Forex Technical and Fundamental Analysis for the Week of September 26, 2011

EUR/USD Technical Analysis for the Week of September 26, 2011

EUR/USD fell below the 1.35 level during the week, but managed to pop just above it at the close. The pair certainly has a lot of pressure on it at the moment, but with the G-20 meeting over the weekend, there is a good chance that they make some kind of statement regarding the EU, and that they are going to support it. There is simply too much to lose if they don’t. However, we feel that this pair is still going to have a bearish tone, and we would be interested in selling rallies as long as we stay below 1.40 or so. A break of the week’s low has the pair aiming for 1.30 in a hurry.

EUR/USD Weekly Fundamental Analysis for the Week of September 26, 2011

A strong pessimistic wave haunted the markets last week and sent the EUR/USD strongly lower with evident fears of recession and a deepening debt crisis which all intensified risk aversion to the dollar’s favour. The market remains jittery and focusing on Greece closely for any signs of development. Last week the nation announced new austerity measures after they said good progress had been made in talks with international lenders. This week the focus will remain on Greece with the troika expected to return to finalise the review after the suspension of the mission and it will provide the insight whether Greece will get the bailout funds in October. Therefore, investors will watch closely the developments and hope for any comments from the mission to ease the tension. Still, the fear of recession is evident and we hope that the data from this week can ease the pressure with the dollar still enjoying the upper hand. The important data are from the United States and with the upside revision to the GDP and expected expansion in the manufacturing activity the market can find the room for the correction yet amid overall negativity. Choppy trading will still be evident after the heavy selloff seen last week, where amid the downside pressures a relief rally might be needed and accordingly heavy EUR/USD fluctuations might be seen. Other news from the euro area and the U.S. economy to affect the pair this week: Monday September 26: Germany will release the IFO sentiment survey for September at 08:00 GMT where the business climate indicators is expected to fall to 106.5 from 108.7 the current assessment to ease to 116.0 from 118.1 and the expectations index to fall to 97.3 from 100.1. The United States will start the week with the New Home Sales for August at 14:00 GMT where the index is expected with a drop of 1.0% to 295 thousand from 298 thousand. Tuesday September 27: The day will start at 06:00 GMT with the Gfk Consumer Confidence Survey for October from Germany which is expected to drop to 5.0 from 5.2. The euro area will release the M3 Money Supply for August at 08:00 GMT were the three-month average is expected to slow to 2.0% from 2.1% and on the year to hold at 2.0%. The U.S. Consumer Confidence is due at 14:00 GMT for September and expected with improvement to 46.5 from 44.5. Wednesday September 28: The German Import Price Index for August is due at 06:00 GMT and expected to have dropped 0.3% after 0.8% rise and on the year to fall to 6.8% following 7.0%. Also from Germany we await the preliminary Consumer Price Index for September which is projected with a drop of 0.1% following a flat reading in July and on the year to hold at 2.4%. In EU Harmonized terms to drop 0.2% after it also remained unchanged in July and on the year to hold at 2.5%. At 12:30 GMT the U.S. durable goods orders for August are due, where orders are expected with a drop of 1.0% following 4.0% rise and excluding transportation expected with 0.2% rise easing from 0.7% gain the previous month. Thursday September 29: Eyes will be on the German September labour data at 07:55 GMT where the unemployment change is expected with a drop of 10 thousand following the drop of 8 thousand and unemployment to hold at 7.0%. The euro area September Confidence data is due at 09:00 GMT where the Business Climate indicator is expected to slump to -0.11 from 0.7; the economic confidence to fall to 96.0 from 98.3; the industrial confidence is to slow to -4.7 from -2.9 and the services confidence to slow to 2.0 from 3.7. The final consumer confidence estimate is expected unrevised at -18.9. The final second quarter GDP revision is due at 12:30 GMT where the annualized GDP is expected with an upside revision to 1.2% from 1.0%. Personal Consumption is expected steady at 0.4% and the Core PCE also expected steady at 2.2%. Also due at 12:30 will be the weekly jobless claims for the week ending September 23 after last week rising by 423 thousand. At 14:00 GMT we have the pending home sales for August which are expected with 2.1% drop after 1.3% decline in July. Friday September 30: Germany will start with the retail sales for August at 06:00 GMT which is expected with 0.5% slump after it remained unchanged in July and on the year to drop 1.2% after -1.6%. The euro area will release the flash CPI estimate for September at 09:00 GMT and expected to hold steady at 2.5%. Also at the same time, the unemployment rate for August is due and expected as well steady at 1.0%. From the United States the week will end with the income report for August at 12:30. Personal income is expected with 0.1% rise after 0.3% while spending is expected to ease to 0.2% from 0.8%. The Core PCE is expected steady at 0.2% and on the year to rise 1.7% from 1.6%. At 13:45 GMT the Chicago PMI for September is due and expected steady at 56.5.

AUD/USD Technical Analysis for the Week of September 26, 2011

The AUD/USDpair fell hard for the week, and came straight down to the 0.97 support level as a result. The pair is very bearish at the moment, but with the seriousness of this area, we wouldn’t be surprised by a bounce. This bounce, if it comes – looks like a good selling opportunity. As long as we remain under parity, we are bearish. The pair is highly sensitive to global risk, and if we see more bearishness in general – this pair falls. We are not interested in buying at this point.

AUD/USD Weekly Fundamental Analysis for the Week of September 26, 2011

The Australian dollar dropped sharply against its US counterpart after the FOMC kept the interest rates unchanged at a record low between 0.00 and 0.25%, while it announced “Operation Twist” while stating risks over the outlook. The Australian dollar fell to the lowest levels in more than a month versus the U.S. counterpart as stocks and commodities slid after the Federal Reserve said there are “significant downside risks” to the economic outlook. On the other hand, global economic growth is losing momentum because of the mounting European debt woes. The crisis continues to escalate as we saw Standard & Poor’s agency downgrade Italy’s rating from A+ to A, increasing fears about the future of the recovery in the global economy. Australia won’t release important fundamental data this week, so we can see that the AUD/USD pair will in line with the market sentiment and amid heightened fears, especially after last week’s selloff. We expect the Australian dollar to remain pressured against the US currency yet with the focus on the U.S. second quarter GDP that is expected with upside revision, the good data might be seen positive for the market and help in unwinding the woes, yet overall choppy trading will prevail. Major highlights for this week that will affect the AUD/USD pair’s trading: Monday September 26: The U.S. new home sales for August will be released at 14:00 GMT, where it’s expected to come at 295 thousand down by 1.0% from 298 thousand. Tuesday September 27: The U.S. economy will release the consumer confidence for September at 14:00 GMT, where the previous reading was 44.5 and expected to jump to 47.0. Wednesday September 28: On Wednesday at 12:30 GMT, the U.S. economy will release the durable goods orders for August, where the expectations refer to a drop by 1.0% from the previous rise of 4.0%. The durable goods exclude transportation is expected to come at 0.4% from the previous reading 0.7%. Thursday September 29: The U.S. economy will release the annualized Gross Domestic Product for the second quarter at 12:30 GMT, where the U.S. economy is expected to grow by 1.2% revised from 1.0%. The Personal Consumption for the second quarter is expected steady at 0.4%, while the U.S. Core Personal Consumption Expenditure for the second quarter is expected unrevised at 2.2%. At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance increased 423 thousand last week. At 14:00 GMT the U.S. economy will release the Pending Home Sales for August, where it is expected with a drop of 2.1% following 1.3% decline in July. Friday September 30: At 01:30 GMT, Australia may present its yearly and monthly private sector credit (AUG) where in July it rose 0.2% and on the year increased 2.7%. From the United States the week will end with the income report for August at 12:30. Personal income is expected with 0.1% rise after 0.3% while spending is expected to ease to 0.2% from 0.8%. The Core PCE is expected steady at 0.2% and on the year to rise 1.7% from 1.6%. At 13:45 GMT the Chicago PMI for September is due and expected steady at 56.5.

EUR/CHF Technical Analysis for the Week of September 26, 2011

EUR/CHF tried to rally for the week, but found itself far too weak to do so. The pair is supported by the Swiss National Bank at 1.20, so it is basically stuck at this point. We don’t fight central banks, so selling isn’t an option. Buying would be, but only if the EU gets its act together or a very supportive statement comes out over the weekend in favour of the Euro. (A distinct possibility) If we can break the previous week’s highs – we would buy.

EUR/CHF Weekly Fundamental Analysis for the Week of September 26, 2011

The EUR/CHF finally found some space to move with the pair ending on bullish terms on renewed talk of another SNB move in the market. The main support to the pair last week was the rumour that the SNB was considering a revision to its EUR/CHF floor and that it will increase it to 1.25 from 1.20, the rumours weakened the franc across the board and especially versus the euro. With the rumours losing steam the franc started to remain its strength and recovered the losses versus the euro and this week the lack of confirmation from the SNB will keep the pressure on the pair to move again to test 1.20 areas. Eyes this week will remain on the debt crisis and rising recession woes, nevertheless, we still see haven demand effect limited on the pair unless it does test the SNB new floor area and that might trigger a move from the SNB. Greece has provided some progress in talks with the troika and this week they are returning to the debt-laden nation to finalise their review which will determine the outlook for the October decision on the loans and the new bailout and accordingly any positive news will be positive for the euro. The overall choppy trading is still expected after last week’s massive selloff and the downside pressure from rising fears of recession which will keep the overall sentiment influential on the pair and rising risk aversion might again tempt the SNB to act suddenly and accordingly traders remain cautious around the franc. Other news from the euro area and the Swiss economy to affect the pair this week: Monday September 26: Eyes will be on the data from Germany with the absence of data from the euro area and Switzerland. Germany will release the IFO sentiment survey for September at 08:00 GMT where the business climate indicators is expected to fall to 106.5 from 108.7 the current assessment to ease to 116.0 from 118.1 and the expectations index to fall to 97.3 from 100.1. Tuesday September 27: The euro area will release the M3 Money Supply for August at 08:00 GMT were the three-month average is expected to slow to 2.0% from 2.1% and on the year to hold at 2.0%. Wednesday September 28: Eyes will be on the data from Germany with the absence of data from the euro area and Switzerland. The German Import Price Index for August is due at 06:00 GMT and expected to have dropped 0.3% after 0.8% rise and on the year to fall to 6.8% following 7.0%. Also from Germany we await the preliminary Consumer Price Index for September which is projected with a drop of 0.1% following a flat reading in July and on the year to hold at 2.4%. In EU Harmonized terms to drop 0.2% after it also remained unchanged in July and on the year to hold at 2.5%. Thursday September 29: The euro area September Confidence data is due at 09:00 GMT where the Business Climate indicator is expected to slump to -0.11 from 0.7; the economic confidence to fall to 96.0 from 98.3; the industrial confidence is to slow to -4.7 from -2.9 and the services confidence to slow to 2.0 from 3.7. The final consumer confidence estimate is expected unrevised at -18.9. Friday September 30: The euro area will release the flash CPI estimate for September at 09:00 GMT and expected to hold steady at 2.5%. Also at the same time, the unemployment rate for August is due and expected as well steady at 1.0%. Switzerland will release the KOF Swiss Leading Indicators for September at 09:30 GMT where the index is expected with a drop to 1.40 from 1.61.

NZD/USD Technical Analysis for the Week of September 26, 2011

NZD/USDabsolutely fell apart during the past week, and even closed towards the bottom of the candle. The 0.77 area looks like minor support, and with this pair being so sold off, there is a real chance for a bounce at this point. However, we feel that the bearishness is set in, and that as long as we are below the 0.8000 level, this pair can only be sold. The global markets are nervous at this point, and in bear markets, there can be wicked snap backs to the upside. On anything even remotely looking close to that – we would sell this pair.

NZD/USD Weekly Fundamental Analysis for the Week of September 26, 2011

The U.S. dollar continues its upside trend against major currencies, where it inclined sharply against the Australian and New Zealand dollars after the Fed left the benchmark interest rates unchanged at a record low between 0.00% and 0.25% and announced more monetary easing measures in order to support the ailing recovery. On the other hand, Kiwi extended its losses after the Chinese economy reported that September’s manufacturing PMI may drop to 49.4, which is the third contraction in three months, where the Chinese market is the largest for Australian and New Zealand products. Investors dumped higher yielding currencies and shifted their investments to the US dollar after the FOMC disappointed markets with “Operation Twist” in which the Fed will rebalance its $2.8 trillion balance sheet by buying $400 billion of long term securities and selling $400 billion of short term securities. The market is turning bearish as fears dominate investors after the IMF cut its world growth forecast to 4 per cent in 2011 and 2012, compared with June forecasts of 4.3 per cent this year and 4.5 per cent next year. In the week ahead, the New Zealand dollar is to remain weak and choppy trading will be evident especially with the expected trade deficit to be reported. Major highlights for this week that will affect the NZD/USD pair’s trading Monday September 26: At 21:45 GMT (Sunday) New Zealand will report the trade balance for August after the July’s reading showed a surplus by NZ$129 million, while analysts expect the nation will record a deficit by NZ$321 million in August along with a decline in the nation’s exports to NZ$3.44 billion from NZ$3.72 billion. The U.S. new home sales for August will be released at 14:00 GMT, where it’s expected to come at 295 thousand down by 1.0% from 298 thousand. Tuesday September 27: The U.S. economy will release the consumer confidence for September at 14:00 GMT, where the previous reading was 44.5 and expected to jump to 47.0. Wednesday September 28: NZD building permits for August are due will at 21:45 GMT (Tuesday), where in the prior month it inclined 13.0% and now expected to drop by 1.5%. Moreover, New Zealand will continue the fundamentals with the NBNZ activity outlook indicator for September at 01:00 GMT after it reached to 43.3 in August, also the NBNZ business confidence that recorded 34.4 in August. Further, the New Zealand economy is to end the week’s data by releasing its annualized money supply M3 at 02:00 GMT, whereas the previous inclined 6.3% on the year. On Wednesday at 12:30 GMT, the U.S. economy will release the durable goods orders for August, where the expectations refer to a drop by 1.0% from the previous rise of 4.0%. The durable goods exclude transportation is expected to come at 0.4% from the previous reading 0.7%. Thursday September 29: The U.S. economy will release the annualized Gross Domestic Product for the second quarter at 12:30 GMT, where the U.S. economy is expected to grow by 1.2% revised from 1.0%. The Personal Consumption for the second quarter is expected steady at 0.4%, while the U.S. Core Personal Consumption Expenditure for the second quarter is expected unrevised at 2.2%. At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance increased 423 thousand last week. At 14:00 GMT the U.S. economy will release the Pending Home Sales for August, where it is expected with a drop of 2.1% following 1.3% decline in July. Friday September 30: From the United States the week will end with the income report for August at 12:30. Personal income is expected with 0.1% rise after 0.3% while spending is expected to ease to 0.2% from 0.8%. The Core PCE is expected steady at 0.2% and on the year to rise 1.7% from 1.6%. At 13:45 GMT the Chicago PMI for September is due and expected steady at 56.5.

USD/JPY Technical Analysis for the Week of September 26, 2011

The USD/JPYfell again this past week, but formed a hammer at the 76 level – something is up. The Bank of Japan has been jawboning the pair as it reaches this level, and people are starting to speculate that they are possibly intervening in a clandestine manner down there as well. Because of this – we cannot sell, but finding a longer-term buying opportunity is going to be tricky at this point. For the long-term trader, waiting is simply going to be the name of the game in this pair.

USD/JPY Weekly Fundamental Analysis for the Week of September 26, 2011

The USD/JPY pair dropped further last week to reach its post-war levels, as risk aversion controlled FX market and drove investors to abandon higher yielding currencies and increase demand for the Japanese yen and greenback. On the other hand, the U.S. dollar surged to its highest level in eight months against the euro and to its highest in a year against the sterling pound after the Federal Open Market Committee announced extra monetary policy easing, trying to support the slowdown in the U.S. economy while the FOMC kept the interest rate unchanged between 0.00% and 0.25%. The FOMC new stimulus program called “Operation Twist” is not of an impact on the dollar as a new round of QE would have been, while policy makers also signaled that economic growth remained slow which increased fears across financial market, pushing investors to shift their investments to the safe haven currency which is the U.S. dollar. Furthermore, the Japanese yen continued its upside movement against the greenback, ignoring the negative effect for the higher currency on the nation’s exports, which came clear in August as the Merchandise Trade Balance Total in Japan showed a deficit of 775.3 billion yen from the previous revised surplus of 70.0 billion yen. Expectations signal further bearishness for the USD/JPY pair during the coming period as jitters spread all over financial markets, increasing demand for the Japanese yen as a safe haven which will push the pair to the downside. Major highlights for this week that will affect the USD/JPY pair’s trading: Monday September 26: The U.S. new home sales for August will be released at 14:00 GMT, where it’s expected to come at 295 thousand down by 1.0% from 298 thousand. Tuesday September 27: The U.S. economy will release the consumer confidence for September at 14:00 GMT, where the previous reading was 44.5 and expected to jump to 47.0. Wednesday September 28: On Wednesday at 12:30 GMT, the U.S. economy will release the durable goods orders for August, where the expectations refer to a drop by 1.0% from the previous rise of 4.0%. The durable goods exclude transportation is expected to come at 0.4% from the previous reading 0.7%. Thursday September 29: On Thursday at 23:50 GMT (Wednesday), Japan will issue the annual retail trade for August, where the previous reading was 0.7% and expected to come at –0.8%. The seasonally adjusted retail trade is expected to come at 0.2% from the previous – 0.3%. The U.S. economy will release the annualized Gross Domestic Product for the second quarter at 12:30 GMT, where the U.S. economy is expected to grow by 1.2% revised from 1.0%. The Personal Consumption for the second quarter is expected steady at 0.4%, while the U.S. Core Personal Consumption Expenditure for the second quarter is expected unrevised at 2.2%. At 12:30 GMT, U.S. economy will issue its weekly initial claims numbers, where the number of people filing for first-time claims for the state unemployment insurance increased 423 thousand last week. At 14:00 GMT the U.S. economy will release the Pending Home Sales for August, where it is expected with a drop of 2.1% following 1.3% decline in July. Friday September 30: On Friday at 23:30 GMT (Thursday), Japan will issue the annual Household Spending index for August, where it has a previous reading of –2.1% and the expectations refer to –2.8%. The Japanese Jobless rate for August will be released at 23:30 GMT, where it is expected to come at 4.7% in line with the previous reading. The annual Japanese National Consumer Price Index for August is expected to come at 0.1% less than the previous reading of 0.2%, the National Consumer Price Index Ex-Fresh Food for August is expected to come at 0.1% the same as the prior reading. The Japanese Industrial Production for August will be released at 23:50, where the preliminary reading is expected to come at 1.5% from the previous 0.4%, while the annual Industrial Production is expected to come at 1.1% from the prior –3.0%. At 05:00 GMT, Japan will release the annual Construction Orders for August with a prior reading of 5.7%. The annualized Housing Starts for August is expected to come at 0.860 million up by 4.5% from the previous 0.955 million by 21.2%. From the United States the week will end with the income report for August at 12:30. Personal income is expected with 0.1% rise after 0.3% while spending is expected to ease to 0.2% from 0.8%. The Core PCE is expected steady at 0.2% and on the year to rise 1.7% from 1.6%. At 13:45 GMT the Chicago PMI for September is due and expected steady at 56.5.

GBP/USD Technical Analysis for the Week of September 26, 2011

GBP/USD fell hard on Friday, and even tested the bottom of the 1.55 – 1.53 support zone. We feel that this pair might make a bit of a bounce at this point, but it should be sold into as the Bank of England is now openly looking like it wants to do another round of quantitative easing. The pair has fallen far in just a few weeks, so bouncing is something that is natural. However, the kind of move we have seen recently is rarely a one-off. We sell, and sell only.

USD/CAD Technical Analysis for the Week of September 26, 2011

USD/CADskyrocketed during the week, and ran right into the 1.03 resistance level after breaking parity. The pair has certainly turned its tone around, but the fact that we couldn’t close above the 1.03 area leads us to believe a pullback could be coming. The oil markets are going to be key: If they fall, this pair rises and vice versa. The pair is a buy only one at this point, or at least until we break below parity again. The overall trend is up, but this pair certainly looks like it wants to continue upwards. We would buy dips at this point.

USD/CAD Weekly Fundamental Analysis for the Week of September 26, 2011

The USD/CAD pair rose sharply last week above parity to reach the highest level since October 2010, as the strength of the U.S. dollar in addition to rising volatility in markets over the past period pushed investors away from higher yielding and risky assets, where the U.S. dollar gained huge momentum amid rising concerns over the outlook for global growth on signs of slowing economic activities in major economies around the world. Moreover, the mounting fears from the European debt crisis and the looming default that is facing Greece boosted demand for lower yielding assets including the U.S. dollar, which put huge negative pressure on the Canadian dollar and allowed the USD/CAD pair to extend its gains over the course of last week. This week the focus will remain on Greece with the troika expected to return to finalise the review after the suspension of the mission and it will provide the insight whether Greece will get the bailout funds in October. Therefore, investors will watch closely the developments and hope for any comments from the mission to ease the tension. Still, the fear of recession is evident and we hope that the data from this week can ease the pressure with the dollar still enjoying the upper hand. The important data are from the United States and with the upside revision to the GDP, the Income report, and the expected expansion in the manufacturing activity, the market can find the room for the correction yet amid overall negativity. Highlights for this week that will probably affect the USD/CAD pair’s direction are: Monday September 26: The United States will start the week with the New Home Sales for August at 14:00 GMT where the index is expected with a drop of 1.0% to 295 thousand from 298 thousand. Tuesday September 27: The U.S. Consumer Confidence is due at 14:00 GMT for September and expected with improvement to 46.5 from 44.5. Wednesday September 28: At 12:30 GMT the U.S. durable goods orders for August are due, where orders are expected with a drop of 1.0% following 4.0% rise and excluding transportation expected with 0.2% rise easing from 0.7% gain the previous month. Thursday September 29: Canada will release the industrial product price index for the month of August at 12:30 GMT, where industrial product prices are expected to drop by 0.3% in line with the prior drop back in July, while raw material prices are expected to drop by 1.3% in August, compared with the prior drop of 1.2%. The final second quarter GDP revision is due at 12:30 GMT where the annualized GDP is expected with an upside revision to 1.2% from 1.0%. Personal Consumption is expected steady at 0.4% and the Core PCE also expected steady at 2.2%. Also due at 12:30 will be the weekly jobless claims for the week ending September 23 after last week rising by 423 thousand. At 14:00 GMT we have the pending home sales for August which are expected with 2.1% drop after 1.3% decline in July. Friday September 30: Canada will release the Gross Domestic Product estimate for the month of July at 12:30 GMT, where the Canadian economy is expected to have expanded by 0.3%, compared with the prior expansion of 0.2%, while the Canadian economy is expected to expand by an annualized 2.3%, compared with the prior expansion of 2.0%. From the United States the week will end with the income report for August at 12:30. Personal income is expected with 0.1% rise after 0.3% while spending is expected to ease to 0.2% from 0.8%. The Core PCE is expected steady at 0.2% and on the year to rise 1.7% from 1.6%. At 13:45 GMT the Chicago PMI for September is due and expected steady at 56.5. At 13:55 GMT, the University of Michigan will release the final estimate for consumer confidence in September, which is expected to remain steady at 57.8.

USD/CHF Technical Analysis for the Week of September 26, 2011

USD/CHFrose during the week, after forming a hammer the previous one. The USD is now the “safe haven” vehicle of choice for the trading world, so it makes sense this pair has gone up recently. The fact that the Swiss National Bank is keeping the value of the Franc down doesn’t hurt either. The 0.90 level should be key support now, and as a result, we like buying dips.

USD/CHF Weekly Fundamental Analysis for the Week of September 26, 2011

The USD/CHF did a rebound in the week that ended Sep. 23, making the pair to continue its upside direction, where the turmoil in markets increased demand on the dollar as refuge since the several and predicted future interventions by the SNB to curb the franc’s rally reduced the appeal of the Swiss franc. With the ongoing release of weak data from major economies and downgrade ofItaly’s credit rating in addition eight Greek banks, speculations increase that global recovery is faltering, thereby increasing demand on the greenback as a refuge. This week, the spotlight will be on other housing data from theUnited Statessuch as new home sales and pending home sales, where strong attention will be given to 2q annualized GDP as it is expected to retreat. This week, theU.K.has less important fundamentals while the main focus in theU.S.will be on housing data, personal spending and revision in the second quarter GDP reading. The release of the data this week will be as follows: Monday September 26: The week starts with the release of no fundamentals from the Swiss economy, while theU.S.will release new home sales for the month of August, where expectations refer to a drop to 295,000 in August from the prior 298,000. Tuesday September 27: As of 06:00 GMT, the Swiss economy will release UBS consumption Indicator for the month of August, yet the release is expected to have slight impact on the pair’s movements. In theU.S., the main focus will be housing data starting with S&P/CaseShiller, due at 13:00 GMT. At 14:00 GMT, consumer confidence is expected to rise to 46.5 in Sep. from the prior 44.5. Wednesday September 28: Eyes will be directed towardsU.S.data, amid the absence of news fromSwitzerland, specifically to MBA mortgage applications for Sep. 23, due at 11:00 GMT, which will be followed by durable goods orders report for Aug. which is expected to show a 1.0 drop from the prior 1.9% advance. Thursday September 29: While the Swiss economy lacks fundamentals, the main highlight will be on US data as theUSeconomy will release the final reading for the annualized GDP for the second quarter at 12:30 GMT; the reading is predicted to be upwardly revised to 1.2% from the 1.0%. At the same time, initial jobless claims for the week were ending Sep. 23 and continuing claims for the week ending Sep. 17 will be under scrutiny. At 14:00 GMT, pending home sales report is expected to show 2.1% drop in Aug. relative to 1.3% fall recorded in July. Friday September 30: The week ends with the release of KoF Swiss leading indicator at 09:30 GMT which is estimated to retreat to 1.40 in Sep. from the 1.61 a month earlier. For theU.S., personal income and personal spending for August will be carefully watched at 12:30 GMT as they are expected to show a drop. At 13:45, Chicago Purchasing Manager is predicted to stall at 56.5 in September.

 

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