Tuesday April 22, 2008 - 12:42:59 GMT
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CEP News - www.economicnews.ca
Tuesday's Events: BOC Interest Rate Decision, U.S. Existing Home Sales
07:36 04/22 (CEP News) - The Bank of Canada's interest rate decision
will be the main event of the day when it comes out on Tuesday. In the
U.S., the main highlight will be existing home sales data for March. In
the UK, meanwhile, Bank of England Monetary Policy Committee member Tim
Besley is scheduled to speak.
Regarding the BOC's interest
rate decision, economists are expecting the Bank of Canada to cut the
rate by 50 basis points to 3.00%. Turning to U.S. existing home sales,
a drop of 2.2% is expected following February's rise of 2.6%. The
consensus forecast is for 4,920,000 units sold in March, which is down
from 5,030,000 units sold in February.
At 7:45 a.m. EDT, US ICSC Chain Store Sales are due for release. Chain store sales for the week ending April 12 increased 1.8%.
At 8:15 a.m. EDT, Bank of England Monetary Policy Committee member Tim
Besley will make a speech to the Canada-UK Chamber of Commerce in
At 8:55 a.m. EDT, Redbook Retail Sales will be released. In the previous week, sales increased by 2.0%.
At 9:00 a.m. EDT, the Bank of Canada will announce its latest interest
rate decision. Expectations are for a key lending rate of 3.00%, a 50
basis point cut from the bank‚Äôs previous 3.50% rate.
At 10:00 a.m. EDT, the Richmond Fed will release its manufacturing
index for April. Expectations are for the index to drop to 1 from a
previous level of 6.
Also at 10:00 a.m., March existing home sales in the U.S. will be
released. A 2.3% decrease is expected following a 2.9% increase in
At the same time, the U.S. House Price Index will be released for
February. A 1.5% month-over-month decrease is expected following a 1.1%
fall in January.
At 1:00 p.m. EDT, the U.S. Treasury is scheduled to sell US$8 billion in five-year TIPS and US$8 billion in four-week bills.
At 5:00 p.m. EDT, U.S. ABC consumer confidence is released for the week ending April 20. A prior reading of -39 was recorded.
7:45 US ICSC Chain Store Sales Prior: +1.8%
8:15 UK BOE's Besley Makes Speech at Canada-UK Chamber of Commerce
8:55 US Redbook Retail Sales Prior: 2.0%
9:00 CA Bank of Canada Rate 22-April Exp: 3.00% Prior: 3.50%
10:00 US Existing Home Sales March Exp: 4.92M Prior: 5.03M
10:00 US Existing Home Sales (M/M) March Exp: -2.3% Prior: +2.9%
10:00 US House Price Index (M/M) FEB Exp: -1.5% Prior: -1.1%
10:00 US Richmond Fed Manufacturing Index April Exp: 1 Prior: 6
13:00 US TSY to Sell $8B 5-Year TIPS
13:00 US TSY to Sell $8B 4-Week Bills
17:00 US ABC Consumer Confidence 20-Apr Prior: -39
By Ryan Szporer, [email protected], edited by Nancy Girgis, [email protected]
(END) ¬©CEP Newswires - ¬©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca
Related recent stories: (08:15 04/22) CA Preview: Most Economists Expect 50 Point Cut to BOC Rate (Repeat) (08:13 04/22) Market Preview: Loonie and CGBs Unlikely to See Big Moves if BOC Cuts 50 bps (Repeat) (08:11 04/22) Luxembourg Central Banker Expects ECB to Raise Inflation Projection
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