By FX Empire.com
February Ends and March Rolls in with a Slew of Economic Events
A big economic week in the United States dominates overseas news in the week ahead, with GDP data for the fourth quarter due. When one month end and another in the middle of the week, the markets is inundated with economic data. It will keep the markets hopping. Around the globe there will be a lot of news and data.
Lets not forget the G-20 conference in Mexico starting on today. The G20 is a forum for informal discussionwhich seeks to tackle economic and financial issues of global importance, and to promote world-wide financial stability, as well as strong, sustainable and balanced growth. The main topics of conversation will be contagion around the EU, Greece, and EFSF and the IMF. There will be a lot of comments, statements, news and rumors flying during this meeting.
Monday, kicks off the week in Australia where the Labor Party will have the option to select a new leader after Prime Minister Julia Gillard announced a spill of the party due to ongoing tension between her and recently-departed Foreign Minister Kevin Rudd.
In the UK, January mortgage approvals data will be released, as well as the CBI distributive trades survey for February.
European Monetary Union money supply data for January will also be announced.
European Council president Jose Barroso speaks on the future of the European Union.
European Union competition commissioner Joaqu?n Almunia will appear before the European Parliament’s internal market and consumer protection committee. He will appear again on Tuesday.
US pending home sales index for January will be released, alongside the Dallas Federal Reserve manufacturing survey
Tuesday sees the release of February consumer confidence data in the US, alongside figures on durable goods orders for January.
Analysts expect orders to have fallen 0.5 per cent in the month, while consumer confidence may have risen two points to 63.1.
The S&P Case Shiller home price index will also be released, and is expected to show a 0.2 per cent fall in prices during the month of December.
The Greek parliament will hold its vote on the second bailout granted to the country by the EU.
European Council President Barroso will address an EU conference.
Bank of England deputy governor Paul Tucker is due to talk at the British society of business economists annual dinner.
Wednesday the markets will be focused on the much anticipated US gross domestic product data for the December quarter released in the US. Analysts are expecting the figures to confirm annualized growth figures of 2.8 per cent.
The US government’s Beige Book will also be released, its report on the country’s current economic situation.
In Australia the ABS will release retail trade data for January, as well as December quarter construction work figures.
Economists are tipping retail sales to have risen 0.5 per cent in the month, while a 1 per cent fall in construction activity is predicted.
January private sector credit data will also be released. Analysts expect the data to show a 0.3 per cent rise.
Rounding off a big day, the Australian Industry Group will release manufacturing index data.
The Chicago purchasing managers index figures and the weekly Energy Information Association petroleum status report will be released.
In the UK, GfK is due to release consumer confidence data for February.
January consumer credit for January is on tap, along with December quarter M4 money supply data.
Cleveland Federal Reserve president Sandra Pianalto will speak on the prospects for the US economy in the US.
EU internal market and services commissioner Michel Barnier will address a conference in Europe on the credibility of European governance.
In the US, Federal Reserve chairman Ben Bernanke will deliver his semi-annual monetary policy report.
Dallas Federal Reserve president Richard Fisher will give a speech on the US economy.
Philadelphia Federal Reserve president Charles Plosser will also speak.
Rounding off a busy Wednesday, the EU is due to release advice on potential competition and capital rules for trade settlement in the region.
Thursday in the US.car sales data and construction spending figures will be released along with jobless claims data and the ISM manufacturing index for February is on tap. The index is tipped to show a reading of around 55, indicating ongoing expansion.
Personal income and outlays figures will also be released. Economists are tipping the figures to show a 0.5 per cent rise in incomes and a 0.4 per cent lift in spending.
EU leaders will kick off a two day economic summit in Europe. Before the event, EU conservative leaders will hold a pre-summit meeting.
European commissioner for economic and monetary affairs Olli Rehn will deliver an address to the CEPS.
Atlanta Federal Reserve president Dennis Lockhart will speak on the US economy and banking.
Friday brings Greece back into focus with the Greek gross domestic product data which will be heavily monitored in the wake of the approval of its second EU bailout.
US Federal Reserve president James Bullard will deliver an address on the US economy in the aftermath of the financial crisis.
Originally posted here
