Economic Calendar - 16 August 2010

Here's the Economic Calendar for the week commencing the 16th of August 2010. This week the key economic events start with Japan on Monday releasing its Q2 GDP stats, also on Monday is China with its foreign direct investment figures, and the CB leading index. Throughout the week there will be a few inflation metrics out; EU CPI, UK CPI, US PPI and capacity utilisation, NZ PPI, and Canada CPI. There's also monetary policy meeting minutes due from the Bank of England, and the Reserve Bank of Australia; speaking of which, there's also the Australian elections at the end of the week.

(More commentary follows the table)

Day	Time (GMT)	Code	Event/Release	Forecast	Previous
		CNY	Foreign Direct Investment ytd/y		19.6%
MON	00:00	CNY	CB Leading Index m/m		0.8%
MON	00:00	JPY	Gross Domestic Product Annualized (2Q)	2.3%	5.0%
MON	00:00	JPY	Nominal Gross Domestic Product (QoQ)	-0.3%	1.3%
MON	00:00	JPY	Gross Domestic Product (QoQ) (2Q P)	0.6%	1.2%
MON	00:00	JPY	Gross Domestic Product Deflator (YoY)	-1.8%	-2.8%
MON	09:00	EUR	Euro-Zone CPI - Core (YoY) (JUL)	1.0%	0.9%
MON	09:00	EUR	Euro-Zone Consumer Price Index (YoY)	1.7%
MON	12:30	USD	Empire Manufacturing (AUG)	8.25	5.08
MON	01:30	AUD	Reserve Bank's Board August Minutes
TUE	08:00	EUR	Euro-Zone Current Account s.a. (euros)		-5.8B
TUE	08:00	EUR	Euro-Zone Current Account n.s.a. (JUN)		-16.7B
TUE	08:30	GBP	Core Consumer Price Index (YoY) (JUL)		3.1%
TUE	08:30	GBP	Consumer Price Index (YoY) (JUL)	3.1%	3.2%
TUE	12:30	USD	Housing Starts (JUL)		549K
TUE	12:30	USD	Building Permits (MoM) (JUL)		2.1%
TUE	12:30	USD	Producer Price Index (YoY) (JUL)	4.2%	2.8%
TUE	12:30	USD	PPI Excluding Food & Energy (YoY) (JUL)	0.2%	1.1%
TUE	13:15	USD	Industrial Production (JUL)	0.5%	0.1%
TUE	13:15	USD	Capacity Utilization (JUL)	74.5%	74.1%
TUE	21:00	USD	ABC Consumer Confidence (AUG 15)
TUE	00:30	AUD	Westpac Leading Index (MoM) (JUN)		0.2%
WED	05:00	JPY	Coincident Index (JUN F) (JUN F)
WED	05:00	JPY	Leading Index (JUN F) (JUN F)
WED	08:30	GBP	Bank of England Minutes (AUG 18)
WED	22:45	NZD	Producer Prices- Outputs (QoQ) (2Q)		1.8%
WED	22:45	NZD	Producer Prices- Inputs (QoQ) (2Q)		1.3%
WED	03:00	NZD	ANZ Consumer Confidence Index (AUG)		115.6
THU	06:15	CHF	Trade Balance (Swiss franc) (JUL)		1.77B
THU	08:30	GBP	Retail Sales With Auto Fuel (YoY) (JUL)	1.1%	1.3%
THU	08:30	GBP	Retail Sales (YoY) (JUL)		3.1%
THU	12:30	CAD	Leading Indicators (MoM) (JUL)		1.0%
THU	12:30	CAD	Wholesale Sales (MoM) (JUN)		-0.1%
THU	12:30	USD	Initial Jobless Claims (AUG 14)	480K	484K
THU	14:00	USD	Leading Indicators (JUL)	0.1%	-0.2%
THU	14:00	USD	Philadelphia Fed. (AUG)	7.5	5.1
THU	22:45	NZD	New Zealand Net Migration s.a. (JUL)		70
FRI	11:00	CAD	Consumer Price Index (YoY) (JUL)		1.0%
FRI	11:00	CAD	Bank Canada CPI Core (YoY) (JUL)		1.7%
FRI		AUD	Australian Elections

For what is a relatively quiet week, the main event will be on Monday with Japan releasing its second quarter GDP numbers. The Japanese economy is projected to have grown 2.3% on an annualised basis in Q2, or 0.6% on a quarter over quarter basis... and about -0.3% quarter on quarter on a nominal basis (hmm I guess that's where having deflation is a good thing?). Japan also has a few other minor indicators out during the week e.g. the coincident and leading indexes. Anyway, the Japanese economic recovery is relatively entrenched thanks to the normalization of global trade volumes, but of course it still faces the demographic challenge, the fiscal challenge, and of course the deflation challenge.

As noted, much of the data releases this week will inform the view on the inflation situation. The first up will be the EU with July year on year inflation projected to increase slightly, then there's the UK with it's own RPI and CPI - expected to remain static around 3%. Then the US releases PPI on Tuesday, which is expected to spike up on the back of food and energy prices; there is also an expectation that capacity utilisation will also edge up slightly. New Zealand also releases its PPI stats on Wednesday, followed by Canada with its CPI or Consumer Price Index data on Friday.

There is a scattering of other interesting data points out during the week, including China's foreign direct investment numbers and its leading index; which will add to the picture seen last week when the major data release was made. Other releases of note are EU current account for June, US industrial production (which is expected to increase slightly), US ABC Consumer Confidence index, NZ ANZ consumer confidence index, UK retail sales, and NZ net migration.

While there's no major monetary policy moves on the calendar there is the meeting minutes due from the Reserve Bank of Australia, which will likely be pretty straightforward; in line with the messaging that was in the recent monetary policy announcement where they left rates unchanged at 4.5%. The Bank of England is also set to release its minutes on Wednesday; this one will be more interesting because the Bank of England doesn't really say much when it announces its decisions (which were recently to hold the rate at 0.50% and the APP at GBP 200 billion). On the policy front, its worth noting that Australia has its elections on Friday/Saturday.

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/16aug-calendar.html