Big week for markets as attention turns local
A plethora of data is scheduled for publication this week as traders look local for some crucial economic data.
The EURUSD finally showed some signs of life on Friday after losing value earlier in the week. The pair opened at $1.11278 and dipped to a low of $1.11241 early in the day before climbing for most of the session. The euro peaked at $1.11791 heading into late trading, giving up most of its earlier gains before again bouncing back. It is not far off those highs, currently trading at $1.11728. The GBPUSD finished Friday stronger after opening at $1.26030. The pair lifted to $1.26274 before falling sharply to a low of $1.25579 mid-session. The pound rallied off that low, surging to a high of $1.26435. It has come off those highs and is currently trading at $1.26350.
The Dow ended a bleak trading week by getting hammered once again. The index opened at 25,158.77 and ticked up to a high of 25,180.27 shortly after the open. The Dow then dropped over 100 points in an hour to set the trend for the rest of the day, as it struggled to stay above 25,000. It hit a low of 24,777.13 in the final hour of trade but has opened Monday much lower, currently trading at 24,638.80. The Dax also had a week to forget, once again losing ground on Friday. The German index opened at a high of 11,813.68 and fell steadily in early trade, hitting lows of 11,654.36 just a few hours into the session. It clawed back a small amount of those lows before closing at 11,700.22.
The week ahead shapes up to be a crucial one for markets as the world reels from the latest Trump tariffs. There is also some vital economic data coming out of Australia which could point to a potential recession. They also have a monetary policy meeting this week, which will be something not to miss.
Data coming out today and the most important this week includes:
Today – Japan, Europe, German and French Final Manufacturing PMIs, China Caixin Manufacturing PMI, Australian Commodity Prices, ANZ Job Ads, Company Operating Profits and MI Inflation Gauge, Swiss CPI, US, UK, Italian, Spanish and Canadian Final Manufacturing PMIs, FOMC Member Randal Quarles speaks
Tuesday – RBA Cash Rate and Rate Statement, Australian Retail Sales, US ISM Manufacturing PMI, Fed Chair Jerome Powell and RBA Governor Philip Lowe speak
Wednesday – Australian GDP
Thursday – US ISM Non-Manufacturing PMI, ECB Main Refinancing Rate, Monetary Policy Statement and Press Conference, Canadian Trade Balance, BoE Governor Mark Carney and BoJ Governor Haruhiko Kuroda speak
Friday – US Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate, Canadian Employment Change and Unemployment Rate
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