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In last week’s article, I told you that if you were bold, you would buy into the USD/JPY to take advantage of recent dollar strength. Well, I hope you took advantage of that, because you would have made some decent money.  On Friday, the USD/JPY was around 116.912.  Today, the USD/JPY is at 117.696.
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Factory Orders and Pending Home Sales on the Calendar
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Monday, 04 February 2008
By Rick Pendergraft
This week isn’t as busy as last week’s incredibly busy economic calendar, but that doesn’t mean there aren’t any important reports.  Factory orders and pending home sales are the two most important reports.  And though we are entering the tail end of earnings season, but there are still important reports this week.
Among those slated to report this week are Time Warner (TWX), Cisco Systems (CSCO), PepsiCo (PEP), and Fannie Mae (FNM).  You will want to keep an eye on these reports because they can move the market just as much as an economic report.

Looking at the Factory Orders report for December, analysts expect small growth of one percent.  If you are looking for small victories about the economy, I guess it’s good that the number is at least expected to be positive.  Last month, the expectations were for a small contraction in factory orders, but the report managed to surprise by coming in at 1.5-percent growth.

The pending home sales report for December is due out on Thursday and is expected to be flat.  At this point, investors are looking for any sign of encouragement from the real estate sector, but I doubt they will find it in this report.

Date

Time (ET)

Statistic

For

Market Expects

Prior

4-Feb

10:00 AM

Factory Orders

Dec

1.00%

1.50%

5-Feb

10:00 AM

ISM Services

Jan

53

53.9

6-Feb

8:30 AM

Productivity-Prel

Q4

2.00%

6.30%

7-Feb

10:00 AM

Pending Home Sales

Dec

-

-2.60%

7-Feb

3:00 PM

Consumer Credit

Dec

$8.0B

$15.4B

8-Feb

10:00 AM

Wholesale Inventories

Dec

0.40%

0.60%

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