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The Trading Week: Oct. 25 - Oct. 29

|Includes: SPDR Dow Jones Industrial Average ETF (DIA), EEA, GBB, GOLD, JYN, QQQ, UDN, USD
Oct. 22, 2010 ( – The U.S. housing and economic growth data scheduled for release a week ahead of the FOMC November 2-3 monetary policy meeting should offer more details on the condition of the world’s largest economy and the need for another round of quantitative easing by the Fed. 

In preparation for the new trading week, here is a list of the Top 10 spotlight economic events that will move the markets around the globe. 

1.    JPY- Japan Trade Balance of the difference between imported and exported goods, Sun., Oct. 24, 7:50 pm, ET.

The Japanese trade surplus is forecast to see a reduction to 500 B yen from 590 B in the previous month. Further decline in exports would signal a slowdown in the Japanese economy.   

2.    USD- U.S. Existing Home Sales, the main gauge of the condition of the U.S. housing market measuring the number of closed sales of previously constructed homes, condominiums and co-ops, Mon., Oct. 25, 10:00 am, ET. 

Following the better-than-expected housing starts data, this report could bring another glimpse of hope from the U.S. housing market as sales of existing homes inch higher to 4.28 M from 4.13 M in the previous month.   

3.    GBP- U.K. GDP- Gross Domestic Product, the main measure of economic activity and growth, Tues., Oct. 26, 4:30 am, ET. 

The preliminary estimate of the U.K. Q3 GDP is expected to show slower economic growth by 0.4% q/q in the third quarter, compared with the 1.2% q/q growth in Q2 2010.

4.    AUD- Australia CPI- Consumer Price Index, the main measure of inflation, Tues., Oct. 26, 8:30 pm, ET. 

Rising inflationary pressures could improve the odds of a rate hike as early as the Reserve Bank of Australia’s next meeting on November 2. The inflation gauge is forecast to rise by 0.8% q/q, higher than the 0.6% q/q increase in the previous quarter.

5.    USD- U.S. Durable Goods Orders, a leading indicator of economic activity measuring durable goods orders placed with domestic manufacturers, Wed., Oct. 27, 8:30 am, ET.

The U.S. industrial activity could pick up the pace with orders for durable goods registering up to 1.0% m/m increase in September from the 1.5% m/m decline in August. 

6.    USD- U.S. New Home Sales, an important gauge of housing market conditions measuring the number of newly constructed homes with a committed sale during the previous month, Wed., Oct. 27, 10:00 am, ET.

The U.S. new home sales are forecast to show a small increase of 295 K in September from 288 K in the previous month.

7.    NZD- Reserve Bank of New Zealand Interest Rate Announcement, Wed., Oct. 27, 4:00 pm, ET.

The diminishing odds for a rate hike by the Reserve Bank of New Zealand could take their toll on the NZD, especially if policy makers hint that rates could stay at their current level for the rest of the year.

8.    JPY- Bank of Japan Interest Rate Announcement, Thurs., Oct. 28, expected around 12:00 am, ET.

With the Japanese yen reaching a new 15-year high against the U.S. dollar, the Bank of Japan could consider an expansion of the quantitative easing program as a tool to curb the strength of the yen and to stimulate the economy. 

9.    JPY- Japan CPI- Consumer Price Index, the main measure of inflation preferred by the Bank of Japan, Thurs., Oct. 28, 7:30 pm, ET.

Deflation would continue to be a major concern for the Japanese economy as inflationary pressures remain below 0% with a reading of -1.0% y/y.   

10.     USD- U.S. GDP- Gross Domestic Product, the main measure of economic activity and growth in the world’s largest economy, Fri., Oct. 29, 8:30 am, ET.   

The busy week will end with its main spotlight economic event bringing the first estimate of the U.S. Q3 GDP which is forecast to show faster U.S. economic growth by 2.0% in the third quarter, up from 1.7% in Q2 2010.