Today's announcements and data releases, 16/5/2019
- Economic Calender
- 1 week ago
All times in GMT+7, Jakarta, Bangkok
EUR ECB's Praet Moderates Panel in Brussels
EUR Euro-Zone Trade Balance s.a. (MAR)
EUR Euro-Zone Trade Balance (euros) (MAR)
The difference between exports and imports of Euro-zone goods and services. The Trade Balance is one of the biggest components of Europe 's Balance of Payment, and thus gives valuable insight into pressures on the value of the Euro. A negative Trade Balance figure (deficit) indicates that imports are greater than imports. When exports are greater than imports, the Euro-zone experiences a trade surplus. Trade surpluses indicate that funds are coming into Europe in exchange for exported goods and services. Because such exported goods are usually purchased with Euros, trade surpluses typically indicates that currency is flowing into the Euro-zone. Such currency inflows may lead to a natural appreciation of a Euro, unless countered by similar capital outflows. At a bare minimum, surpluses will buoy the value of the currency. There are a number of factors that work to diminish the market impact of Euro-zone Balance of Trade. The report is not very timely, released fifty days after the reporting period. In addition, developments in many of the Trade Balance's components are typically well anticipated. Lastly, since the report reflects data for a specific reporting month, any significant changes in the Trade Balance should plausibly have been already felt during that month and not during the release of data. Despite these considerations, and because of the overall significance of Trade Balance data, the release has historically been one of the more important reports out of Europe. The headline figure for trade balance is expressed in millions of Euros, and usually accompanied by the year-on-year percentage change.
CAD International Securities Transactions (Canadian dollar) (MAR)
The difference between imports and exports of goods. Merchandise Trade differentiates itself from Trade Balance because it does not record intangibles like services, only reporting on physical goods. Because exports of tangibles like oil, gold and manufacturing contribute to a large part of Canada 's GDP, trade data can give critical insight into developments in the economy and into foreign exchange rates.
Negative International Merchandise Trade (deficit) indicates that imports of goods are greater than exports. When exports are greater than imports, Canada experiences a trade surplus. Trade surpluses indicate that funds are coming into Canada in exchange for exported goods. Because such exported goods are usually purchased with Canadian dollars, trade surpluses usually reflect currency flowing into Canada, such currency inflows may lead to a natural appreciation of a the Canadian dollar, unless countered by similar capital outflows (Canadian International Securities Transactions tracks such capital flows). At a bare minimum, surpluses will buoy the value of the currency. There are a number of factors that work to diminish the market impact of Canadian Merchandise Trade on markets. The report is not very timely, released about three months after the reporting quarter. Developments in many of the components that comprise the figure are also usually well anticipated. Lastly, since the report reflect data for a specific reporting quarter, any significant changes in the Merchandise Trade should plausibly have been already felt during that quarter and not during the release of data. But because of the overall significance of Trade on Foreign Exchange Rates, the figure has a history of being one of the more important reports out of Canada . The headline figure for trade balance is expressed in millions of Canadian dollars and usually accompanied by a year-on-year percentage change figure.
CAD Manufacturing Sales (MoM) (MAR)
CAD ADP Canada Releases April Payroll Estimates
EUR ECB Vice President Guindos Speaks in Brussels
USD Revisions: Housing Starts & Building Permits
USD Housing Starts (APR)
Gauges the change in the number of new houses built in the United States. Housing Starts are one of the earliest indicators of the housing market, only trailing Building Permits in timeliness.
USD Housing Starts (MoM) (APR)
USD Building Permits (APR)
The number of new building projects authorized for construction. Because receiving a Building Permit is the first step in the construction process, the figure is used as the earliest indicator for developments in the housing market. Additionally, because of the high outlays needed for construction projects an increase in Building Permits implies an increase in investment and corporate optimism. Finally, the figure gives insight into consumer activity, since new home purchases are associated with an increase in sales of "big ticket" durable goods. Given such connections to consumer and corporate sentiment, real estate generally leads economic developments - thriving at the start of a boom and waning at the onset of recession. Considering the above, one would expect the Building Permits figure to significantly move markets. After all, Building Permits is a part of the Conference Board's Leading Indicators index used to forecast US growth. However, the timeliness of the figure comes at a cost. The report is far removed from end market impacts, making it a less market-moving figure.
USD Building Permits (MoM) (APR)
USD Philadelphia Fed Business Outlook (MAY)
USD Initial Jobless Claims (MAY 11)
USD Continuing Claims (MAY 4)
USD EIA Working Natural Gas Implied Flow (MAY 10)
USD EIA Natural Gas Storage Change (MAY 10)
CAD Publication - Bank of Canada's Financial System Review
USD U.S. to Sell 4-Week Bills
USD U.S. to Sell 8-Week Bills
USD Fed's Kashkari Discusses Monetary Policy and the Economy