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Forex News: Weekend Review, Week Preview

Posted by Greg Michalowski on Sun, 06/22/2008 - 3:43pm in

- Barons Cover story suggests oil may have peaked.  Cite the decrease in demand due to higher prices, increased production from Saudi Arabia, and tougher talk on the US Dollar which should lower speculative demand.  They suggest if this happens, the price of oil could head back toward $100 per barrel. 

- Saudi Arabia hosted a meeting of oil producer and consumer nations. Saudi King Abdullah suggested that the high price of oil was due to increase speculators, increased consumption by developing countries and high tax by consumer nations.   He said that Saudi Arabia would meet any additional needs in the future but did not give any specific production increases other than the 200,000 barrel per day increase announced last week.

- The Sunday London Times had an article suggesting the BOE was not going to signal an early rate rise to bring inflation back down to the target level.  It was cited that the message of BOE Mervyn King’s letter to the Chancellor of the Exchequer was if the BOE tried to get inflation back to target too quickly, it would inflict unnecessary pain on the economy.  This would be the guiding concern for the BOE and therefore would not solicit an early rate hike.

Key Economic Statistics:

United States

Tuesday, 10:00 AM, US Consumer Confidence
              10:00 AM,  Case Schiller Home Price Index

Wednesday, 8:30 AM, US Durable Goods
                  10:00 AM, US New Home Sales
                  2:15 PM, FOMC Interest Decision

Thursday, 10:00 AM, US Existing Home Sales

Friday, 8:30 AM, US Personal Spending and Income.

UK

Sunday, 7:01 PM, Rightmove House Price Index, Last +1.2% MoM and +2.2% YoY
Wednesday, Tentative Nationwide House Prices.

EUROZONE

Monday, 4:00 AM EDT, PMI Manufacturing and Services
Wednesday to Friday, German CPI for June.  Member states will be reporting their inflation figures which will lead to a Harmonized Level for the CPI.

Japan 

Thursday, 7:30 PM EDT, Consumer Price Index
               7:30 PM EDT, Unemployment Rate
               7:50 PM EDT, Industrial Production

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