A packed week ahead

September 30, 2019

A hive of activity this week with data and central banks both prominent.

The EURUSD lifted on Friday after threatening to dip below $1.09 early in the day. The euro opened at $1.09207 and fell to a low of $1.09039 shortly after the open. It bounced off those lows and climbed for most of the day, peaking at $1.09582 late in the day. It has come off those highs and is now trading at $1.09416. The GBPUSD travelled in the opposite direction after opening the day at $1.23198. The pound remained steady in early trading, ticking up to a high of $1.23358 mid-session. It fell sharply shortly afterwards, hitting lows of $1.22706 before rebounding to a near-session-high of $1.23310. It gave up most of those gains in late trading and is now trading at $1.22927.

The Dow was sold off late in Friday trading, ending the day in negative territory. The index opened at 26,919.75 and after initially dipping, it climbed its way up to 27,026.12 mid-session. Late trading saw the Dow tumble to lows of 26,722.63 before closing at 26,830.26. It has opened much higher this morning but has come back quite a bit and is now trading at 26,896.14. The Dax looked set for a strong showing until a pull-back late meant that it ended the day flat. The German index began Friday at 12,323.33 and dipped to lows of 12,277.67 shortly after opening. It remained near those levels for a few hours before climbing to highs of 12,401.48 mid-session. The pull-back kicked in shortly afterwards, sending it down as low as 12,303.09 before closing at 12,326.85.

The week ahead is littered with important events and data releases, culminating in Non-Farm Payrolls data from the US on Friday. Geopolitical events such as the Trump impeachment inquiry, Brexit and trade talk continue to simmer in the background.

Data published today and the most significant this week include:

Today – Australian MI Inflation Gauge and Private Sector Credit, Japan Housing Starts, China Manufacturing & Non-Manufacturing PMIs, Caixin Manufacturing PMI, German Retail Sales, Prelim CPI and Unemployment Change, Italian Prelim CPI & Monthly Unemployment Rate, Spanish Flash CPI, European Unemployment Rate, Swiss KOF Economic Barometer, UK Current Account, Final GDP, M4 Money Supply, Mortgage Approvals, Net Lending to Individuals and Revised Business Investment, Canadian RMPI & IPPI, US Chicago PMI

Tuesday – Australian Cash Rate, RBA Rate Statement and Building Approvals, Canadian GDP, NZ NZIER Business Confidence, RBA Governor Philip Lowe speaks

Wednesday – US ISM Manufacturing PMI, ADP Non-Farm Employment Change and Crude Oil Inventories

Thursday – Australian Trade Balance

Friday – US Non-Farm Employment Change, Average Hourly Earnings, Unemployment Rate and ISM Non-Manufacturing PMI, Australian Retail Sales, Canadian Trade Balance, Fed Chair Jerome Powell speaks

 

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