What to Expect this Week

This week, Ben Bernanke, the Federal Reserve Chairman, will deliver his Semi Annual Monetary Policy Report to the House of Representatives. In the data releases front, housing data will be in focus. Existing home sales probably declined further in June as the home buyer tax credit expired. Building permits and housing starts are also likely to stay depressed  since the overall economy has not performing very well during recent months.
TradingEconomics.com 7/18/2010 10:27:20 PM

In the Euro Area, Bank Stress Test Results will be revealed. In addition, we are looking for a third consecutive decline in the composite Purchasing Managers Index (PMI) in July as the recovery remains weak. Consumer confidence in June may drop as well due to announcement of new fiscal austerity measures. In the United Kingdom, advance GDP estimate for the second quarter is likely to show strong growth as retail sales and industrial production numbers were strong. In Canada, the market is looking for 25 basis points rise in the overnight interest rate but Bank of Canada may decide to wait for the inflation release which is likely to show a drop in consumer prices. Finally, Brazil's Monetary Policy Committee (COPOM) may hike the SELIC rate as much as 75 basis points to cool down the economy.