- Monday March 22nd , 2010 – BOJ Monetary Meeting (2350 GMT)
The Bank of Japan publishes a study of economic movements in Japan after the actual meeting. These meetings are held to review economic developments inside and outside of Japan and indicate a sign of new fiscal policy. Any changes in this report tend to affect the JPY volatility. Given that the BOJ determined the need for further stimulus to handle the deflationary issues affecting Japan, it will be interested to see what measures they have in store. This was a point of contention since the MOF, was the governmental body that leaned on the BOJ for further action.
- Tuesday March 23rd, 2010 – United Kingdom CPI (930 GMT)
The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Last month’s CPI was 3.5% on an annualized basis which is beyond the BOE range of 3%. UK inflation has been running hot, which is not a good sign for an economy that is still struggling. The number is expected to cool off a little this month with expectations in the 3-3.2% range. Another large number will push the GBP higher. This will be a market mover.
- Wednesday March 24th, 2010 – European Union Purchasing Managers Index (900 GMT)
The PMI service released by the Markit Economics is an indicator of the economic situation in the Euro Zone services sector. It captures an overview of the condition of sales and employment. It is worth noting that the European service sector does not influence, either positively or negatively, the GDP as much as the PMI manufacturing does. With the European Union having 2 separate economies (Germany and France in 1 corner and Greece, Portugal and Spain in the other), a positive reading above 50 will be important for the Euro. This will be watch closely and could hurt the Euro with a number below 50.
- Wednesday March 24th, 2010 – Department of Energy (Energy Information Administration) – Inventories (1430 GMT)
EIA Crude Oil Stock is a measure of change in crude oil storage and it’s released by the Energy Information Administration. This report indicates the oil demand and the price volatility. As the oil prices have an impact on worldwide economy, the report effect currencies around the world. Crude oil prices have remained stubbornly high despite continued builds in crude oil inventory and statements from OPEC that $75 per barrel is the high end of the range that they believe is a fair price. Although inventories are high, a draw in crude oil inventories could be the impetus to push prices above the high end of the current range near $84 dollars per barrel.
- Thursday March 25th, 2010 – Japanese Consumer Price Inflation (2330 GMT)
The National Consumer Price Index is released by the Statistics Bureau and it’s a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services. CPI is the most significant way to measure changes in purchasing trends. With deflation an ominous specter in Japan, the CPI number will be very important and will have an effect on the Yen. The prior -1.3% year of year number was not appreciated by the MOF, and another negative number will put additional pressure on the BOJ to increase quantitative easing measures.
- Friday March 26th, 2010 – US Consumer Sentiment (Reuters/University of Michigan 1355 GMT)
The Reuters/Michigan Consumer Sentiment Index released by the Reuters/University of Michigan is a survey of personal consumer confidence in economic activity. It shows a picture of whether or not consumers are willing to spend money. Recently these sentiment indexes have come out worse than analyst expect. The last number (last month) was 73.3 and analyst expects a similar number. The release on Friday seems to have an effect for the week, and this number should move the market.