A week packed with data

October 29, 2018

A hectic week ahead with a swathe of significant economic data set for release, headlined by US employment figures.

The EUR/USD bounced back in style on Friday after remaining flat early. The pair opened at $1.13741 and traded in a tight range early in the day. Mid-session trading saw the euro drop to lows of $1.13343 before reversing those losses and surging to a high of $1.14205 late. It is currently trading at $1.14006. The GBP/USD could not replicate the gains that the euro made, remaining largely flat throughout the session. The pair opened at $1.28147 and hummed along during early trading before falling to lows of $1.27760 mid-session. The pound was able to erase those losses as it climbed to highs of $1.28406 late in the day. It is not far off that high, currently trading at $1.28306.

It was an ugly night for indices traders as the major indexes were like yo-yo’s, making it difficult to make any profit. The Dow opened at 24,83301 and declined throughout early and mid-session trading, before dropping sharply to a low of 24,441.49. The index rallied off those lows to peak at 24,910.35 a few hours later, then dropped back to 24,540.58 two hours later. The Dow rallied again into the close, closing at 24,785.88. It has opened higher this morning and is currently trading at 24,848.30. The Dax followed the Dow but opened and closed almost flat. The German index opened at 11,143.94, climbed to 11,224.91 but then fell to lows of 11,047.10 a few hours later. The Dax then climbed to 11,198.63, then dropped to near-session-lows of 11,050.18. It rallied off those lows to reach a high of 11,287.60 before falling away and closing at 11,197.10.

The week ahead is packed with data with the US Non-Farm Employment Change figure being published on Friday. Leading up to this, the week is dotted with important data releases that could cause some volatility in markets. Data published today and the most significant this week includes:

Today – UK M4 Money Supply, Mortgage Approvals, CBI Realised Sales and Net Lending to Individuals, US Personal Income, Personal Spending, Core PCE Price Index and Loan Officer Survey

Tuesday – German Prelim CPI, Australian Building Approvals

Wednesday – US CB Consumer Confidence, BoJ Policy Rate, Monetary Policy Statement, Outlook Report and Press Conference, Australian CPI and Trimmed Mean CPI, Canadian GDP, BoC Governor Stephen Poloz speaks

Thursday – UK Manufacturing PMI, BoE Official Bank Rate, Asset Purchase Facility, Monetary Policy Summary, Inflation Report and BoE Governor Mark Carney speaks, SNB Chairman Thomas Jordan speaks

Friday – US ISM Manufacturing PMI, Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate, Australian Retail Sales, NZ ANZ Business Confidence, Canadian Employment Change and Unemployment Rate


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