The week ahead
A big week ahead once again with plenty of data set for release.
Currencies remained reasonably flat in Friday trade, steadying after the huge moves the day before. The EUR/USD opened at $1.15633 and remained steady before dropping to lows of $1.15418. From that point, it was able to lift itself until it reached a high of $1.16270 in mid-session trading. It was unable to hold onto those gains however. It has dipped below $1.16 and is currently trading at $1.15825. The GBP/USD showed more life than its euro counterpart. After opening at $1.32601, it fell to lows of $1.32104 a few hours later. It then steadily reversed those losses and began its slow climb up until it peaked at $1.32983. Like the euro, the pound could not maintain those highs as it dropped slowly and remained flat for the remainder of the session. It is currently trading at $1.32654.
The Dow reversed some of the gains it made earlier in the week as trade wars and tariffs imposed by China weighed heavily. The Dow opened at 25,164.61, remained steady, then fell sharply before steadying again, then took another downward turn. The Dow bottomed-out at 24,885.00. It regained a portion of those losses in late trading, closing at 25,085.91. It is currently trading at 24,999.70. The Dax ended the night in the red, unable to hold onto some of the significant gains it made in the previous session. The Dax opened at 13,147.79 and peaked at 13.168.40 in the opening hour. It was mainly downhill from there as it slid until it reached a low of 12,999.20. It did pare back some of those losses, closing at 13,061.00.
The week ahead is packed full of data and speeches. Here’s a look at what is happening today and the most significant events for the rest of the week:
Today – Italian Trade Balance, German Buba Monthly Report, US NAHB Housing Market Index
Tuesday – ECB President Mario Draghi speaks, RBA Monetary Policy Meeting Minutes, US Building Permits
Wednesday – RBA Governor Philip Lowe, ECB President Mario Draghi, BoJ Governor Haruhiko Kuroda and Fed Chair Jerome Powell all speak
Thursday – US Crude Oil Inventories, NZ GDP, Swiss Libor Rate, SNB Monetary Policy Assessment & Press Conference, UK Official Ban Rate, Monetary Policy Summary and Asset Purchase Facility
Friday – BoE Governor Mark Carney speaks, OPEC Meetings, Canadian CPI & Core Retail Sales
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