Key Fundamental Forex Events and Forecasts for the Coming Week

The following table lists the key economic data and other events that are due out during the week of May 21st – May 25th, with release times displayed for the GMT time zone.

The list also includes the current market consensus forecast for each event and indicates what sort of deviation might affect the forex market valuation of the indicated currency positively.

Monday, May 21^st

• All Day CAD Bank Holiday

Tuesday, May 22^nd

• 4:00am NZD Inflation Expectations q/q 2.5%
• 9:30am GBP CPI y/y 3.1% 3.5%
• 9:30am GBP Public Sector Net Borrowing -5.4B 15.9B
• Tentative GBP BOE Inflation Letter
• 3:00pm USD Existing Home Sales 4.64M 4.48M

Wednesday, May 23^rd

• Tentative JPY Monetary Policy Statement
• Tentative JPY Overnight Call Rate <0.10% <0.10%
• Tentative JPY BOJ Press Conference
• 9:30am GBP MPC Meeting Minutes 0-0-9 0-0-9
• 9:30am GBP Retail Sales m/m -0.7% 1.8%
• 1:30pm CAD Core Retail Sales m/m 0.6% 0.5%
• 3:00pm USD New Home Sales 335K 328K

Thursday, May 24^th

• 3:00am NZD Annual Budget Release
• 3:30am CNY HSBC Flash Manufacturing PMI 49.3
• 9:00am EUR German Ifo Business Climate 109.5 109.9
• 9:30am GBP Revised GDP q/q -0.2% -0.2%
• 1:30pm USD Core Durable Goods Orders m/m 1.2% -0.8%
• 1:30pm USD Unemployment Claims 374K 370K

Friday, May 25^th

• Tentative USD Treasury Currency Report

Technical Forecast and Levels to Watch for the Majors This Week

EURUSD: Mildly Higher

Resistance:
Initial: 1.2886, 1.2904, 1.2946/94, 1.3000/55, 1.3133/59, 1.3211/24, 1.3251, 1.3269, 1.3284/92, 1.3321, 1.3376/85, 1.3433 and 1.3485/95.
Above: 1.3546/68, 1.3614, 1.3795/98, 1.3836, 1.3969, 1.4000, 1.4246, 1.4500/17, 1.4695 and 1.4939.

Support:
Initial: 1.2857/77, 1.2623/65, 1.2588, 1.2456, 1.2329, 1.1938 and 1.1876.
Below: 1.1639, 1.0762, 1.0206, 0.9599/0.9607, 0.9338, 0.8410, 0.8347 and 0.8225.

USDJPY: Mildly Higher

Resistance:
Initial: 79.05, 79.40/43, 79.52, 79.64, 79.96/80.22, 80.56/61, 80.82, 81.14/46, 81.76/96, 82.01/22, 82.53, 82.64, 83.01/09, 83.17, 83.37, 83.77 and 83.96.
Above: 84.09/17, 84.51, 84.80, 85.51, 85.92, 87.11/13, 87.95, 93.77 and 94.97.

Support:
Initial: 78.99, 78.66, 78.06/28, 77.00/89, 76.73/83 and 76.02/41.
Below: 75.94/98, 75.70 and 75.56.

GBPUSD: Mildly Higher

Resistance:
Initial: 1.5890, 1.5907, 1.5921/27, 1.5983/90, 1.6035, 1.6061/66, 1.6075/80, 1.6092, 1.6109, 1.6182/98, 1.6297, 1.6301, 1.6452/56 and 1.6474.
Above: 1.6546, 1.6570, 1.6589/98, 1.6616, 1.6741/45 and 1.6876.

Support:
Initial: 1.5804/07, 1.5781, 1.5732, 1.5717, 1.5685/91, 1.5668, 1.5643/47, 1.5624/29, 1.5601 and 1.5516/85.
Below: 1.5465/99, 1.5422, 1.5410, 1.5375, 1.5293, 1.5270/77, 1.5232, 1.5123 and 1.5000. 

AUDUSD: Mildly Higher

Resistance:
Initial: 0.9861/63, 0.9900, 0.9925/83, 1.0000/18, 1.0052, 1.0100/16, 1.0216/66, 1.0303/84, 1.0422, 1.0444/51, 1.0474/98, 1.0508, 1.0556, 1.0596, 1.0608, 1.0627/38, 1.0654, 1.0668/70 and 1.0686.
Above: 1.0751/53, 1.0792/98, 1.0842, 1.0854, 1.1010, 1.1064 and 1.1079.

Support:
Initial: 0.9794, 0.9732, 0.9620/89, 0.9536/41, 0.9500 and 0.9486.
Below: 0.9382/86, 0.9341, 0.9329, 0.9221, 0.8915, 0.8734, 0.8578 and 0.8066/81.

USDCAD: Mildly Lower

Resistance:
Initial: 1.0220/32, 1.0262/87, 1.0297, 1.0302 and 1.0334/37.
Above: 1.0415/23, 1.0438, 1.0481, 1.0500, 1.0506, 1.0522, 1.0646/56, 1.0669 and 1.0742/85.

Support:
Initial: 1.0207, 1.0160/99, 1.0105/42, 1.0018/78, 0.9997, 0.9969, 0.9947/54, 0.9924/27, 0.9906, 0.9828/99, 0.9799, 0.9796, 0.9789 and 0.9724.
Below: 0.9686, 0.9645, 0.9525, 0.9445 and 0.9405.

NZDUSD: Mildly Higher

Resistance:
Initial: 0.7568, 0.7605/72, 0.7723/95, 0.7804/88, 0.7906, 0.7955, 0.7979, 0.7993/96, 0.8057/99, 0.8109/35, 0.8204, 0.8227, 0.8240/62, 0.8279 and 0.8294.
Above: 0.8317/95, 0.8405, 0.8420/27, 0.8504, 0.8571, 0.8764 and 0.8841.

Support:
Initial: 0.7552, 0.7521, 0.7500, 0.7404/67, 0.7369, 0.7342, 0.7321, 0.7189, 0.7115, 0.7099 and 0.7000.
Below: 0.6945/62, 0.6793, 0.6686, 0.6560, 0.5914/28, 0.5012, 0.4890, 0.4485, 0.4451 and 0.3909.