29 Jul 2013
Big week ahead: FOMC, ECB, BoE, NFP...
FXstreet.com (Barcelona) - Much has been speculated about the Fed's timing for 'tapering'. While last week's secondary data releases did little to help clarify the picture, by the end of this week, chances are investors and traders will gain further insights.
On Monday, the U.S. releases U.S. pending home sales followed by the Case-Shiller indicator on Tuesday. It will not be until Wednesday though, that key risk events will help shape one's view on the U.S. economy, with Q2 GDP, Chicago PMI, ADP and the FOMC all due out. This time around though, there will be no press conference by Bernanke, so volatility may be limited.
According to John Noonan, Head of IFR Markets: "GDP will feature revisions back to 1929 and is bound to cause some confusion, while on the FOMC, no one expects QE tapering to be announced and investors have been softened up for a relatively dovish statement after Hilsenrath's article last week, but expect an overreaction anyway."
As we move into Thursday, China's official PMI will be a 'must follow' event, as concerns over a significant slowdown grow, on the back of last week's poor HSBC PMI. Also the same day, BoE and ECB meetings will take center stage, with the main focus on its forward guidance. To conclude the week, the U.S. will publish the NFP number on Friday, where steady numbers are expected.
On Monday, the U.S. releases U.S. pending home sales followed by the Case-Shiller indicator on Tuesday. It will not be until Wednesday though, that key risk events will help shape one's view on the U.S. economy, with Q2 GDP, Chicago PMI, ADP and the FOMC all due out. This time around though, there will be no press conference by Bernanke, so volatility may be limited.
According to John Noonan, Head of IFR Markets: "GDP will feature revisions back to 1929 and is bound to cause some confusion, while on the FOMC, no one expects QE tapering to be announced and investors have been softened up for a relatively dovish statement after Hilsenrath's article last week, but expect an overreaction anyway."
As we move into Thursday, China's official PMI will be a 'must follow' event, as concerns over a significant slowdown grow, on the back of last week's poor HSBC PMI. Also the same day, BoE and ECB meetings will take center stage, with the main focus on its forward guidance. To conclude the week, the U.S. will publish the NFP number on Friday, where steady numbers are expected.