A relatively uneventful week on international markets with little in the way of currency fluctuations. The RBA minutes were revealing, in that they confirmed global economic conditions were on the improve, although wage growth in Australia posed a serious threat to consumer demand. The Oil price has been in a major slump, with plentiful supply as cartels fail to restrict production, while global demand is flagging. In the US, the housing sector saw a recovery from recent weakness, with rises in both Existing Home Sales and New Home Sales. The softer Dollar has been challenged by weakness in Europe. EU Manufacturing and Services PMI data, was weaker than expected, contradicting recent improvements in the single market. The AUD has not regained 0.7600, weighed down by commodity prices, while close attention will focus on Chinese economic data and thus demand. Consumer Confidence is also a good measure, in the coming week, as stunted wage growth has hit confidence and demand hard. Global economic data will direct currency and equity markets, while Central Bank speculation and Geo-Political events are the danger, as ever.
25/6 Bank of Japan meeting commentary, Japan Leading Index, US Durable Goods Orders, Chicago Fed National Activity Index, Dallas Fed Manufacturing Activity
26/6 NZ Trade Exports/Imports, Australia Consumer Confidence, German Retail Sales, S&P Case Shiller Home Price Index, US Consumer Confidence, Richmond Fed Manufacturing Index
27/6 US Weekly Mortgage Applications, US Pending Home Sales
29/6 China Current Account, Australia New Home Sales, EU Consumer Confidence, German CPI, US GDP, US Weekly Jobless Claims
30/6 NZ Building Permits, Japan CPI, Japan Industrial Production, China Manufacturing Non-Manufacturing PMI, German Employment, UK Current Account, UK GDP, EU CPI, US Personal Expenditure, Chicago PMI, University of Michigan Economic Sentiment