During the week the Euro continued to tumble down while major commodities rates such as oil and natural gas resumed their rally. Will this trend continue this upcoming week? ECB President says there is no need to worry about the depreciation of the Euro. For now this sentiment doesn't seem to coincide with many Euro traders. There are several important publications and reports that may affect the financial markets this week including: U.S GDP for Q2 2012, pending and new home sales, Euro monetary supply , Bernanke's speech, Governor Stevens speaks, U.S core durable goods and U.S. jobless claims.
(All times GMT):
Monday, July 23rd
00:00 – FOMC member Raskin speaks: This will be another speech by an FOMC member. In anticipation for next week's FOMC meeting, this speech could offer some insight about the perceptive of an FOMC member. Nonetheless I suspect this speech (most likely) won't affect the markets. The title of the speech is "Community Banking";
3:30– China flash Manufacturing PMI: this index will cover 800 companies in 20 industries in China; according to the HSBC Manufacturing PMI update for June 2012 the Manufacturing PMI slipped to 48.1; this index indicates the economic progress of China's manufacturing sectors; if this negative growth will continue, this may also adversely affect commodities prices, unless China will act to stimulate its economy;