Key Fundamental Forex Events for the Week of September 15th through September 19th
The following table lists the key economic data and other events that came out during the week of September 15th through September 19th, with release times displayed for the GMT time zone.
The list also indicates how much each release deviated from the market consensus forecast upon release, as well as what the affected major currency pair or pairs did after each event or set of events.
Monday, September 15th
- All Day JPY Bank Holiday
- 2:30am AUD New Motor Vehicle Sales -1.8% versus last -1.3% expected. The currency rose.
- 8:15am CHF PPI -0.2% versus 0.2% expected. The currency fell.
- 1:30pm USD Empire State Manufacturing Index 27.5 versus 16.4 expected. The currency rose overall.
- 2:15pm USD Capacity Utilization Rate 78.8% versus 79.3% expected. The currency rose overall.
- 2:15pm USD Industrial Production -0.1% versus 0.4% expected. The currency rose overall.
Tuesday, September 16th
- 1:00am AUD RBA Assistant Governor Kent said that, "This better growth of non-mining activity often gets missed given all the focus on the resources boom. While this improvement is welcome, a key question is how durable the improvement will be? It might even gather a bit more steam, thereby helping to drive overall growth to an above-trend pace at some point. Such developments are possible but by no means certain. They depend in part on non-mining business investment, which is the motivation for my talk today." The currency rose.
- 2:30am AUD Monetary Policy Meeting Minutes noted that, "Housing prices were continuing to increase in the larger cities and members considered that the risks associated with this trend warranted ongoing close observation. On the other hand, the exchange rate remained above most estimates of its fundamental value, particularly given the declines in key commodity prices and, overall, had offered less assistance to date than would normally be expected in achieving balanced growth in the economy." The currency rose.
- 6:30am JPY BOJ Governor Kuroda said that, "When I spoke to you last November, I said that under QQE there was a positive turnaround in areas such as economic activity, financial markets, and people's sentiment and expectations. Since then, QQE has continued to steadily exert its intended effects. The year-on-year rate of change in the consumer price index (CPI, excluding fresh food) was minus 0.4 percent in April last year when QQE was introduced, but it has improved since then, recently registering 1.3 percent excluding the direct effects of the consumption tax hike." The currency rose.
- 9:30am GBP CPI 1.5% versus 1.5% expected. The currency rose.
- 9:30am GBP PPI Input -0.6% versus 0.1% expected. The currency rose.
- 9:30am GBP RPI 2.4% versus 2.5% expected. The currency rose.
- 10:00am EUR German ZEW Economic Sentiment survey 6.9 versus 5.2 expected. The currency rose.
- 10:00am EUR EZ ZEW Economic Sentiment survey 14.2 versus 21.3 expected. The currency rose.
- 1:30pm CAD Manufacturing Sales 2.5% versus 1.1% expected. The currency rose.
- 1:30pm USD PPI 0.0% versus 0.1% expected. The currency fell overall.
- 1:30pm USD Core PPI 0.1% versus 0.1% expected. The currency fell overall.
- 2:00pm USD TIC Long-Term Purchases -18.6B versus 24.3B expected. The currency fell overall.
- 5:45pm CAD BOC Governor Poloz said that, "As entrepreneurs, I’m sure you know that global trade has recovered only partially, as the world economy is still working through the fallout from the crisis. Compounding the issue for exporters, of course, has been the relative strength of the loonie. While it has come down in the past several months, it is still more than 40 per cent higher than it was in the early 2000s.Many people in this room may be wondering why the Bank of Canada did not do more to limit the appreciation of the loonie, or to weaken it after it rose. After all, we have said time and again that stronger exports are needed to bring our economy home." The currency rose.
- 11:45pm NZD Current Account -1.07B versus -1.04B expected. The currency rose.
Wednesday, September 17th
- 9:30am GBP Average Earnings Index 0.6% versus 0.5% expected. The currency fell.
- 9:30am GBP Claimant Count Change -37.2K versus -29.7K expected. The currency fell.
- 9:30am GBP MPC Asset Purchase Facility Votes 0-0-9 versus 0-0-9 expected. The currency fell.
- 9:30am GBP MPC Official Bank Rate Votes 2-0-7 versus 2-0-7 expected. The currency fell.
- 9:30am GBP Unemployment Rate 6.2% versus 6.3% expected. The currency fell.
- 10:00am EUR Final CPI 0.4% versus 0.3% expected. The currency fell.
- 1:30pm USD Core CPI 0.0% versus 0.2% expected. The currency rose overall.
- 1:30pm USD CPI -0.2% versus 0.1% expected. The currency rose overall.
- 1:30pm USD Current Account -99B versus -114B expected. The currency rose overall.
- 3:00pm USD NAHB Housing Market Index 59 versus 56 expected. The currency rose overall.
- 3:30pm USD Crude Oil Inventories 3.7M versus last -1.0M expected. The currency rose overall.
- 7:00pm USD FOMC Economic Projections noted that, "These charts are based on policymakers’ assessments of appropriate monetary policy, which, by definition, is the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her interpretation of the Federal Reserve’s dual objectives of maximum employment and stable prices." The currency rose overall.
- 7:00pm USD FOMC Rate Statement noted that, "When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run." The currency rose overall.
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