NFP Friday set to end hectic week for markets

July 1, 2019

A swathe of economic data is scheduled for publication this week, with the US again featuring prominently.

The EURUSD opened and closed flat of Friday but it saw some swings throughout the day. The pair began Friday at $1.13679 and slid to $1.13597 before climbing sharply to a high of $1.13925. The euro ebbed and flowed for a few hours before it tumbled to lows of $1.13496 late in the day. It bounced off those lows and closed the week at $1.13683. It is currently trading at $1.13657. The GBPUSD made some solid gains on Friday after opening the day at $1.26597. The pair dipped to a low of $1.26583 during the opening hour before beginning its slow march up. Late-session trading saw the pound spike to a high of $1.27339. The highs were quickly given up as it closed the week at $1.26948. It is currently trading at $1.26962.

The Dow made modest gains on Friday as the G20 meetings kicked off. The index opened at 26,602.26 and traded in a tight range for most of the day, dipping to lows of 26,540.27 late in the day. It came off those lows and climbed to a high of 26,691.88 before closing at 26,687.40. News that Trump and China have agreed to halt the imposition of more tariffs was seen extremely positive by markets, opening 220 points higher in Monday trading. It is currently trading at 26,834.49. The Dax performed strongly on Friday after opening the day at 12,272.23. The German index dipped to an opening-hour low of 12,268.08 before trending upwards for most of the session. The Dax peaked at 12,406.17 before closing at 12,394.42.

The week ahead shapes up to be a busy one for markets, with a steady stream of data being published right throughout. The week culminates in NFP Friday, where a slew of crucial employment-related data is published.

Data released today and the most important this week includes:

Today – China Caixin Manufacturing PMI, OPEC Meetings

Tuesday – US ISM Manufacturing PMI, Australian Cash Rate and RBA Rate Statement

Wednesday – Australian Building Approvals, Canadian Trade Balance, RBA Governor Philip Lowe speaks

Thursday – US ISM Non-Manufacturing PMI, Australian Retail Sales, US Bank Holiday

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

 

 

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