Here's the Economic Calendar for the week commencing the 24th of May 2010. This week there's more GDP updates with the second estimates due out for Q1 in the US and UK. There's also trade figures due out from New Zealand, Japan, and Switzerland. And of course, there's the monthly S&P Case Shiller house prices index and the Conference Board Consumer Confidence index due out in the US (as well as personal income and expenditure).
(More commentary follows the table)
| Day | Time (GMT) | Code | Event/Release | Forecast | Previous |
| MON | 12:30 | USD | Chicago Fed National Activity Index (APR) | -7.0% | |
| MON | 14:00 | USD | Existing Home Sales (MoM) (APR) | 4.7% | 6.8% |
| TUE | 3:00 | NZD | RBNZ 2-Year Inflation Expectation (2Q) | 2.7% | |
| TUE | 8:30 | GBP | Gross Domestic Product (QoQ) (1Q P) | 0.3% | 0.2% |
| TUE | 8:30 | GBP | Private Consumption (1Q P) | -0.1% | 0.4% |
| TUE | 8:30 | GBP | Gross Fixed Capital Formation (1Q P) | -0.3% | -2.7% |
| TUE | 8:30 | GBP | BBA Loans for House Purchase (APR) | 37000 | 34905 |
| TUE | 9:00 | EUR | EU Industrial New Orders s.a. (MoM) (MAR) | 2.5% | 1.5% |
| TUE | 13:00 | USD | S&P/Case-Shiller Composite-20 (YoY) (MAR) | 2.4% | 0.6% |
| TUE | 14:00 | USD | Consumer Confidence (MAY) | 59 | 57.9 |
| TUE | 14:00 | USD | House Price Index (MoM) (MAR) | -0.2% | |
| WED | 0:30 | AUD | Westpac Leading Index (MoM) (MAR) | 0.5% | |
| WED | 12:30 | USD | Durable Goods Orders (APR) | 1.3% | -1.3% |
| WED | 13:00 | CAD | Canada House Price Index (YoY) (APR) | 9.9 | |
| WED | 14:00 | USD | New Home Sales (MoM) (APR) | 2.2% | 26.9% |
| WED | 22:45 | NZD | Trade Balance (New Zealand dollars) (APR) | 455M | 567M |
| WED | 23:50 | JPY | Merchandise Trade Balance (Yen) (APR) | 687.5B | 666.2B |
| THU | EUR | German Consumer Price Index (MAY P) | 1.2% | 1.0% | |
| THU | 0:00 | AUD | Conference Board Leading Index (MAR) | -0.3% | |
| THU | 1:30 | AUD | Private Capital Expenditure (1Q) | 2.5% | 5.5% |
| THU | 7:15 | CHF | Employment Level (YoY) (1Q) | -0.1% | |
| THU | 12:30 | USD | Gross Domestic Product (Annualized) (1Q S) | 3.5% | 3.2% |
| THU | 12:30 | USD | Personal Consumption (1Q S) | 3.7% | 3.6% |
| THU | 23:30 | JPY | National Consumer Price Index (YoY) (APR) | -1.1% | -1.1% |
| THU | 23:30 | JPY | Jobless Rate (APR) | 5.0% | 5.0% |
| THU | 23:50 | JPY | Retail Trade s.a. (MoM) (APR) | -1.0% | 0.8% |
| THU | 23:50 | JPY | Retail Trade (YoY) (APR) | 3.6% | 4.7% |
| FRI | 6:15 | CHF | Trade Balance (Swiss franc) (APR) | 2.01B | |
| FRI | 12:30 | CAD | Current Account (BoP) (Canadian dollar) (1Q) | -$7.0B | -$9.8B |
| FRI | 12:30 | USD | Personal Income (APR) | 0.5% | 0.3% |
| FRI | 12:30 | USD | Personal Spending (APR) | 0.3% | 0.6% |
Starting off with the GDP numbers, the UK and US are expected to report GDP broadly in line with the first estimates. The UK is expected to report q/q GDP growth of 0.3% vs 0.2% previously estimated. Meanwhile the US is expected to report 3.5% annualised vs previously announced 3.2% annualised (or 0.8% in proper q/q terms).
Japan, who announced its Q1 GDP result last week, will this week update on April numbers for Merchandise Trade, Unemployment, Inflation, and retail sales. So it will be a good chance to see where the Japanese economy is in its struggle to forge a strong sustainable economic recovery in the face of risks to global trade, fiscal challenges, and deflation.
Back to the US, the S&P Case Shiller house prices index will provide a good update as to where the ever vital US housing market is at. And the Consumer Confidence index, will likewise give an indication as to the health and prospects for the US consumer. Thus are the two drivers of the pre-crisis economy, this is one area I am watching - will these continue to be the growth engine, or will structural change and sustainability put the US on a new track?
So as always, have a great week, watch out for surprises, 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/24may-calendar.html
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