U.S. economic data and select global influences
May 16 - 20, 2016
The third week of May returns to more extensive economic data after a somewhat lighter second week that ended with the still very important US Retail Sales. There are no central bank rate decisions or further Quantitative Easing (QE) announcements expected this week. Yet international fundamental influences are still there in the form of Wednesday morning’s Organization for Economic Cooperation and Development (OECD) Q1 2016 Quarterly GDP Growth.
Even though that is a look back into Q1 and is rarely trend decisive, it will be another good measure of just how weak things were globally in the first quarter. That is still important after last week’s OECD Composite Leading Indicators forward view was still quite negative for major developed economies, like the US, UK, Germany and to some degree Japan.
Another look back into the past on Wednesday may be more influential: the afternoon release of the minutes of the April 26-27 FOMC meeting. There are always interesting phases that allow the markets to trade more so from psychological developments. Yet that influence is the only one of its type this week surrounded by important economic data.
Whether it can restore a ‘bad news is good news’ equity market psychology, or is more hawkish than expected will be a key influence for the balance of the week. That is in part the normal response. Yet it will also be that much more important into Thursday’s more trend decisive fundamental releases, like the Philly Fed Index and US Leading Indicators. That carries additional weight this week due to the very limited number of international economic releases that leave the US dominant late week.
Empire State Mfg Survey | Housing Market Index | TIC Data
CPI | Housing Starts | Industrial Production
OECD Q1 2016 Quarterly GDP Growth
EIA Petroleum Status | FOMC Minutes
Jobless Claims | Philly Fed Index | CFNAI | Leading Indicators | EIA Natural Gas Report
Existing Home Sales
The full MODERN TRADER monthly calendar available HERE.
The information in the above calendar has been verified to the best of our ability. However, such information is subject to change without notice. The weekly calendar is also the most current information that addresses any changes since the monthly calendar was originally published.