Packed week ahead for markets

April 1, 2019

A stack of data is expected to be released this week, while turmoil continues in the UK over Brexit.

The EURUSD continues to meander along, unsure which direction it wants to head. The pair opened at $1.12183 and climbed to $1.12382 early before falling to lows of $1.12088 mid-session. It bounced off those lows to rally to a high of $1.12459 a few hours later. It could not hold onto those highs and declined in late trading, closing at $1.12169. It has opened higher Monday morning and is currently trading at $1.12237. The GBPUSD opened at $1.30393 and climbed throughout early trading, hitting highs of $1.31350 mid-session. It came off those lows fairly quickly, hitting lows of $1.23764 three hours later. It has come off those lows but is struggling to stay above $1.30, currently trading at $1.30186.

The Dow posted some solid gains on Friday. The index opened at 25,724.47 and dipped to an opening-hour low of 25,707.99. From there however, it was all up as the Dow gradually climbed to a high of 25943.43, before closing at 25,929.30. It opened much high in Monday trading and has gone up further since, currently trading at 26,056.00. The Dax continued its good form that was a feature of markets last week. The German index opened at 11,488.97 and fell to an early low of 11,442.23. The Dax bounced off that low and rallied into the close, peaking at a final-hour high of 11,556.15 before closing at 11,550.76.

The week ahead features the publication of some crucial economic data from around the world. Away from data and the UK parliament has rejected Theresa May’s Brexit deal for a third time. Chaos reigns in the UK as there is talk of a general election, while MPs could be voting on the PM’s deal for a fourth time. Closer to home and the Australian government will be releasing their annual budget.

Data released today and the most significant this week includes:

Today – US Retail & Core Retail Sales, US ISM Manufacturing PMI, China Caixin Manufacturing PMI, Japanese Tankan Manufacturing & Non-Manufacturing PMIs, Final Manufacturing PMI, Australian Commodity Prices, HIA New Home Sales, MI Inflation Gauge and NAB Business Confidence, UK Manufacturing PMI, Swiss Retail Sales & Manufacturing PMI, Italian & Spanish Manufacturing PMIs, European, German and French Final Manufacturing PMIs, Italian Monthly Unemployment Rate, European Unemployment Rate, European CPI & Core CPI Flash Estimates

Tuesday – Australian Annual Budget Release, Cash Rate, RBA Rate Statement and Building Approvals, US Core Durable Goods Orders, BoC Governor Stephen Poloz speaks

Wednesday – Australian Retail Sales

Thursday – US ISM Non-Manufacturing PMI

Friday – US Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate, Canadian Employment Change and Unemployment Rate

 

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