Key Fundamental Forex Events for the Week of June 11th through June 15th

The following table lists the key economic data and other events that came out during the week of June 11th through June 15th, with release times displayed for the GMT time zone.

The list also indicates how much each release deviated from the market consensus forecast upon release, as well as what the affected major currency pair or pairs did after each event or set of events.

Sunday, June 10^th

• 4:02am CNY Trade Balance 18.7B versus 16.3B expected.
• All Day AUD Bank Holiday

Monday, June 11th

• 12:50am JPY BSI Manufacturing Index -5.7 versus -2.4 expected. The currency rose.
• 7:45am EUR French Industrial Production 1.5% versus 0.1% expected. The currency fell.
• 5:00pm USD FOMC Member Lockhart said that, "I don’t think any of the options should be taken off the table under the current circumstances, but I am not convinced at this moment that the circumstances quite yet call for additional action.” The currency rose overall.
• 11:00pm USD FOMC Member Pianalto said that, "We are very close to meeting our stable price objective and if my outlook continues to stay close to where it is, that will provide a gradual path of employment improvement."

Tuesday, June 12^th

• 9:30am GBP Manufacturing Production -0.7% versus 0.1% expected. The currency rose.
• 1:00am JPY BOJ Governor Shirakawa said that, "Since we are living in a world of diversified economies, there should also be various forms of linkages, ranging from an ultimate form of currency union to much looser ties." The currency rose.

Wednesday, June 13^th

• 12:10am AUD RBA Governor Stevens said that, "Numerous foreign visitors to the Reserve Bank have remarked on the surprising extent of this pessimism. Each time I travel abroad I am struck by the difference between the perceptions held by foreigners about Australia and what I read in the newspapers at home." The currency fell.
• 1:30pm USD Core Retail Sales -0.4% versus 0.1% expected. The currency fell overall.
• 1:30pm USD PPI -1.0% versus -0.6% expected.
• 1:30pm USD Retail Sales -0.2% versus -0.1% expected.
• 10:00pm NZD Official Cash Rate 2.50%, as expected. The currency fell.
• 10:00pm NZD RBNZ Press Conference. RBNZ Governor Bollard said that, "We think that our forecasts for 90-day is consistent with not having to push up OCR for some time, and even when we are looking out further, we don't expect to see it as high as previous cycle."
• 10:00pm NZD RBNZ Rate Statement noted that, "Political and economic stresses in Europe, along with a run of weaker-than-expected data, have seen New Zealand’s trading partner outlook worsen. Furthermore, there is a small but growing risk that conditions in the euro area deteriorate more markedly than is projected in the June Statement."

Thursday, June 14^th

• 2:10am NZD RBNZ Governor Bollard said that, "Government debt, while low by international standards, has risen sharply. Those increases are now being pared back and "such tightening will have a negative influence on demand growth". The currency rose.
• 8:30am CHF Libor Rate <0.25%, as expected. The currency rose. 
• 8:30am CHF SNB Monetary Policy Assessment noted that, "Even at the current rate, the Swiss franc is still high. Another appreciation would have a serious impact on both prices and the economy in Switzerland. The SNB will not tolerate this. If necessary, it stands ready to take further measures at any time."
• 8:30am CHF SNB Press Conference noted that, "What's more problematic for Switzerland are the indirect consequences, namely if there are further shocks on the financial markets this will obviously have an effect on our monetary policy, on our ability to enforce the minimum exchange rate."
• 1:30pm USD Core CPI 0.2% versus 0.2% expected. The currency fell overall.
• 1:30pm USD Weekly Initial Jobless Claims 386K versus 378K expected.
• 7:00pm GBP BOE Governor King said that, "With signs of a deterioration in the outlook, especially in world markets, the case for a further monetary easing is growing." The currency rose.

Friday, June 15^th

• 3:52am JPY Monetary Policy Statement noted that, "In global financial markets, some nervousness continues to be seen, mainly due to concern about the European debt problem. Particular attention should therefore be given to developments in these markets for the time being." The currency rose.
• 3:52am JPY Overnight Call Rate <0.10%, as expected.
• 7:50am JPY BOJ Press Conference. BOJ Governor Shirakawa stated that, "There are no cunning steps to achieve financial system stability. An orthodox step would be to provide liquidity. We have the means to provide own currency and foreign currencies. It would be important to supply abundant liquidity to calm worries. The Bank of Japan will take all possible measures to ward off harm to the country's financial system."
• 2:55pm USD Preliminary University of Michigan Consumer Sentiment 74.1 versus 77.5 expected. The currency fell overall.

Technical Recap for the Majors This Week

EURUSD:

Forecast: Lower
Actual: Mildly lower from a 1.2653 open to a 1.2632 close.

USDJPY:

Forecast: Mildly Higher
Actual: Mildly lower from a 79.47 open to a 78.70 close.

GBPUSD:

Forecast: Mildly Lower
Actual: Higher from a 1.5522 open to a 1.5644 close.

AUDUSD:

Forecast: Mildly Lower
Actual: Mildly higher from a 0.9987 open to a 1.0056 close.

USDCAD:

Forecast: Mildly Higher
Actual: Mildly higher from a 1.0222 open to a 1.0233 close.

NZDUSD:

Forecast: Mildly Lower
Actual: Higher from a 0.7767 open to a 0.7871 close