY | Merchandise Trade Imports (YoY) | 8.80 | 10.60 |
| WED | 09:30 | GBP | Bank of England Minutes | ||
| WED | 10:00 | EUR | Euro-Zone Industrial New Orders (YoY) | 16.20% | 19.90% |
| WED | 10:00 | EUR | Euro-Zone Industrial New Orders s.a. (MoM) | -1.00% | 2.10% |
| WED | 15:00 | USD | Existing Home Sales | 5.20M | 5.28M |
| WED | 15:00 | USD | Existing Home Sales (MoM) | -1.10% | 12.30% |
| WED | 00:30 | EUR | German Gross Domestic Product (QoQ) | 0.40% | 0.40% |
| THU | 07:00 | EUR | German Gross Domestic Product (YoY) | 4.00% | 4.00% |
| THU | 10:00 | EUR | Euro-Zone Business Climate Indicator | 1.58 | |
| THU | 10:00 | EUR | Euro-Zone Consumer Confidence | -11.20 | |
| THU | 10:00 | EUR | Euro-Zone Economic Confidence | 106.80 | 106.50 |
| THU | 10:00 | EUR | Euro-Zone Industrial Confidence | 6.50 | 6.00 |
| THU | 10:00 | EUR | Euro-Zone Services Confidence | 9.50 | 9.20 |
| THU | 13:30 | USD | Initial Jobless Claims | 405K | 410K |
| THU | 13:30 | USD | Continuing Claims | 3911K | |
| THU | 13:30 | USD | Durable Goods Orders | 2.9% | -2.5% |
| THU | 15:00 | USD | New Home Sales | 300K | 329K |
| THU | 15:00 | USD | New Home Sales (MoM) | -8.8% | 17.5% |
| THU | 23:30 | JPY | National Consumer Price Index (YoY) | -0.1% | 0.0% |
| FRI | 05:00 | EUR | German Consumer Price Index (YoY) | 2.0% | |
| FRI | 09:30 | GBP | Gross Domestic Product (QoQ) | -0.5% | -0.5% |
| FRI | 09:30 | GBP | Gross Domestic Product (YoY) | 1.7% | 1.7% |
| FRI | 13:30 | USD | Gross Domestic Product (Annualized) | 3.3% | 3.2% |
| FRI | 14:55 | USD | U. of Michigan Confidence | 75.40 | 75.10 |
As noted this will be a good week to check in on the state of the US housing market. First up will be the S&P/Case Shiller home price index, including the much watched 20 City Composite; consensus says another month of falling prices (ditto on a year on year basis). Then there's existing home sales which is expected to decline on a rolling 12-month basis; likewise new home sales are also expected to decline. So it's likely the data will confirm what most of us know - the US housing market isn't doing that great; but in terms of the outlook, conditions are probably supportive e.g. an eventual jobs recovery, broader economic recovery, low rates, easier credit - and more willingness/ability to gain credit, but of course - tread carefully...
The US is also one of a few economies to make further GDP announcements this week. The US is expected to make a slight upward revision to Q4 GDP, to about 3.3% on a seasonally adjusted annualised basis. Over in Euro land, the UK will also release a further update to its GDP stats, with little change expected at about -0.5% q/q, meanwhile Germany is also expected to show little change with 0.4% q/q.
Elsewhere, back in the US there's the Conference Board's Consumer Confidence reading for mid-month Feb, as well as he University of Michigan Consumer Sentiment mid-month reading; both will provide timely gauges on the US consumer. In Japan, now officially the world's 3rd largest economy behind China, there's merchandise trade stats, and consumer price index numbers - with inflation expected to dip back into a small negative. In monetary policy there's no major banks meeting, but the Bank of Japan and more interestingly; the Bank of England will release their meeting minutes.
So as always, have a great week, watch out for surprises, and stay tuned for updates...
Sources
DailyFX www.dailyfx.com/calendar
Forex Pros www.forexpros.com/economic-calendar/
Forex Factory www.forexfactory.com/calendar.php
Bloomberg www.bloomberg.com
+various statistics websites and central bank websites for verification
Article Source: http://www.econgrapher.com/21feb11-calendar.html
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