This high volatility in the past few days is likely to wind down this week as the holiday season is upon us. Nonetheless, several key economic reports are expected to be released in the first few days of the week in the U.S. including: final estimate of GDP for Q3, core PCE, durable goods, new and existing home sales, consumer. In Japan, the minutes of BOJ’s last meeting will be released along BOJ’s Kuroda will give a speech on Wednesday in Tokyo. So let’s review the main events and reports for the week of December 22nd to December 26th:
(All times GMT):
Monday, December 22nd
15:00 – U.S. Existing Home Sales: This report will refer to the U.S. existing home sales for November 2014; in the recent report regarding October, the number of homes sold rose to a seasonally adjusted annual rate of 5.26 million houses; the current expectations are for the annul rate to slide to 5.21 million houses;
Tuesday, December 23rd
09:30 – GB Current Account: This quarterly report will show any changes in the gap between the impost and exports as of the recent quarter. According to the previous update, the deficit expanded to 23.1 billion pounds;
09:30 – Final GB GDP 3Q 2014 Estimate: This will be the last estimate of GB’s third quarter 2014 real GDP growth. In the preceding estimate GB’s GDP grew by 0.7%. Currently, the market expectations are for the GDP to remain at a growth rate of 0.7%;
13:30 – Canada’s GDP by Industry: This monthly report presents the changes in major industrial sectors for October 2014. In the last update regarding September 2014, the real gross domestic product rallied by 0.4%; the current expectations are for the GDP to inch up by 0.1%;
13:30 – U.S Core Durable Goods: This monthly report regarding November will indicate the developments in U.S demand for commodities including oil and gas. As of October 2014, new orders of manufactured durable goods rose to $246.4 billion – a 0.1% gain compared to September; if this report shows growth in new orders, then it could pull up the USD;
13:30 – Third U.S GDP 3Q 2014 Estimate: This will be the third and final estimate of U.S’s third quarter 2014 real GDP growth. In the last estimate the GDP rose by 3.9%; this was higher than market expectations. Back in the second quarter the U.S GDP grew by 4.6%. The current estimates are that the GDP will be revised up to 4.3%. If the US gross domestic product shows higher growth rate, this could positively impact not only the US dollar but also commodities prices;
15:00 – U.S. New Home Sales: This report will refer to November 2014; in the previous report (opens pdf; for October), the sales of new homes declined to an annual rate of 458,000 – a 2% fall (month-over-month); current estimates are for a slight gain to an annual rate of 461,000;
13:30 – U.S. core PCE: The personal consumption expenditures index is another measure the FOMC follows to assess of inflation. In the last report, the PCE index edged up by 0.2% and the core PCE (excluding food and energy) also rose by the same rate. The expectations are for a 0.5% gain in PCE and 0.1% rise in core PCE for the upcoming report;
Wednesday, December 24th
08:00 – KOF Economic Barometer: This is a composite index based on 219 economic indicators; the current estimates are for this index to increase and reach 99.2;
13:30 – U.S. Jobless Claims Weekly Report: This weekly report will refer to the changes in the initial jobless claims for the week ending on December 19th; in the last report the jobless claims slipped to 289K;
15:30 – EIA U.S. Natural Gas Storage: The EIA weekly report of the U.S. natural gas market will refer to the latest shifts in natural gas production, storage, consumption and prices as of December 19th;
15:30 – U.S Crude Oil Stockpiles Weekly Report: The Energy Information Administration will release its weekly update on the U.S oil and petroleum stockpiles for the week ending on December 19th;
23:50 – Bank of Japan’s Monetary Policy Meeting Minutes: The minutes of BOJ’s monetary policy meeting could offer input behind its recent meeting;
02:45 –BOJ Governor Kuroda Speaks: The governor of Bank of Japan is due to speak in Tokyo;
Holiday on Thursday &Friday December 25th – 26th
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