The US dollar wobbled in the week after Easter, as Trump approches his first hundred days in office. French Presidential Elections, rate decision in Japan and the eurozone, US Durable Goods Orders and GDP data from The UK, the US and Canada stand out in a busy week. These are the major events on forex calendar.
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- French Presidential Election: Sunday. French election will be performed in two rounds; the first on Sunday and the second round will take place on May 7. The recent shooting in Paris which killed one policeman resurfaced the issue of France’s fight against terror. Voters will cast ballots in the first round on Sunday.
- German Ifo Business Climate: Monday, 8:00. German business morale Surged in March to its highest level in nearly six years, suggesting businesses are less concerned about Trump’s new protectionism policy and Germany’s own election issues.
- US CB Consumer Confidence: Tuesday, 14:00. Consumer Confidence in the US edged up to 125.6 in March, reaching the highest level since December 2000, amid positive attitudes towards current conditions.
- US Crude Oil Inventories: Wednesday, 14:30. U.S. crude stocks fell 1 million barrels in the week to April 14 as refineries boosted output, but gasoline supplies increased unexpectedly. Analysts expected a bigger draw of 1.5 million barrels. Gasoline stocks edged up by 1.5 million barrels. Despite the decline in Crude stocks, inventories remained stubbornly high.
- Japan rate decision: Thursday. Kuroda stated that the economy continues to improve modestly, expecting growth to continue in the coming months.
- Eurozone rate decision: Thursday, 11:45, press conference at 12:30.
- US Durable Goods Orders: Thursday, 12:30. Meanwhile, core orders excluding transportation equipment edged up 0.4% after a 0.2% increase in January.
- US Unemployment Claims: Thursday, 12:30. Nevertheless, many analysts believe a slowdown will occur this year as inflation is estimated to double this year, reducing household spending. The services sector expanded 0.8%, while industrial production remained flat and construction gained 0.1%.
- Canadian GDP data: Friday, 12:30. Following this positive report, analysts are revising their estimates for Canadian GDP in the first quarter to 3.5% from 2.7%, predicting an annual growth of 3.5%. However, Bank of Canada governor Stephen Poloz remains cautious saying the risks for the economy still exist in the form of US protectionism and the housing market bubble.
- US GDP data: Friday, 12:30. President Donald Trump said he will boost the economy with an aggressive combination of tax cuts, reduced regulations and increase government spending on public projects. However, economists say it will take a while before the results are visible.
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