A hectic week awaits markets
A deluge of data lays in wait for markets this week, with some crucial figures emanating from the US on Thursday.
The USD weakened once again on Friday with the euro and pound both taking advantage. The EURUSD began Friday at $1.12909 and was flat early, dipping to a low of $1.12819. The pair climbed off that low gaining momentum as it shot through the $1.13 barrier, peaking at $1.13767. It is currently trading slightly higher, now at $1.13808. The GBPUSD showed bigger movements that the euro but followed a similar path to its European counterpart. The pair started the day at $1.27029 and lifted to $1.27240 before falling mid-session to a low of $1.26413. The pound rallied off that low, regaining all of the previous losses, reaching a high of $1.27459. It is just above those highs now, currently trading at $1.27490.
The Dow was rather flat on Friday, shying away from hitting all-time highs. The index opened the session at 26,762.00 and dipped to a low of 26,884.66 early in the day. It came off those lows slightly over the next few hours before a brief spike saw the Dow peak at 26,925.47. It gave up most of those gains and closed at 26,997.84. It is currently trading at 26,735.38. The Dax oped lower but climbed to a high of 12,420.51. The German index began its slide after that, falling to a low of 12,261.34 late in the day before closing at 12,269.09.
The week ahead is packed with data from around the world, with the most vital information coming out of the US. Thursday sees the publication of Final GDP data from the US. The US economy is expected to grow by 3.1%.
Data released today and the most important this week includes:
Today – NZ Credit Card Spending, German Ifo Business Climate, China CB Leading Index, Belgian NBB Business Climate
Tuesday – US CB Consumer Confidence, OPEC Meetings
Wednesday – US Core Durable Goods Orders, UK Inflation Report Hearings, NZ Official Cash Rate, RBNZ Rate Statement, Fed Char Jerome Powell speaks
Thursday – US Final GDP, NZ ANZ Business Confidence
Friday – UK Current Account, Canadian GDP, BoC Business Outlook Survey, G20 Meetings
Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.