Busy week coming up for markets

September 2, 2019

A stack of data is scheduled for publication, ensuring opportunities lay ahead for investors.

The euro fell once again on Friday, this time dropping below $1.10. The EURUSD began Friday at $1.10556 and ticked up to a high of $1.10600 early in the day. It weakened slightly before steadying throughout mid-session trading. Late trading saw the pair drop from $1.10493 to a low of $1.09623 over the period of a few hours. It has come of those lows but is struggling to get back above $1.10, currently trading at $1.09897. The GBPUSD slid during the last trading day of the week after opening at $1.21781. The pound remained rather flat during the first half of the day before climbing to a high of $1.22255. Those gains were short-lived as the pound fell to lows of $1.21383 a few hours later. It has come off those lows and is currently trading at $1.21603.

The Dow looked like posting some solid gains midway through the session until a reversal late in the day saw it end Friday flat. The index started Friday at 26,351.64 and traded in a tight range early. Mid-session trading saw the Dow pick up momentum as it peaked at 26,554.44 before sliding over late trading, hitting a low of 26,292.76. It opened lower this morning but has climbed up close to those lows and is now trading at 26,283.23. The Dax was a solid performer on Friday, posting further gain to round out a strong week. The German index opened at 11,876.96 and dipped to an early low of 11,839.66. It climbed off those lows, hitting a high of 11,985.87 midway through the session. It came off those highs slightly and closed at 11,955.01.

The week ahead shapes up as a big one for markets with a swathe of data being published, while political events could add to market volatility. The week will be rounded out by Non-Farm Payrolls this Friday, while trade talks, Brexit and the ongoing unrest in Hong Kong sure to make markets jittery.

Data published today and the most significant this week includes:

Today – Australian MI Inflation Gauge, Company Operating Profits, Commodity Prices and ANZ Job Ads, China Caixin Manufacturing PMI, Swiss Retail Sales & Manufacturing PMI, European, German and French Final Manufacturing PMIs, UK, Italian and Spanish Manufacturing PMIs, US & Canada Bank Holidays

Tuesday – Australian Cash Rate, RBA Rate Statement and Retail Sales

Wednesday – US ISM Manufacturing PMI, Australian GDP, UK Inflation Report Hearings, Canadian Trade Balance

Thursday – Canadian Overnight Rate, BoC Rate Statement

Friday – US Non-Farm Employment Change, Average Hourly Earnings, Unemployment Rate and Crude Oil Inventories, Canadian Employment Change & Unemployment Rate, Fed Chair Jerome Powell & SNB Chairman Thomas Jordan speak

 

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