Data-dense week ahead
A stack of data is scheduled for publication from around the world in what could be another volatile week.
The EURUSD battled its way back into $1.11 territory on Friday after looking like heading for $1.09 during the previous session. The pair began Friday at $1.10840 and dipped to an early low of $1.10688. The euro spent most of the session regaining those losses and adding value, reaching a high of $1.11159 late in the day. It is not far off those highs, currently trading at $1.11077. The GBPUSD finally had a reprieve from the falls it has endured of late, ending the last trading day stronger. The pair started the day at $1.21146 and fell to lows of $1.20889 a few hours after the open. It began its slow climb up, peaking at $1.21695 late in the session. It is currently trading at $1.21531.
The Dow remained largely flat on Friday, taking a breather from the sell-off endured in the previous session. The index opened the day at 26,570.81 and traded in a tight range during the first half of the day, before a short spike up saw it hit a high of 26,708.38. Those highs were quickly given up as it fell to lows of 26,253.48 a short time later. It regained some of those losses and is now trading at 26,475.41. The Dax buckled under the pressure of a falling Dow, ending the day in negative territory. The German index opened the day at 12,026.30 and edged up to a high of 12,050.85 shortly after the open. It began its slide after that and it continued for most of the session, hitting lows of 11,829.00 before closing at 11,904.85.
The week ahead is scattered with crucial economic data, while two central banks are holding interest rate meeting at various stages. The data published today and the most significant this week include:
Today – Australian MI Inflation Gauge, NZ ANZ Commodity Prices, China Caixin Services PMI, Swiss Retail Sales and SECO Consumer Climate, European, German and French Final Services PMIs, Italian & Spanish Services PMIs, European Sentix Investor Confidence, UK Services PMI, US Final Services PMI
Tuesday – ISM Non-Manufacturing PMI, NZ Employment Change & Unemployment Rate, Australian Cash Rate & RBA Rate Statement
Wednesday – NZ Official Cash Rate, RBNZ Rate Statement, Monetary Policy Statement and Press Conference
Thursday – China Trade Balance
Friday – UK GDP, Prelim GDP (q/q) and Manufacturing Production, Canadian Employment Change & Unemployment Rate, RBA Monetary Policy Statement and Governor Philip Lowe speaks
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