By Tom Lydon on April 14, 2009
Emotions can be our own worst enemy when it comes to exchange traded fund (ETF) investing, and bear markets can heighten them. But there are ways to avoid the traps that have sunk many a portfolio.Suzanne McGee for The Wall Street Journal says that falling into traps in bear markets is easy. Our fears and emotions are heightened. Big losses tend to be seen, especially in the current bear market, leading to “desperation” moves. Some investors get so scared, they don’t do anything.
How can you avoid these pitfalls?
1. The Value Trap. Investors convince themselves that a stock or ETF makes sense because it’s cheap, making it a great value. But sometimes “cheap” can mean “trouble.” Examine the fundamentals of a sector instead before deciding that something is a bargain.
2. The Risk Trap. The urge to recoup losses can lead some investors to make outsize bets on narrow ETFs or within volatile sectors. Instead of taking big risks, experts suggest sticking to the basics: staying diversified and building returns steadily through compound interest and dividends.
3. The Scapegoat Trap. Everyone’s looking for someone to blame for the losses, but don’t forget that nearly everyone is in the same boat no matter who is managing their money.
4. The Paralysis Trap. Many investors are now too scared to move at all. They either are scared to sell off holdings to limit losses, or they’re too scared to get back in when there are signals that suggest it could be an opportunity. If you’ve hit a buy signal, you may find it helpful to research the fundamentals of your position. This may make it more comfortable for you to take a position and help you overcome your paralysis.
5. The Comfort Trap. Wall Street likes to promise safety with certain products when investors get especially fearful, but there can be a downside. Sometimes these products come in the form of big fees or they can limit your upside potential. Bear in mind that to get some return, there has to be some risk.
6. The Chasing-the-News Trap. It’s tempting to react to each and every little turn the market takes, especially if you’ve got the television tuned to a financial news network all day long. How can you avoid these reactions? By having a strategy and sticking to it. We use the 200-day moving average to decide when we’re in and out. While the day-to-day news can be interesting and helpful, the 200-day is the signal we rely on.
Tuesday, April 14, 2009
Roach Has Abandoned ‘Economic Armageddon’ Scenario
By Oxbury Research on April 14, 2009
Is what we are experiencing with the economy these days the beginning of the ‘Economic Armageddon’ that Stephen Roach forecast for the U.S. in November 2004 when he said: “America’s record trade deficit means the dollar will keep falling, interest rates will rise further and U.S. consumers, in debt up to their eyeballs, will get pounded with no better than a 10% chance of avoiding economic Armageddon.”
A lot has happened since then. The U.S. Dollar index did keep falling but then rose considerably in 2008 with the financial crisis; interest rates did rise further before dropping precipitously in 2008; but, thankfully, we appear to have avoided economic Armageddon thanks to aggressive moves by the Fed back in September/October 2008. That was 2004 and this is 2009. Back then Mr. Roach was Managing Director, Chief Economist, and Director of Global Economic Analysis of Morgan Stanley; today he is Chairman of Hong Kong-based Morgan Stanley Asia.So what is Roach saying these days? In an early February ‘09 article for the New York Times he forecast that: “Unemployment will rise to near 10% over the next year and a half and this recession won’t end until late 2010 or early 2011.”These comments were hardly earth-shattering as negative as they may have been. There was not even a hint of major economic distress. Roach warmed up, however, in an article he wrote in late February, 2009 entitled “After the Era of Excess” in which he said (and I paraphrase on occasion):
Humpty Dumpty has had a Great Fall
“The world stopped in 2008 - and it was a full stop for the era of excess. Belatedly, the authorities have been extraordinarily aggressive in coming to the rescue of a system in crisis. But as in the case of Humpty Dumpty, they will not be able to put all the pieces back together again. The next era will be very different from the one we have just left behind.
The Game is Over
Up until recently there had been a symbiotic relationship between China (the saver and producer) and America (the borrower and consumer) with a belief that these disparities could be finessed indefinitely, as could record debt burdens and currency misalignments. Some day, went the argument, the world would have to face up to its imbalances, but the day of reckoning was always assumed to be some far-off, distant future. That was the fatal mistake made by the world in denial. But that game is now over. Our unbalanced world is now in the midst of a painful but necessary rebalancing what with the U.S. consumer most likely in the early stages of a multi-year contraction and the fact that there is no other consumer group to fill the void. As such, a post crisis global economy is likely to struggle for years to come.
The Quick Fix
Unfortunately, however, the policy response to the crisis has been disturbing in that the near-term tactics have been all about containing the crisis, with little appreciation of the strategic implications of these actions. In the U.S., for example, there is growing support for mortgage foreclosure relief - in effect perpetuating uneconomic levels of home “ownership” by many people who simply can not afford their still overvalued dwellings. In China, on the other hand, policy priorities remained focused on providing support for investment through a massive $585 billion infrastructure program, and on exports, rather than on doing anything to stimulate the Chinese economy. Such actions suggest that the world has learned little from its recent experience. Sadly, such reactive approach reflects a global politic that always seems to be focused on the quick fix.
We Need a Strategy
Tactics of crisis containment cannot be the sole focus of the policy response to this wrenching global economic recession. The world needs a strategy. What we need is leadership that has the courage to look beyond the valley.”In early March, 2009, in an article entitled “Grow Now, Ask Questions Later Formula will End in Tears,” Roach carried on the above theme stating in much more foreboding words that (and I paraphrase on occasion):
A Recipe for Disaster
“A crisis-torn world is in no mood for the heavy lifting of global rebalancing. Policies are being framed with an aim towards re-creating the boom. Washington wants to get credit flowing again to indebted US consumers and exporters - especially in Asia - would like nothing better than a renewal of demand led by the world’s biggest consumer. Unbalanced Asian economies are desperate for unbalanced US consumers to start spending again and spark another post-crisis recovery. Grow now, ask questions later. That has again become the mantra for an unbalanced world in crisis and, regretfully, it is a recipe for disaster. What a reckless way to run the world!If the policies currently being put into place end up perpetuating the imbalances that got the global economy into this mess - and that appears to be the case - the next crisis will be worse than this one. Indeed, until an unbalanced world faces up to its chronic imbalances, successive crises are likely to be increasingly destabilizing. While it is hard to believe that anything could be worse that what is happening today, I can assure you that it could get worse - much worse.”
In a mid-March ‘09 interview with the Xinhau News Agency Roach continued by saying that (and I paraphrase):
Deflation - Inflation
“The major risks challenging the world economy are that all the aggressive stimulus measures that have been put in place by central banks and fiscal authorities around the world are not enough or sufficient to stop the downturn of the global economy and, therefore, we need to continue to be cautious on the economic climate for some time to come. While one of the consequences of lowering interest rates is high inflation my utmost concern is what the exit strategy will be for this aggressive easing and how you wind down without tipping into deflation.”
Gold: the Ideal Safety Asset
Roach’s comments beg the question as to where one should invest in such troubling times. In a July 7th, 2003 article in Forbes, entitled “That Sinking Feeling,” by Michael Freedman, he was attributed as saying that he would think seriously about putting a “nontrivial portion” of his portfolio into precious metals like gold because it was “a safety asset” that will attract investors during any time of economic extremes - either inflation or deflation.
There you have it. Not very encouraging insights, all in all, but at least Roach has abandoned the “economic Armageddon” scenario he once predicted for America and embraced the concept of having some gold in one’s portfolio.To learn what other prominent economists, financial analysts, economic research firms and well-informed financial commentators have had to say about what has happened over the past year check out the 6-part series of articles I wrote back in 2006 entitled “Ominous Warnings and Dire Predictions of World’s Financial Experts.” You’ll be surprised how accurate they were, albeit somewhat sensational in language on occasion, as to what they expected to unfold in the years to come. And in most instances those ‘years to come’ have turned out to be 2008, 2009, 2010(?) and perhaps beyond.
Is what we are experiencing with the economy these days the beginning of the ‘Economic Armageddon’ that Stephen Roach forecast for the U.S. in November 2004 when he said: “America’s record trade deficit means the dollar will keep falling, interest rates will rise further and U.S. consumers, in debt up to their eyeballs, will get pounded with no better than a 10% chance of avoiding economic Armageddon.”
A lot has happened since then. The U.S. Dollar index did keep falling but then rose considerably in 2008 with the financial crisis; interest rates did rise further before dropping precipitously in 2008; but, thankfully, we appear to have avoided economic Armageddon thanks to aggressive moves by the Fed back in September/October 2008. That was 2004 and this is 2009. Back then Mr. Roach was Managing Director, Chief Economist, and Director of Global Economic Analysis of Morgan Stanley; today he is Chairman of Hong Kong-based Morgan Stanley Asia.So what is Roach saying these days? In an early February ‘09 article for the New York Times he forecast that: “Unemployment will rise to near 10% over the next year and a half and this recession won’t end until late 2010 or early 2011.”These comments were hardly earth-shattering as negative as they may have been. There was not even a hint of major economic distress. Roach warmed up, however, in an article he wrote in late February, 2009 entitled “After the Era of Excess” in which he said (and I paraphrase on occasion):
Humpty Dumpty has had a Great Fall
“The world stopped in 2008 - and it was a full stop for the era of excess. Belatedly, the authorities have been extraordinarily aggressive in coming to the rescue of a system in crisis. But as in the case of Humpty Dumpty, they will not be able to put all the pieces back together again. The next era will be very different from the one we have just left behind.
The Game is Over
Up until recently there had been a symbiotic relationship between China (the saver and producer) and America (the borrower and consumer) with a belief that these disparities could be finessed indefinitely, as could record debt burdens and currency misalignments. Some day, went the argument, the world would have to face up to its imbalances, but the day of reckoning was always assumed to be some far-off, distant future. That was the fatal mistake made by the world in denial. But that game is now over. Our unbalanced world is now in the midst of a painful but necessary rebalancing what with the U.S. consumer most likely in the early stages of a multi-year contraction and the fact that there is no other consumer group to fill the void. As such, a post crisis global economy is likely to struggle for years to come.
The Quick Fix
Unfortunately, however, the policy response to the crisis has been disturbing in that the near-term tactics have been all about containing the crisis, with little appreciation of the strategic implications of these actions. In the U.S., for example, there is growing support for mortgage foreclosure relief - in effect perpetuating uneconomic levels of home “ownership” by many people who simply can not afford their still overvalued dwellings. In China, on the other hand, policy priorities remained focused on providing support for investment through a massive $585 billion infrastructure program, and on exports, rather than on doing anything to stimulate the Chinese economy. Such actions suggest that the world has learned little from its recent experience. Sadly, such reactive approach reflects a global politic that always seems to be focused on the quick fix.
We Need a Strategy
Tactics of crisis containment cannot be the sole focus of the policy response to this wrenching global economic recession. The world needs a strategy. What we need is leadership that has the courage to look beyond the valley.”In early March, 2009, in an article entitled “Grow Now, Ask Questions Later Formula will End in Tears,” Roach carried on the above theme stating in much more foreboding words that (and I paraphrase on occasion):
A Recipe for Disaster
“A crisis-torn world is in no mood for the heavy lifting of global rebalancing. Policies are being framed with an aim towards re-creating the boom. Washington wants to get credit flowing again to indebted US consumers and exporters - especially in Asia - would like nothing better than a renewal of demand led by the world’s biggest consumer. Unbalanced Asian economies are desperate for unbalanced US consumers to start spending again and spark another post-crisis recovery. Grow now, ask questions later. That has again become the mantra for an unbalanced world in crisis and, regretfully, it is a recipe for disaster. What a reckless way to run the world!If the policies currently being put into place end up perpetuating the imbalances that got the global economy into this mess - and that appears to be the case - the next crisis will be worse than this one. Indeed, until an unbalanced world faces up to its chronic imbalances, successive crises are likely to be increasingly destabilizing. While it is hard to believe that anything could be worse that what is happening today, I can assure you that it could get worse - much worse.”
In a mid-March ‘09 interview with the Xinhau News Agency Roach continued by saying that (and I paraphrase):
Deflation - Inflation
“The major risks challenging the world economy are that all the aggressive stimulus measures that have been put in place by central banks and fiscal authorities around the world are not enough or sufficient to stop the downturn of the global economy and, therefore, we need to continue to be cautious on the economic climate for some time to come. While one of the consequences of lowering interest rates is high inflation my utmost concern is what the exit strategy will be for this aggressive easing and how you wind down without tipping into deflation.”
Gold: the Ideal Safety Asset
Roach’s comments beg the question as to where one should invest in such troubling times. In a July 7th, 2003 article in Forbes, entitled “That Sinking Feeling,” by Michael Freedman, he was attributed as saying that he would think seriously about putting a “nontrivial portion” of his portfolio into precious metals like gold because it was “a safety asset” that will attract investors during any time of economic extremes - either inflation or deflation.
There you have it. Not very encouraging insights, all in all, but at least Roach has abandoned the “economic Armageddon” scenario he once predicted for America and embraced the concept of having some gold in one’s portfolio.To learn what other prominent economists, financial analysts, economic research firms and well-informed financial commentators have had to say about what has happened over the past year check out the 6-part series of articles I wrote back in 2006 entitled “Ominous Warnings and Dire Predictions of World’s Financial Experts.” You’ll be surprised how accurate they were, albeit somewhat sensational in language on occasion, as to what they expected to unfold in the years to come. And in most instances those ‘years to come’ have turned out to be 2008, 2009, 2010(?) and perhaps beyond.
Monday, April 13, 2009
Daily Technical Analysis Forex/Gold/USD Index
Daily Forex Technicals | Written by India Forex |
Euro: Euro had taken support from 1.3150 levels as expected but the downward bias is still on due to quantitative easing policy expectation from Eurozone. Its is staying below the trendline and the cluster resistance of 1.3250 which is unlikely to break. The weekly stochastics is turning downside showing extreme pressure for the pair. Look for short opportunities at every rise. (Eur/Usd:1.3160). Bearish.
Pound: The pair is forming a consolidation between the channel at its support at 1.4610 levels . Since it has unable to break the 1.4880 resistance twice coupled by falling euro and stronger dollar index the view is staying a bit neutral. Breaking of 1.4540 on a decisive note would change the view of pound to bearish again. (Gbp/Usd: 1.4640). Neutral.
Yen: The Usd/Jpy pair would again aim at the weekly trendline near 101.80 levels . Currently it is holding above the 55 day weekly EMA . Confidence in the pair would arise only once 101.80 is breached and held consistently . Neutral (Usd/Jpy: 100.35).
Australian Dollar: Aussie is still maintaining above the trendline support . Look for entering long at dips around 0.7090- 0.7120 levels targeting 100 pips. (Aud/Usd: 0.7058).
Gold: Gold is holding below the daily and weekly trend lines and crucial moving averages. It is likely to be bearish in short term . Sell at retracements around 900 to 910 levels Bearish (Gold: $887.00)
Dollar index :The dollar index strengthened last week and closed above 55 days EMA, due to weakness in Euro. While it's still limited below near term resistance of 86.13, the case for resuming rally from 82.63 has been building up. We're still maintaining the view that key support of 82 level (cluster support of 61.8% retracement of 77.69 to 89.62 at 82.24 and 38.2% retracement of 70.70 to 89.62 at 82.39, as well as long term rising trend line at 82.03) intact. Break above 86.13 will set the stage for retesting 89.62 high. Though a break below 84.93 will dampen the bullish case and argues that some more sideway trading would be seen before an upside break out. Bullish.
Euro: Euro had taken support from 1.3150 levels as expected but the downward bias is still on due to quantitative easing policy expectation from Eurozone. Its is staying below the trendline and the cluster resistance of 1.3250 which is unlikely to break. The weekly stochastics is turning downside showing extreme pressure for the pair. Look for short opportunities at every rise. (Eur/Usd:1.3160). Bearish.
Pound: The pair is forming a consolidation between the channel at its support at 1.4610 levels . Since it has unable to break the 1.4880 resistance twice coupled by falling euro and stronger dollar index the view is staying a bit neutral. Breaking of 1.4540 on a decisive note would change the view of pound to bearish again. (Gbp/Usd: 1.4640). Neutral.
Yen: The Usd/Jpy pair would again aim at the weekly trendline near 101.80 levels . Currently it is holding above the 55 day weekly EMA . Confidence in the pair would arise only once 101.80 is breached and held consistently . Neutral (Usd/Jpy: 100.35).
Australian Dollar: Aussie is still maintaining above the trendline support . Look for entering long at dips around 0.7090- 0.7120 levels targeting 100 pips. (Aud/Usd: 0.7058).
Gold: Gold is holding below the daily and weekly trend lines and crucial moving averages. It is likely to be bearish in short term . Sell at retracements around 900 to 910 levels Bearish (Gold: $887.00)
Dollar index :The dollar index strengthened last week and closed above 55 days EMA, due to weakness in Euro. While it's still limited below near term resistance of 86.13, the case for resuming rally from 82.63 has been building up. We're still maintaining the view that key support of 82 level (cluster support of 61.8% retracement of 77.69 to 89.62 at 82.24 and 38.2% retracement of 70.70 to 89.62 at 82.39, as well as long term rising trend line at 82.03) intact. Break above 86.13 will set the stage for retesting 89.62 high. Though a break below 84.93 will dampen the bullish case and argues that some more sideway trading would be seen before an upside break out. Bullish.
IHSG Pekan Ini: Tug of War - Sentimen vs Teknikal
IHSG diperkirakan menguat berkat pola indikator teknikal yg masih uptrend & sentimen positif dari kenaikan saham regional Asia & Wall Street pada hari Kamis, berkat kejutan laba Q1 bank AS, Wells Fargo. Kenaikan saham finansial AS dan kenaikan harga komoditi dapat mengangkat saham perbankan (BBRI, BBCA, BMRI, BBNI, BDMN) dan komoditi pertambangan, pertanian, perkebunan (BUMI, PTBA, AALI, ITMG, INDY, UNSP, ADRO, SGRO, PGAS, MEDC), kendati dibayangi kondisi overbought. Sementara potensi kenaikan infrastruktur (ISAT, TLKM) terbatas pada hari Senin.
Untuk pekan ini, dimana pekan lalu sesuai perkiraan berada dalam range 1,450-1,530. IHSG diperkirakan akan mendapatkan hambatan untuk menguat lebih lanjut, tertahan di tahanan 1,530-1,570, berkat perkiraan 'Pekan Maut' dengan serangkaian rilisan data ekonomi Global :retail sales, ip, ppi, cpi AS, GDP Q1 China (p: 6.3%) 16/04. Earnings AS & Inggris: GE (jumat), J&J, Google,Intel, JP Morgan, Goldman Sachs, Citigroup. Testimony Fed Bernanke (Selasa), dapat meningkatkan volatilitas pasar pada pekan ini. Sebelumnya data money supply + new yuan loan China melonjak di bulan Maret, diikuti komentar Presiden Obama bahwa beliau melihat 'glimmer of hope' mengenai ekonomi AS.
Secara teknikal IHSG menunjukan pola candle three outside down (continuous bearish reversal sejak 06/04) & weekly candle evening doji star, meski trend bullish berkat pola cup with handle&MACD masih uptrend. Adanya potensi trendline rejection di resistance 1,530&1,570, dapat arahkan indeks ke 1,419/1,350 (sell on strength/profit taking BC). DJIA menunjukkan pola inverted head & shoulder untuk target 8535 jika tembus 8152 (bear market rally still) target 6.7k-7k di Q2.
Profit taking saham BUMI diatas 950 max 1k, ASII diatas 16-16.6k, TLKM diatas 7300-7500 (laggard), PTBA diatas 8k, AALi diatas 16-16k, BBRI diatas 5,200, Pgas diatas 2500, Antm diatas 1300, Inco diatas 3k, bmri diatas 2500. Buy on correction (14/15 Apr) unsp, smcb, elty, ctra, unvr, bbni, sgro target 10% risk <5%.
Disclaimer.
Untuk pekan ini, dimana pekan lalu sesuai perkiraan berada dalam range 1,450-1,530. IHSG diperkirakan akan mendapatkan hambatan untuk menguat lebih lanjut, tertahan di tahanan 1,530-1,570, berkat perkiraan 'Pekan Maut' dengan serangkaian rilisan data ekonomi Global :retail sales, ip, ppi, cpi AS, GDP Q1 China (p: 6.3%) 16/04. Earnings AS & Inggris: GE (jumat), J&J, Google,Intel, JP Morgan, Goldman Sachs, Citigroup. Testimony Fed Bernanke (Selasa), dapat meningkatkan volatilitas pasar pada pekan ini. Sebelumnya data money supply + new yuan loan China melonjak di bulan Maret, diikuti komentar Presiden Obama bahwa beliau melihat 'glimmer of hope' mengenai ekonomi AS.
Secara teknikal IHSG menunjukan pola candle three outside down (continuous bearish reversal sejak 06/04) & weekly candle evening doji star, meski trend bullish berkat pola cup with handle&MACD masih uptrend. Adanya potensi trendline rejection di resistance 1,530&1,570, dapat arahkan indeks ke 1,419/1,350 (sell on strength/profit taking BC). DJIA menunjukkan pola inverted head & shoulder untuk target 8535 jika tembus 8152 (bear market rally still) target 6.7k-7k di Q2.
Profit taking saham BUMI diatas 950 max 1k, ASII diatas 16-16.6k, TLKM diatas 7300-7500 (laggard), PTBA diatas 8k, AALi diatas 16-16k, BBRI diatas 5,200, Pgas diatas 2500, Antm diatas 1300, Inco diatas 3k, bmri diatas 2500. Buy on correction (14/15 Apr) unsp, smcb, elty, ctra, unvr, bbni, sgro target 10% risk <5%.
Disclaimer.
Kalender Ekonomi Global & Event (13-17 April 2009)
Date WIB +11 Jam Currency Impact
Sun
Apr 12 All Day NZD Bank Holiday
All Day AUD Bank Holiday
7:50pm JPY CGPI y/y
Mon
Apr 13 All Day CHF Bank Holiday
All Day EUR French Bank Holiday
All Day EUR German Bank Holiday
All Day EUR Italian Bank Holiday
All Day GBP Bank Holiday
All Day CAD Bank Holiday
10:30am CAD BOC Business Outlook Survey
6:45pm NZD Retail Sales m/m
6:45pm NZD Core Retail Sales m/m
9:30pm AUD NAB Business Confidence
Tue
Apr 14 8:30am USD Core Retail Sales m/m
8:30am USD PPI m/m
8:30am USD Retail Sales m/m
8:30am USD Core PPI m/m
10:00am USD Business Inventories m/m
10:30am USD FOMC Member Evans Speaks
1:30pm USD Fed Chairman Bernanke Speaks
7:01pm GBP RICS House Price Balance
8:30pm AUD MI Leading Index m/m
15th-29th AUD NAB Quarterly Business Confidence
Wed
Apr 15 12:30am JPY Revised Industrial Production m/m
2:00am EUR German WPI m/m
4:30am GBP DCLG HPI y/y
8:30am CAD New Motor Vehicle Sales m/m
8:30am USD Core CPI m/m
8:30am USD CPI m/m
8:30am USD Empire State Manufacturing Index
9:00am USD TIC Long-Term Purchases
9:15am USD Capacity Utilization Rate
9:15am USD Industrial Production m/m
10:30am USD Crude Oil Inventories
1:00pm USD NAHB Housing Market Index
2:00pm USD Beige Book
6:30pm NZD Business NZ Manufacturing Index
7:01pm GBP BRC Retail Sales Monitor y/y
9:30pm AUD RBA Monthly Bulletin
Thu
Apr 16 3:15am CHF PPI m/m
5:00am EUR CPI y/y
5:00am EUR Core CPI y/y
5:00am EUR Industrial Production m/m
8:30am CAD Manufacturing Sales m/m
8:30am USD Building Permits
8:30am USD Unemployment Claims
8:30am USD Housing Starts
10:00am USD Philly Fed Manufacturing Index
10:30am USD Natural Gas Storage
1:00pm USD FOMC Member Lockhart Speaks
6:45pm NZD CPI q/q
6:45pm NZD FPI m/m
7:50pm JPY Tertiary Industry Activity m/m
8:00pm USD FOMC Member Yellen Speaks
9:30pm AUD Import Prices q/q
11:00pm EUR ECB President Trichet Speaks
Fri
Apr 17 1:00am JPY Household Confidence
3:15am CHF Retail Sales y/y
4:00am CHF SNB Chairman Roth Speaks
5:00am EUR Trade Balance
7:00am CAD Core CPI m/m
7:00am CAD CPI m/m
9:55am USD Prelim UoM Consumer Sentiment
9:55am USD Prelim UoM Inflation Expectations
12:30pm USD Fed Chairman Bernanke Speaks
11:30pm EUR ECB President Trichet Speaks
Sat
Apr 18 10:30am USD FOMC Member Kohn Speaks
11:45am USD FOMC Member Dudley Speaks
4:15pm USD FOMC Member Lockhart Speaks
Sun
Apr 12 All Day NZD Bank Holiday
All Day AUD Bank Holiday
7:50pm JPY CGPI y/y
Mon
Apr 13 All Day CHF Bank Holiday
All Day EUR French Bank Holiday
All Day EUR German Bank Holiday
All Day EUR Italian Bank Holiday
All Day GBP Bank Holiday
All Day CAD Bank Holiday
10:30am CAD BOC Business Outlook Survey
6:45pm NZD Retail Sales m/m
6:45pm NZD Core Retail Sales m/m
9:30pm AUD NAB Business Confidence
Tue
Apr 14 8:30am USD Core Retail Sales m/m
8:30am USD PPI m/m
8:30am USD Retail Sales m/m
8:30am USD Core PPI m/m
10:00am USD Business Inventories m/m
10:30am USD FOMC Member Evans Speaks
1:30pm USD Fed Chairman Bernanke Speaks
7:01pm GBP RICS House Price Balance
8:30pm AUD MI Leading Index m/m
15th-29th AUD NAB Quarterly Business Confidence
Wed
Apr 15 12:30am JPY Revised Industrial Production m/m
2:00am EUR German WPI m/m
4:30am GBP DCLG HPI y/y
8:30am CAD New Motor Vehicle Sales m/m
8:30am USD Core CPI m/m
8:30am USD CPI m/m
8:30am USD Empire State Manufacturing Index
9:00am USD TIC Long-Term Purchases
9:15am USD Capacity Utilization Rate
9:15am USD Industrial Production m/m
10:30am USD Crude Oil Inventories
1:00pm USD NAHB Housing Market Index
2:00pm USD Beige Book
6:30pm NZD Business NZ Manufacturing Index
7:01pm GBP BRC Retail Sales Monitor y/y
9:30pm AUD RBA Monthly Bulletin
Thu
Apr 16 3:15am CHF PPI m/m
5:00am EUR CPI y/y
5:00am EUR Core CPI y/y
5:00am EUR Industrial Production m/m
8:30am CAD Manufacturing Sales m/m
8:30am USD Building Permits
8:30am USD Unemployment Claims
8:30am USD Housing Starts
10:00am USD Philly Fed Manufacturing Index
10:30am USD Natural Gas Storage
1:00pm USD FOMC Member Lockhart Speaks
6:45pm NZD CPI q/q
6:45pm NZD FPI m/m
7:50pm JPY Tertiary Industry Activity m/m
8:00pm USD FOMC Member Yellen Speaks
9:30pm AUD Import Prices q/q
11:00pm EUR ECB President Trichet Speaks
Fri
Apr 17 1:00am JPY Household Confidence
3:15am CHF Retail Sales y/y
4:00am CHF SNB Chairman Roth Speaks
5:00am EUR Trade Balance
7:00am CAD Core CPI m/m
7:00am CAD CPI m/m
9:55am USD Prelim UoM Consumer Sentiment
9:55am USD Prelim UoM Inflation Expectations
12:30pm USD Fed Chairman Bernanke Speaks
11:30pm EUR ECB President Trichet Speaks
Sat
Apr 18 10:30am USD FOMC Member Kohn Speaks
11:45am USD FOMC Member Dudley Speaks
4:15pm USD FOMC Member Lockhart Speaks
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