Key Fundamental Forex Events for the Week of April 14th through April 18th
The following table lists the key economic data and other events that came out during the week of April 14th through April 18th, 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.
Sunday, April 13th
- Day 3 ALL IMF Meetings:Brazilian finance minister Guido Mantegna said that, “the IMF cannot remain paralyzed and postpone its commitments to reform.”
- 6:30pm USD FOMC Member Stein said that, "We have to be aware of it, we have to monitor it ... this is where communication is helpful and being attentive is helpful. Doing the right thing for the U.S. economy is ultimately helpful for larger parts of the world".
Monday, April 14th
- 10:00am EUR Industrial Production versus 0.3% expected. The currency fell.
- 1:30pm USD Core Retail Sales versus 0.5% expected. The currency rose.
- 1:30pm USD Retail Sales versus 0.8% expected. The currency rose.
- 3:00pm USD Business Inventories versus 0.5% expected. The currency rose.
Tuesday, April 15th
- 2:30am AUD Monetary Policy Meeting Minutes noted that, "The Australian dollar had appreciated, partly in response to domestic economic data, and it was now close to the level in November 2013, although on a trade-weighted basis the exchange rate was still about 12 per cent below its peak a year earlier. Members noted that the New Zealand dollar was currently at levels equivalent to historical peaks against the Australian dollar, following the tightening of monetary policy by the Reserve Bank of New Zealand." The currency fell.
- 9:30am GBP CPI versus 1.6% expected. The currency rose.
- 10:00am EUR German ZEW Economic Sentiment versus 46.3 expected. The currency fell.
- 1:30pm CAD Manufacturing Sales versus 1.1% expected. The currency fell.
- 1:30pm USD Core CPI versus 0.1% expected. The currency rose.
- 1:45pm USD Fed Chair Yellen said that, "As the Board continues to weigh such steps to further strengthen the financial system, I expect that conferences like the FMC will continue to be a vital part of the process, providing the ideas, analysis, and debate that will help us make the best possible judgments. Thank you for listening and for this opportunity to be a part of this important conference." The currency rose.
- 11:45pm NZD CPI versus 0.5% expected. The currency fell.
Wednesday, April 16th
- 3:00am CNY GDP versus 7.4% expected.
- 3:00am CNY Industrial Production versus 9.1% expected. The currency rose.
- 7:15am JPY BOJ Governor Kuroda said that, "We will adjust policy when needed while scrutinizing both upside and downside risks to the economy and prices," he continued, "Our view is that exports will eventually pick up in line with improvements in the economy. But for now, we haven't seen enough data telling us when and by how much exports will rise". The currency fell.
- 9:30am GBP Claimant Count Change versus -30.2K expected. The currency rose.
- 9:30am GBP Unemployment Rate versus 7.2% expected. The currency rose.
- 1:30pm USD Building Permits versus 1.00M expected. The currency was virtually unchanged.
- 3:00pm CAD BOC Monetary Policy Report noted that, "The global economic expansion is expected to strengthen over the next three years as headwinds that have been restraining activity dissipate.The economic recovery in the United States appears to be on track, despite soft readings in the last few months largely due to unusual weather. Indeed, private demand could turn out to be stronger than anticipated. Europe’s economy is growing modestly, but inflation remains too low and the nascent recovery could be undermined by risks emanating from the Russia-Ukraine situation." The currency fell.
- 3:00pm CAD BOC Rate Statement noted that, "In sum, the Bank continues to see a gradual strengthening in the fundamental drivers of growth and inflation in Canada. This view hinges critically on the projected upturn in exports and investment. With underlying inflation expected to remain below target for some time, the downside risks to inflation remain important. At the same time, the risks associated with household imbalances remain elevated. The Bank judges that the balance of these risks remains within the zone for which the current stance of monetary policy is appropriate and therefore has decided to maintain the target for the overnight rate at 1 per cent." The currency fell.
- 3:00pmCAD Overnight Rate Decision versus unchanged at 1.00% expected. The currency fell.
- 4:15pm CAD BOC Press Conference: BOC Governor Poloz said that, "We obviously have what looks like a soft landing emerging in housing, so it’s critical we get a pickup of momentum in exports which will then be followed by a pickup of investment. And those two shifts will give us sustainable growth trend.”The currency fell.
- 5:15pm USD Fed Chair Yellen said that, "While monetary policy discussions naturally begin with a baseline outlook, the path of the economy is uncertain, and effective policy must respond to significant unexpected twists and turns the economy may take. My primary focus today will be on how the FOMC's monetary policy framework has evolved to best support the recovery through those twists and turns, and what this framework is likely to imply as the recovery progresses." The currency was virtually unchanged.
Thursday, April 17th
- 1:30am JPY BOJ Governor Kuroda said that, "We will adjust policy when needed while scrutinizing both upside and downside risks to the economy and prices, Our view is that exports will eventually pick up in line with improvements in the economy. But for now, we haven't seen enough data telling us when and by how much exports will rise". The currency fell.
- 1:30pm CAD Core CPI versus 0.3% expected. The currency rose.
- 1:30pm USD Weekly Initial Jobless Claims versus 316K expected. The currency rose.
- 3:00pm USD Philly Fed Manufacturing Index versus 9.6 expected. The currency rose.
- All Day NZD Bank Holiday
- All Day AUD Bank Holiday
Friday, April 18th
- 12:50am JPY Tertiary Industry Activity versus 0.2% expected. The currency fell.
- All Day CHF Bank Holiday
- All Day EUR German Bank Holiday
- All Day GBP Bank Holiday
- All Day CAD Bank Holiday
Technical Recap for the Majors This Week
EUR/USD:Forecast: Higher
Actual: Mildly lower from a 1.3859 open to a 1.3816 close.
Forecast: Mildly lower
Actual: Mildly higher from a101.60 open to a102.41 close.
Forecast: Higher
Actual: Mildly higher from a 1.6736 open to a 1.6783 close.
Forecast: Mildly higher
Actual: Mildly lower from a 0.9391 open to a 0.9331 close.
Forecast: Mildly higher
Actual: Mildly higher from a 1.0973 open to a 1.1022 close.
Forecast: Mildly lower
Actual: Lower from a 0.8682 open to a 0.8578 close.
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