USD/JPY Outlook June 17-21

The Japanese yen continues to be red-hot, and has posted sharp gains for the second straight week.USD/JPY dropped over 400 points, as the pair dipped below the 94 level before closing the week at 94.06. There are only four releases in the upcoming week, highlighted by a speech by BOJ Governor Haruhiko Kuroda. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.

There was some solid Japanese releases last week, as Current Account and Manufacturing Production were very sharp and well  above expectations. As well, the yen benefited from a broadly weakened dollar.

USD/JPY daily chart with support and resistance lines on it. Click to enlarge:   

1. Tertiary Industry Activity: Sunday, 23:50. This indicator measure the change in spending by Japanese businesses. The indicator has been alternating between positive and weak readings in 2013, and market forecasts have often been off the mark. The May release was the indicator’s weakest showing this year, with a decline of 1.3%. The markets are expecting a stronger reading in June, with an estimate of a modest gain of 0.2%.
2. Revised Industrial Production: Tuesday, 4:30. Revised Industrial Production has been steadily improving, and the indicator climbed a respectable 0.9% in the May release, easily beating the estimate of 0.2%. The markets are expecting better news from the indicator in the upcoming reading, with an estimate of 1.7%. Will the indicator beat this rosy prediction?
3. Trade Balance: Tuesday, 23:50. Japan’s trade balanc3e continues to improve, but the country has not rung up a trade surplus in over two years. The May reading produce a smaller deficit of JPY 0.76 trillion, but this was above the estimate of a JPY 0.63 trillion deficit. The markets are not expecting the deficit to widen slightly in June, with a forecast of -0.89 trillion yen.
4. BOJ Governor Haruhiko Kuroda: Friday, 6:35. Along with Prime Minster Abe, Kuroda has engineered Japan’s extreme easing policy, which has seen the yen plummet. So any statements by the BOJ Governor can be market-movers. Kuroda will speak at a bank conference in Tokyo.

*All times are GMT.

USD/JPY Technical Analysis

The yen picked up where it left the week before, posting more sharp gains against the dollar. USD/JPY began the week at 98.36 and quickly touched a high of 99.28. It was all downhill from there, as the pair plunged to a low of 0.9379, before closing the week at 94.06, an important support level (discussed last week).

Live chart of USD/JPY:

Technical lines from top to bottom

With USD/JPY continuing to drop, we start at lower levels.

There is important resistance at the all-important round number of 100. USD/JPY broke through this pair in early June, and the line has strengthened as the pair continues to push to lower levels. 98.90 capped the pair in June 2009 and has also strengthened.

Next, 97.80, had served in a support role from early May until last week. It has reverted to a strong resistance line.

The round 97 line also worked as important support in May. The pair easily broke through this line as the yen surged, and it is providing resistance.

The March 2013 peak of 96.71 also failed to stem the tide, as the pair broke this support line. Next is the round number of 95, which many had expected to provide tougher support for the pair. It has reverted to a resistance line.

USD/JPY is testing 0.9406, where it ended the week. This line had held as a support line since April, protecting the 94 line. Will it also be swept away this week?

Below, 0.9277 has held firm since April. It is followed by 91.19, which has not been tested since February.

Next is the critical line of 90. This psychologically important support level has remained intact since January. The final support line for now is at 88.13.

I am bullish on USD/JPY

The yen has surged in June, gaining a remarkable 600 points so far this month. The yen continues to trade at levels not seen since early April. After such strong gains by the yen in such a short period, we could be due for a correction. As well, it is becoming increasingly clear that QE tapering will happen this year, which would be dollar-positive. So if the US produces some strong US numbers, these would point to a stronger recovery and fuel expectations about QE being scaled back.

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EUR/USD Forecast June 17-21

Eur/Usd advanced for a fourth consecutive week and is at a 4 month high, riding on the dollar’s weakness. Will the pair make a correction or continue advancing steadily? German ZEW Economic Sentiment and Flash PMI figures will provide insights about the direction of the euro-zone economies, and are the main events of the week. Here is an outlook for the week’s events and an updated technical analysis for EUR/USD.

The discussions in the German constitutional court about the legality of the OMT backstop mechanism didn’t manage to undermine the euro. Also inflation numbers, which remain weak but do not point to deflation, have been supportive. A worrying rise in bond yields of Spain and Italy has been contained so far, but yields rise without the euro taking a hit? In the US, data remained mixed for another week, asmarkets await the FOMC decision on Wednesday. Let’s start:

EUR/USD daily graph with support and resistance lines on it. Click to enlarge:

1. Italian Trade Balance: Monday, 8:00. Italy registered a trade surplus of 3.2 billion euros in March, a big improvement from the EUR1.8 billion trade surplus in the same month of 2012. However this improvement was characterized by a sharp decline in domestic demand. Export plunged 6.0% while import went down even further by 10.6%. The major drops in exports were to Spain, the Netherlands and Turkey. A surplus of 2.48 billion is expected now.
2. Trade Balance: Monday, 9:00. Trade surplus in the 17 countries that share the euro, registered a record high of 18.7 billion from €12.7 billion in February, driven by a continued fall in imports, indicating weak domestic demand compared to a steady rising in exports. Exports grew 2.8% from February, while imports fell 1%. Germany continued to be the main holder. A big surplus of 21.2 billion is predicted now.
3. G8 Meetings: Mon.-Tue. The G8 summit is meeting in Ireland for two days. Leaders from Canada, France, Germany, Italy, Japan, Russia, USA and UK will discuss ways in which we can support the development of open economies, open governments and open societies to unleash the power of the private sector, advancing trade, ensuring tax compliance and promoting greater transparency. UK is the head of the G8 thus year. Japan’s policies will be in the spotlight.
4. German ZEW Economic Sentiment: Tuesday, 9:00. German analyst and investor climate climbed in May to 36.4 points from the sharp drop to 36.3 in April, indicating the euro zone’s largest economy is back on track to a timid recovery. Economists expected a stronger figure of 39.5. The slow rise could be caused by the weak economic conditions in the Eurozone. The all-European figure is predicted to advance from 27.6 to 29.4 points.
5. German PPI: Thursday, 6:00. Producer prices fell 0.2% in April, in line with market expectations. Energy costs declined 0.3% but in general prices were mostly unchanged. The subdues prices indicate, inflation will remain low raising the likelihood of additional ECB easing. It is expected to remain flat this time.
6. French, German and Euro-area PMI’s: Thursday. The early indicator of manufacturing and services PMI in Europe advanced better than expected in May although still reflecting contraction. Eurozone Manufacturing PMI increased to 47.8 from 46.7 a month ago while Services PMI improved to 47.5 from 47.0 a month ago. French service sector remain unchanged at 44.3 while the manufacturing sector improved to a 9-month high of 45.5 from 44.4 in April. Germany’s flash manufacturing PMI improved to 49.0 from 48.1 in April and the service sector increased slightly to 49.8 from 49.6 in the previous month. Only the German services sector is expected to return to growth, with 50.1 points.
7. Consumer Confidence: Thursday, 14:00. Consumer climate in the euro zone improved slightly to -21.9 from -22.3 in April, broadly in line with expectations. Consumer spending amounts to more than half of euro zone economic output, however the ongoing recession reduced disposable income, hindering the Eurozone’ economic recovery. No change is expected now.
8. Current Account: Friday, 8:00. The euro-zone’s current account surplus surged in March to an all-time high, due to rising exports. The current account surplus, increased to 25.9 billion euros from a downwardly revised 14.6 billion euros in February. However unless domestic demand picks-up, economic recovery in the Eurozone cannot begin. The euro-zone economy declined 0.2% in the first quarter due to shrinking domestic demand outweighing the rise in exports.

*All times are GMT

EUR/USD Technical Analysis

Euro/dollar began the week above support at 1.3160 (mentioned last week), and it gradually made its way up from there. The pair peaked at 1.3390, just under 1.34 before closing at 1.3346.

Technical lines from top to bottom:

1.3710 was the peak in early 2013 and is the ultimate peak. 1.3580 capped the pair during February and is minor resistance.

1.3480 was the “shoulders” of an old H&S pattern. 1.3434 is a line in the middle of the 1.34 to 1.3480 range.

The round line of 1.34 served in both directions when the pair traded in higher ground. The pair got close to this line in June. 1.3350 provided support when the pair traded higher in February and now serves as a pivotal line.

1.3255 provided support during January 2013 and also beforehand. A recovery attempt failed to reconquer this line at first, but now this line is strong support. 1.32 is a clear top after capping the pair twice in April 2012 and then in May. This is a round number as well.

1.3160, which separated ranges in May 2013 is a now weakening. 1.3100 is a minor line after working as temporary resistance in December 2012.

It is followed by 1.3050, which proved be strong support in May 2013, defending the round number in more than one occasion, and now works as support. The very round 1.30 line was a tough line of resistance and is becoming stronger after serving as a double top in May 2013. In addition to being a round number, it also served as strong support and recently worked as a pivot line.

1.2940 is the next line of support, replacing 1.2960. It worked as such during April and May 2013. Lower, 1.2890 worked in both directions during 2012 and was the beginning of the uptrend support line. It is somewhat weaker now.

1.2840 worked as a cushion for the pair during May 2013 and is a pivotal line at the moment. Lower, the round number of 1.28 was the bottom of a long term wide range in 2012 and its breach in May 2013 was not confirmed.

Below, 1.2750 worked as a separator of ranges during November, and stopped the pair’s drop in March. This is a key line on the downside, as clearly shown in the first week of April. This is followed by the round number of 1.27, which is a minor line.

Steep uptrend support

As the thick black line on the chart shows, EUR/USD is trading along steep uptrend support since late May. Can it keep up with this line?

I am neutral on EUR/USD

The pressure on the euro is weaker after Draghi put negative rates on the backburner. However, the economic situation hasn’t improved. The ECB actually downgraded its forecasts. The PMIs could serve as a stark reminder of the ongoing recession in Europe.

In the US, signs remained mixed: while jobless claims and retail sales exceeded expectations,consumer sentiment fell. The Fed is not expected to point directly to tapering of QE, even if it might begin hinting about it. The actual decision to taper (which still means monetary expansion) could take a long long time.

All in all, the direction of the pair seems down, but the FOMC decision is a bit of a wild card.

More technical analysis:

• EUR/USD Technical Analysis - more levels for the pair by Nick Simpson.
• EUR/USD At Temporary Resistance; Be Aware Of Reversal - Elliott Wave Analysis

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GBP/USD Outlook June 17-21

The pound enjoyed another good week, climbing close to two cents against the US dollar. GBP/USD closed at 1.5737. This week’s major events include CPI and Retail Sales. Here is an outlook of the events and an updated technical analysis for GBP/USD.

Both UK and US numbers were a mix last week. In the UK, Manufacturing Production missed the estimate but unemployment figures dropped nicely. US retail sales and unemployment numbers were positive, but consumer confidence fell below expectations. The pound took advantage of broad dollar weakness and posted strong gains, as the British currency pushed above the 1.57 line, its highest level since February.

GBP/USD graph with support and resistance lines on it. Click to enlarge: 

1. Rightmove HPI: Sunday, 23:01. This housing inflation indicator provides a snapshot of activity in the UK housing sector. The index has been quite steady, posting gains of 2.1% in the past two releases.
2. CPI: Tuesday, 8:30. CPI is considered the most important inflation indicator, and is used by the BOE to set the inflation target. After two straight readings with gains of 2.8%, the index dropped to 2.4% in the previous reading. The estimate for June release stands at 2.6%.
3. PPI Input: Tuesday, 8:30. This inflation index has been quite volatile, making accurate estimates a tricky task. The May release posted a sharp drop of 2.3%. The markets are expecting a turnaround for the June release, with an estimate of a modest gain of 0.1%.
4. RPI: Tuesday, 8:30. RPI is another important measure of consumer inflation, but also includes house costs, unlike CPI. The index dropped to 2.9% in the previous reading, the first time it fell below the 3% level since October 2012. The estimate for the upcoming reading stands at 3.1%.
5. Inflation Report Hearings: Tuesday, 9:00. The BOE Governor and several MPC members will testify before the Parliament Treasury Committee on inflation and economic conditions in the UK. The hearings can affect the movement of GBP/USD.
6. BOE MPC Meeting Minutes: Wednesday, 8:30. The minutes provide a detailed record of the most recent Monetary Policy Committee meeting. Analysts are especially interested in the breakdown of the vote on the interest rate and asset purchase decisions, and an unexpected voting result can cause market volatility.
7. Retail Sales: Thursday, 8:30. Retail Sales is one of the most important consumer indicators, and an unexpected reading can impact on the direction of GBP/USD. The indicator has not looked sharp lately, posting declines in four of the past five releases, including a 1.3% drop in the previous reading. The markets are expecting a rebound in June, with an estimate of a 0.8% gain.
8. CBI Industrial Order Expectations: Thursday, 10:00. This manufacturing indicator remains mired deep in negative territory. This points to ongoing weakness in the UK manufacturing sector. The estimate for the June reading stands at -15 points, which would be an improvement from the previous reading of -20 points.
9. Public Sector Net Borrowing: Friday, 8:30. Public Sector Net Borrowing has not produced a surplus since the February reading. The May release posted a sharply lower deficit of 8.0 billion pounds, but the markets are expecting a weak release for June, with an estimate of a deficit of 13.5 billion pounds.

Live chart of GBP/USD:

GBP/USD Technical Analysis

GBP/USD opened the week at 1.5525. The pair dipped below the 1.55 line, touching a low of 1.5495 as the support line of 1.5484 (discussed last week) held firm. It was all uphill from there, as GBP/USD climbed sharply, reaching a high of 1.5737. The pair closed the week just above the 1.57 level, at 1.5704.

Technical lines from top to bottom:

We begin with strong resistance at 1.6170. GBP/USD broke through this line back in January, as the pair went on a very sharp descent which saw it drop below the 1.50 level.  The next line of resistance is at 1.6081.

This is followed by the round number of 1.60, which has held firm since mid-January. Below is 1.5894, protecting the 1.59 level. 1.5804 continues to provide strong resistance. This line has held firm since February.

1.5648 has reverted to a support role after GBP/USD pushed higher. Next is 1.5550, which has strengthened as the pair trades above the 1.57 line. 1.5484 continues to provide support for the pair.

Below, 1.5416 saw action in early June in a resistance role, and has reverted to support as GBP/USD moves upwards. This is followed by 1.5258, which has held firm since late May, when the pound began its current impressive rally.

The final support line for now is 1.5146, which also has remained in place since late May and is a strong support level.

I am neutral on GBP/USD.

The pound has been on fire, gaining about seven cents against the greenback since late May. However, this rally is more due to dollar weakness rather than any new-found strength in the British economy. Key US releases were pointed in the right direction last week until a disappointing consumer confidence reading ended the week on a sour note. The pound’s fortune this week could depend on UK Retail Sales and CPI, both of which are market-movers.

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EUR/USD Technical Analysis June 17-21

EURUSD finished last week close to the 61.8% Fibonacci retrace area, as shown on the attached chart, an area aligned with the weekly 200 period SMA.

Euro/dollar bulls will be looking for near term support in the 1.3240 area, a level that marks a significant previous swing high.  Price action developments around this area could help provide a directional bias heading into the new week.

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Forex Trading Signal for 17th June 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

For Eur/Usd, there will be a continuous rise from last week closed price of : 1.33447

EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.33421

T/P: 1.34000

S/L: 1.33000

 For Gbp/Usd, there will be a little drop down at the early start of the market before it will resume its rise again.

GBP/USD

UP Trend:

(1) BUY

E/P: 1.56845

T/P: 1.57500

S/L: 1.56400

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Forex - NZD/USD weekly outlook: June 17 - 21

The New Zealand dollar retreated from a three-week high against its U.S. counterpart on Friday, as concerns over the prospect of an end to central bank stimulus programs boosted demand for the safe haven greenback.

NZD/USD hit 0.8135 on Friday, the pair’s highest since May 29; the pair subsequently consolidated at 0.8039 by close of trade on Friday, 0.68% lower for the day but still up 2.37% for the week, the first weekly advance in six weeks.

The pair is likely to find support at 0.7761, the low from June 11 and a 12-month low and resistance at 0.8135, Friday’s high.

A series of weaker-than-expected U.S. economic data releases on Friday raised concerns over the outlook for the economic recovery ahead of this week’s upcoming Federal Reserve policy meeting.

Data showed that the University of Michigan’s consumer sentiment index fell unexpectedly in the current month after rising to the highest level in almost six years in May.

Separate reports showed that U.S. industrial production was flat in May, while the capacity utilization rate fell unexpectedly last month.

Meanwhile, in New Zealand, the Reserve Bank of New Zealand held its benchmark interest rate at 2.50%, in a widely expected move on Thursday. 

Commenting on the decision, RBNZ Governor Graeme Wheeler said that "despite having fallen over the past few weeks, the New Zealand dollar remains overvalued and continues to be a headwind for the tradables sector."

The central bank also cut its growth forecast for the year through March 2014 to 3% from 3.3%, and left its projection for the following year at 2.8%.

In the coming week, markets will be focusing on Wednesday’s Federal Reserve policy meeting, as investors look to Fed Chairman Ben Bernanke for any indication on when the U.S. central bank may start to unwind its easing policies.

Elsewhere, New Zealand will release a closely-watched report on first quarter economic growth.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday as there are no relevant events on this day.

Monday, June 17

The U.S. is to publish the Empire state manufacturing index.

Also Monday, finance ministers and central bankers from the G8 group are to hold the first day of a two day summit in Northern Ireland.

Tuesday, June 18

The U.S. is to release official data on building permits, housing starts and consumer price inflation.

Meanwhile, finance ministers and central bankers from the G8 group are to hold the second day of a two day summit in Northern Ireland.

Wednesday, June 19

New Zealand is to produce data on the current account.

Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. The statement is to be followed by a closely watched press conference with Chairman Ben Bernanke. The U.S. central bank is also to release its quarterly report on economic and inflation projections.

Thursday, June 20

New Zealand is to release data on first quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health.

China is to release the preliminary reading of the HSBC manufacturing index. The Asian nation is New Zealand’s largest trade partner.

The U.S. is to release the weekly government report on initial jobless claims, in addition to data on existing home sales and the Philly Fed manufacturing index.

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Forex - AUD/USD weekly outlook: June 17 - 21

The Australian dollar ended Friday’s session lower against its U.S. counterpart, coming off a seven-day high as uncertainty over the future of central bank stimulus measures boosted demand for the safe haven greenback.

AUD/USD hit 0.9665 on Thursday, the pair’s highest since June 6; the pair subsequently consolidated at 0.9569 by close of trade on Friday, 0.69% lower for the day but still up 1.56% for the week, the first weekly advance in six weeks.

The pair is likely to find support at 0.9324, the low from June 11 and a 33-month low and resistance at 0.9665, Thursday’s session high.

A series of weaker-than-expected U.S. economic data releases on Friday raised concerns over the outlook for the economic recovery ahead of this week’s upcoming Federal Reserve policy meeting.

Data showed that the University of Michigan’s consumer sentiment index fell unexpectedly in the current month after rising to the highest level in almost six years in May.

Separate reports showed that U.S. industrial production was flat in May, while the capacity utilization rate fell unexpectedly last month.

Meanwhile, in Australia, official data released Thursday showed that the number of employed people in Australia rose by 1,100 in May, beating expectations for a 10,000 decline , after a 45,000 increase the previous month. 

The report also showed that Australia's unemployment rate ticked down to 5.5% last month, from 5.6% in April. Analysts had expected the unemployment rate to remain unchanged in May.

In the coming week, markets will be focusing on Wednesday’s Federal Reserve policy meeting, as investors look to Fed Chairman Ben Bernanke for any indication on when the U.S. central bank may start to unwind its easing policies.

Elsewhere, the Reserve Bank of Australia is to release the minutes of its latest policy-setting meeting.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets. The guide skips Friday as there are no relevant events on this day.

Monday, June 17

Australia is to produce a report on new motor vehicle sales, a leading indicator of consumer confidence.

The U.S. is to publish the Empire state manufacturing index.

Also Monday, finance ministers and central bankers from the G8 group are to hold the first day of a two day summit in Northern Ireland.

Tuesday, June 18

The Reserve Bank of Australia is to release the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.

The U.S. is to release official data on building permits, housing starts and consumer price inflation.

Meanwhile, finance ministers and central bankers from the G8 group are to hold the second day of a two day summit in Northern Ireland.

Wednesday, June 19

Australia is to publish an index of leading economic indicators.

Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. The statement is to be followed by a closely watched press conference with Chairman Ben Bernanke. The U.S. central bank is also to release its quarterly report on economic and inflation projections.

Thursday, June 20

China is to release the preliminary reading of the HSBC manufacturing index. The Asian nation is Australia’s largest trade partner.

The U.S. is to release the weekly government report on initial jobless claims, in addition to data on existing home sales and the Philly Fed manufacturing index.

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Forex - USD/CAD weekly outlook: June 17 - 21

The Canadian dollar was lower against the U.S. dollar on Friday after official data showed that Canadian manufacturing sales fell unexpectedly in April.

USD/CAD hit 1.0135 on Friday, the pair’s lowest since May 14; the pair subsequently consolidated at 1.0166, 0.18% higher for the day, trimming the week’s losses to 0.49%.

The pair is likely to find support at 1.0088, the low of May 14 and resistance at 1.0224, Thursday’s high.

Statistics Canada said manufacturing sales fell 2.4% in April, the largest monthly drop since August 2009, and weaker than expectations for a 0.3% rise.

The report came one day after the Bank of Canada’s financial system review warned that risks to the economy from record high levels of household debt and the housing market remained "elevated", but added that the situation appears to have improved over the past six months.

The greenback fell to five week lows against the Canadian dollar on Thursday amid growing expectations that the Federal Reserve will begin to taper its USD85 billion-a-month bond purchasing program later this year.

A series of weaker-than-expected U.S. economic data releases on Friday raised concerns over the outlook for the economic recovery ahead of this week’s upcoming Federal Reserve policy meeting.

Data showed that the University of Michigan’s consumer sentiment index fell unexpectedly in the current month after rising to the highest level in almost six years in May.

Separate reports showed that U.S. industrial production was flat in May, while the capacity utilization rate fell unexpectedly last month.

In the coming week, markets will be focusing on Wednesday’s Federal Reserve policy meeting, as investors look to Fed Chairman Ben Bernanke for any indication on when the U.S. central bank may start to unwind its easing policies.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, June 17

Canada is to produce government data on foreign securities purchases.
The U.S. is to publish the Empire state manufacturing index.

Also Monday, finance ministers and central bankers from the G8 group are to hold the first day of a two day summit in Northern Ireland.

Tuesday, June 18

The U.S. is to release official data on building permits, housing starts and consumer price inflation.

Meanwhile, finance ministers and central bankers from the G8 group are to hold the second day of a two day summit in Northern Ireland.

Wednesday, June 19

Canada is to release official data on wholesale sales, a leading indicator of consumer spending.

Meanwhile, BoC Governor Stephen Poloz is to give his first speech since taking over the post.

Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. The statement is to be followed by a closely watched press conference with Chairman Ben Bernanke. The U.S. central bank is also to release its quarterly report on economic and inflation projections.

Thursday, June 20

The U.S. is to release the weekly government report on initial jobless claims, in addition to data on existing home sales and the Philly Fed manufacturing index.

Friday, June 21

Canada is to round up the week with official data on consumer inflation and retail sales.

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Forex - Weekly outlook: June 17 - 21

The yen ended the week sharply higher against the dollar and the euro on Friday as uncertainty over the future of central bank stimulus measures boosted safe haven inflows into the Japanese currency.

The yen rose to multi-month highs against the dollar and the euro during the week, following steep falls in Japanese equities after the Bank of Japan disappointed market expectations for measures to ease market volatility.

The BoJ’s lack of action, along with growing expectations that the Federal Reserve will begin to taper its USD85 billion-a-month bond purchasing program, sparked a broad sell-off in risk assets.

The dollar was lower against the yen for the fourth consecutive session on Friday, with USD/JPY dropping 1.26% to settle at 94.17, and ended the week 3.8% lower, the largest weekly decline since July 2009.

EUR/JPY was down 1.50% to 125.66 at the close on Friday, ending the week 2.73% lower, the worst weekly performance since July 2012.

The euro pared losses against the dollar on Friday following a series of weaker-than-expected U.S. economic data releases.

Data showed that the University of Michigan consumer sentiment index fell unexpectedly in the current month after rising to the highest level in almost six years in May.

Separate reports showed that U.S. industrial production was flat in May, while the capacity utilization rate fell unexpectedly last month.

EUR/USD settled at 1.3342, up from session lows of 1.3296, still down 0.26% for the day.

The pound also trimmed losses against the greenback, with GBP/USDretreating from lows of 1.5616, to settle at 1.5702, just 0.10% lower for the day.

In the coming week, markets will be focusing on Wednesday’s Federal Reserve policy meeting, as investors look to Fed Chairman Ben Bernanke for any indication on when the U.S. central bank may start to unwind its easing policies.

Elsewhere, the euro zone is to release closely watched data on manufacturing and service sector activity and both the Reserve Bank of Australia and the Bank of England are to release the minutes of their latest policy meetings.

In addition, the Swiss National Bank is to announce its Libor rate.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, June 17

Japan is to release official data on tertiary industry activity, an important indicator of economic health. Australia is to produce a report on new motor vehicle sales, a leading indicator of consumer confidence.

Canada is to produce government data on foreign securities purchases.
The U.S. is to publish the Empire state manufacturing index.

Also Monday, finance ministers and central bankers from the G8 group are to hold the first day of a two day summit in Northern Ireland.

Tuesday, June 18

The Reserve Bank of Australia is to release the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.

The U.K. is to release official data on consumer price inflation, which accounts for the majority of overall inflation. Meanwhile, Bank of England policymakers are to testify on the inflationary and economic outlook before the U.K. Treasury Committee.

The ZEW Institute is to release its closely watched report on German economic sentiment, a leading indicator of economic health, as well as data on economic sentiment in the wider euro zone.

The U.S. is to release official data on building permits, housing starts and consumer price inflation.

Meanwhile, finance ministers and central bankers from the G8 group are to hold the second day of a two day summit in Northern Ireland.

Wednesday, June 19

Japan is to release official data on the trade balance, the difference in value between imports and exports. 

New Zealand is to produce data on the current account, while Australia is to publish an index of leading economic indicators.

The BoE is to release the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.

The ZEW Institute is to publish a report on economic expectations in Switzerland, a leading indicator of economic health.

Canada is to release official data on wholesale sales, a leading indicator of consumer spending.

Later Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. The statement is to be followed by a closely watched press conference with Chairman Ben Bernanke. The U.S. central bank is also to release its quarterly report on economic and inflation projections.

Thursday, June 20

New Zealand is to release data on first quarter gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health.

China is to release the preliminary reading of the HSBC manufacturing index.

The Swiss National Bank is to publish its annual financial stability report, which assesses the stability of the country’s banking sector. The SNB is also to announce its Libor rate and hold a press conference to discuss the monetary policy decision.

The euro zone is to release preliminary data on manufacturing and service sector activity. France and Germany are also to publish individual reports. In addition, Germany is to produce data on producer price inflation.

The U.K. is to release official data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity, as well as private sector data on industrial order expectations.

The U.S. is to release the weekly government report on initial jobless claims, in addition to data on existing home sales and the Philly Fed manufacturing index.

Friday, June 21

Bank of Japan Governor Haruhiko Kuroda is to speak; his comments will be closely watched for indications of the future direction of monetary policy.

The U.K. is to release official data on public sector net borrowing.

Canada is to round up the week with official data on consumer inflation and retail sales.

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