Economic Calendar: EU CPI, Japan GDP, U.S. Housing Market

by: Econ Grapher

Here's the Economic Calendar for the week commencing the 15th of May 2011. This week brings more inflation results from the eurozone, the U.K., and Canada. There's also Q1 GDP from Japan, which also has industrial production figures out, and an interest rate decision due from the Bank of Japan. The U.S. has housing starts, building permits, and existing home sales data due this week. Elsewhere there's retail sales figures due from the U.K. and Canada, and foreign direct investment numbers from China.

(More commentary follows the table)

Date GMT Country/ Currency Event Forecast Previous
SUN 23:50 JPY Domestic Corporate Goods Price Index (YoY) 2.10% 2.00%
SUN 23:50 JPY Machine Orders (YoY) -8.00% 7.60%
SUN 01:30 AUD Home Loans 2.00% -5.60%
MON 05:00 JPY Consumer Confidence 36.70 38.60
MON 09:00 EUR Euro-Zone Consumer Price Index (MoM) 0.60% 1.40%
MON 09:00 EUR Euro-Zone Consumer Price Index (YoY) 2.80% 2.80%
MON 09:00 EUR Euro-Zone CPI - Core (YoY) 1.50% 1.30%
MON 09:00 EUR Euro-Zone Trade Balance (euros) 2.0B -1.5B
MON 09:00 EUR Italian Consumer Price Index (YoY) 3.00% 3.00%
MON 13:00 USD Ben Bernanke Speaks on U.S. Economy
MON 15:00 EUR EU Finance Ministers Summit in Brussels
MON CNY China Actual Foreign Direct Investment (YoY) 36.10% 32.90%
MON 01:30 AUD Reserve Bank of Australia Meeting Minutes
TUE 06:30 EUR EU Finance Ministers Summit in Brussels
TUE 08:30 GBP Consumer Price Index (YoY) 4.10% 4.00%
TUE 08:30 GBP Core Consumer Price Index (YoY) 3.20% 3.20%
TUE 09:00 EUR Euro-Zone ZEW Survey (Econ. Sentiment) 17.30 19.70
TUE 12:30 USD Housing Starts 568K 549K
TUE 12:30 USD Housing Starts (MoM) 3.50% 7.20%
TUE 12:30 USD Building Permits 587K 585K
TUE 12:30 USD Building Permits (MoM) 0.30% 11.20%
TUE 13:15 USD Industrial Production 0.40% 0.80%
TUE 13:15 USD Capacity Utilization 77.60% 77.40%
TUE CNY HSBC PMI Manufacturing 51.80
WED 08:30 GBP Bank of England Meeting Minutes
WED 18:00 USD Federal Open Market Committee Minutes
WED 23:50 JPY Gross Domestic Product (QoQ) (1Q P) -0.50% -0.30%
WED 23:50 JPY Gross Domestic Product Annualized -2.00% -1.30%
WED 23:50 JPY Gross Domestic Product Deflator (YoY) -1.90% -1.60%
WED 23:50 JPY Nominal Gross Domestic Product (QoQ) -0.80% -0.70%
WED 23:50 JPY Housing Loans (YoY) 3.20%
THU 04:30 JPY Industrial Production (YoY) -12.90%
THU 05:30 JPY Nationwide Department Store Sales (YoY) -14.70%
THU 08:30 GBP Retail Sales ex Auto Fuel (YoY) 2.20% 0.90%
THU 08:30 GBP Retail Sales inc Auto Fuel (YoY) 2.50% 1.30%
THU 14:00 USD Existing Home Sales 5.20M 5.10M
THU 14:00 USD Existing Home Sales (MoM) 2.00% 3.70%
THU 14:30 CAD Bank of Canada Review Release
THU JPY Bank of Japan Interest Rate Decision 0.10% 0.10%
FRI 06:00 EUR German Producer Prices (YoY) 6.00% 6.20%
FRI 08:00 EUR Italian Industrial Orders n.s.a. (YoY) 15.70% 16.20%
FRI 11:00 CAD Bank Canada CPI Core (YoY) 1.60% 1.70%
FRI 11:00 CAD Consumer Price Index (YoY) 3.40% 3.30%
FRI 12:30 CAD Retail Sales (MoM) 0.90% 0.40%
FRI 12:30 CAD Retail Sales Less Autos (MoM) 0.70% 0.70%
FRI 14:00 EUR Euro-Zone Consumer Confidence -12.00 -11.60

As noted, there's more inflation data due out this week with the eurozone expected to report annual headline inflation of 2.8% and core inflation of about 1.5%. The U.K. is set to report headline inflation around 4.1%, with core inflation sitting around 3.2%. Canada is expected to show headline inflation at 3.4% and core of about 1.6%.

Onto Japan, there's Q1 GDP data due out, with GDP expected to contract by -0.5% or an annualised -2%, worse than Q4 2010's -0.3% and -1.3% respectively. Japan also has industrial production figures due out, which showed a contraction of -12.9% previously. The other main event from Japan is the Bank of Japan's monetary policy announcement later in the week.

Also in monetary policy is the release of meeting minutes due from the Federal Open Market Committee, the Bank of England, and the Reserve Bank of Australia. These documents will provide an interesting insight as to how these central banks are thinking about their economies and monetary policy.

In the U.S. there's some key housing market data due with housing starts expected to improve slightly, and building permits also expected to lift a little, while existing home sales are likewise expected to marginally improve. Also in the U.S. is industrial production figures, expected to slow to 0.4%, while capacity utilisation is expected around 77.6%.

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

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

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.