Weekly Economic Calendar

Weekly Economic Calendar
Date ET Release For Consensus Prior
Sep 17 8:30 AM Empire Manufacturing Sep NA -5.9
Sep 18 8:30 AM Current Account Balance Q2 NA -$137.3B
Sep 18 9:00 AM Net Long-Term TIC Flows Jul NA $9.3B
Sep 18 10:00 AM NAHB Housing Market Index Sep NA 37
Sep 19 7:00 AM MBA Mortgage Index 09/15 NA 11.1%
Sep 19 8:30 AM Housing Starts Aug NA 746K
Sep 19 8:30 AM Building Permits Aug NA 812K
Sep 19 10:00 AM Existing Home Sales Aug NA 4.47M
Sep 19 10:30 AM Crude Inventories 09/15 NA 1.994M
Sep 20 8:30 AM Initial Claims 09/15 NA 382K
Sep 20 8:30 AM Continuing Claims 09/8 NA 3283K
Sep 20 10:00 AM Philadelphia Fed Sep NA -7.1
Sep 20 10:00 AM Leading Indicators Aug NA 0.4%
Gold and Silver Commentary
Global Futures
The prices gold and silver resumed their upward trend soon
after the FOMC announced of QE3 that will consist of
purchasing additional agency mortgage-backed securities at a
rate of $40 billion per month. This news is likely to
continue affecting precious metals rates during the day.
Currently the price of gold is rising. In other news U.S PPI
rose by 1.7% during last month. U.S jobless claims rose by
15k to reach 382k. These news items may have curbed a bit
the rally of bullion but the effect of the FOMC decision
eclipsed all other news items. On today’s agenda: European
Council Meeting, U.S Core Consumer Price Index, U.S. Retail
Sales Report and UoM Consumer Sentiment.
Crude Oil Commentary
Global Futures
Prices broke above both levels of potential resistance marked by the
descending grey tredline and the highs of resistance (upper
red line) and closed above. The next possible area where
resistance could be found is around the 101.05 area which
was once a level of support and could now serve as future
resistance. However, if price begins to trade lower, then a
possible area for a sticking point could be around the past
resistance areas marked by the upper red consolidation level
and the backside of the descending trendline, both
established near the 97.64 area. A break below 97.64 may
find support at the lows of consolidation previously
established around 94.14.
Forex Commentary
Global Futures
The Dow Jones-FXCM U.S. Dollar
Index (Ticker: USDollar) is trading 0.29 percent lower from
the open after moving 99 percent of its average true range,
and the dollar may continue to lose ground during the North
American trade as the FOMC Interest Rate Decision continues
to fuel risk-taking behavior. As the Fed takes additional
steps to encourage a stronger recovery, the expansion in the
monetary base certainly reinforces a bearish outlook for the
greenback, but we may see the dollar consolidate in the week
ahead as a wedge formation appears to be taking shape in the
30-minute relative strength index. As the oscillator
continues to come off of support around the 13 figure, we
may see a short-term correction unfold next week, and the
index may work its way back towards the 9,800, which would
threaten the downward trendline from earlier this month.
Fundamental Analysis:
Global Futures
Finance ministers from across
the Euro-zone welcomed the conditionality requirement of the
European Central Bank’s bond purchase plan, according to
Luxembourg PM Juncker’s report from the ministers’ meeting
in Cyprus. This would mean that certain terms would be
required for the central bank to buy a struggling country’s
debt as a means to drive down the government’s borrowing
costs. ECB President Draghi said that we now have a fully
effective backstop mechanism, he also said that
conditionality is needed for bond purchases, adding that
overall he sees reason for optimism.
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