Seeking Alpha
Macro
Profile| Send Message|
( followers)  

Here's the Economic Calendar for the week commencing the 23rd of May 2011. This week there's more GDP results (revisions) for 1Q 2011 with Germany, the U.K., and the U.S. all due to report. In the U.S. there's new home sales, house price index, pending home sales, University of Michigan Consumer Sentiment, and Personal consumption expenditure data due out. In Japan there's international trade data, consumer price index (inflation) numbers and retail sales results, while China has industrial profits figures.

(More commentary follows the table)

Date GMT Country/ Currency Event Forecast Previous
MON 08:00 EUR Euro-Zone PMI Manufacturing 57.50 58.00
MON 08:00 EUR Euro-Zone PMI Services 56.50 56.70
MON 08:00 EUR Euro-Zone PMI Composite 57.30 57.80
MON 12:30 USD Chicago Fed National Activity Index 0.20 0.26
TUE 06:00 EUR German Gross Domestic Product s.a. (QoQ) 1.50% 1.50%
TUE 06:00 EUR German Gross Domestic Product w.d.a. (YoY) 4.90% 4.90%
TUE 06:00 EUR German Gross Domestic Product n.s.a. (YoY) 5.20% 5.20%
TUE 08:00 EUR German IFO - Expectations 107.00 107.70
TUE 08:00 EUR German IFO - Business Climate 113.70 114.20
TUE 08:00 EUR German IFO - Current Assessment 120.70 121.00
TUE 09:00 EUR Euro-Zone Industrial New Orders s.a. (MoM) -1.10% 0.90%
TUE 09:00 EUR Euro-Zone Industrial New Orders (YoY) 12.90% 21.30%
TUE 14:00 USD New Home Sales 305K 300K
TUE 14:00 USD New Home Sales (MoM) 1.70% 11.10%
TUE 23:50 JPY Merchandise Trade Exports (YoY) -12.70 -2.30
TUE 23:50 JPY Merchandise Trade Imports (YoY) 12.80 11.90
TUE 23:50 JPY Merchandise Trade Balance Total (Yen) -703.70 189.40
TUE 00:00 AUD Conference Board Leading Index 0.60%
WED 08:00 EUR Italian Retail Sales (YoY) 0.00%
WED 08:30 GBP Gross Domestic Product (QoQ) 0.50% 0.50%
WED 08:30 GBP Gross Domestic Product (YoY) 1.80% 1.80%
WED 12:30 USD Durables ex Transportation 0.50% 2.30%
WED 12:30 USD Durable Goods Orders -2.50% 4.10%
WED 14:00 USD House Price Index (MoM) -0.50% -1.60%
WED 14:00 USD House Price Purchase Index (QoQ) -1.00% -0.80%
WED GBP Nationwide House Prices n.s.a. (YoY) -1.70% -1.30%
WED 01:35 CNY MNI Business Condition Survey 69.28
WED 02:00 CNY Industrial Profits (YTD) (YoY) 32.00%
THU 09:20 EUR ECB President Speaks on Economy
THU 12:30 USD Gross Domestic Product (Annualized) 2.20% 1.80%
THU 23:30 JPY National Consumer Price Index (YoY) 0.30% 0.00%
THU 23:30 JPY National CPI Ex Food, Energy (YoY) -0.10% -0.70%
THU 23:50 JPY Retail Trade s.a. (MoM) 2.60% -7.60%
THU 23:50 JPY Retail Trade (YoY) -6.20% -8.30%
THU EUR German Retail Sales (YoY) -3.50%
THU EUR German Consumer Price Index (YoY) 2.30% 2.40%
FRI 08:00 EUR Euro-Zone M3 s.a. (YoY) 2.40% 2.30%
FRI 09:00 EUR Euro-Zone Economic Confidence 105.70 106.20
FRI 12:30 USD Personal Income 0.40% 0.50%
FRI 12:30 USD Personal Spending 0.50% 0.60%
FRI 12:30 USD Personal Consumption Expenditure Core (YoY) 1.00% 0.90%
FRI 13:55 USD U. of Michigan Confidence 72.40 72.40
FRI 14:00 USD Pending Home Sales (MoM) -1.00% 5.10%
FRI 14:00 USD Pending Home Sales (YoY) -11.50%

As noted, this week there's some more GDP data due out, with the first round of revisions to data about to begin. First up will be Germany, expected to see q/q GDP growth of 1.5% (no change). Then there's the UK, which will likely see 0.5% q/q (also no change). While the U.S. is expected to revise GDP upwards to 2.2% SAAR (seasonally adjusted annualized rate) from 1.8% previously.

Keeping with the U.S., there's also a set of housing market statistics out this week, first is new home sales, which are expected to creep up slightly month on month (about 1 or 2%), placing it up about 12% y/y). Then there's the house price index, which unsurprisingly is expected to be down slightly month on month. Finally there's pending home sales, which are expected to show a slight drop.

Over in Japan the first key data point out this week will be the international trade data, with exports expected to be negative by about -13% y/y, and the trade balance is expected to slip into negative territory. Other than that there's consumer price index data which is expected to show headline annual inflation of 0.3%, while core is expected to show annual deflation of -0.1%. Meanwhile retail sales are expected to recover slightly in April (about 2-3% m/m), though still down on an annual basis.

Briefly touching on monetary policy, there's no major banks scheduled to meet this week. Pakistan just announced a no-change at 14.00%. Meanwhile the Bank of Israel is due to meet on the 23rd of May (3.00%), Turkey goes on the 25th of May (6.25%) and the Banco de Mexico goes on the 27th of May (4.50%).

Other than that there's YTD-yoy industrial profits data from China (last increased 32%), Euro Zone confidence indicators, Euro Zone industrial new orders, US durable goods orders, Italian retail sales, UK house prices, ECB people speaking, personal consumption expenditure data in the US, and consumer sentiment on Friday

So as always, have a great week, watch out for surprises, and stay tuned for updates ...

Sources
DailyFX
Forex Pros
Forex Factory
Bloomberg
+various statistics websites and central bank websites for verification

Source: Economic Calendar: GDP Revisions, Japan Data and U.S. Data