Hectic week coming up for markets

February 3, 2020

A whole swathe of data is scheduled for publication this week in what is shaping up to be a busy one for markets.

The EURUSD added some value on Friday after opening at $1.10292. The pair began to slide early, where it dipped to lows of $1.10160 mid-session. The euro bounced off those lows and climbed to highs of $1.10950 in the final hour of the week. It has come off those highs slightly in early Monday trading and is now at $1.10896. The GBPUSD took advantage of a weakening USD when it opened at $1.30929. The pound dipped to lows of $1.30801 in the opening hour and remained near those level for the next several hours. Mid-session trading saw the pair rally where it eventually peaked at $1.32086 in the last hour of the day. It has opened slightly lower and is currently trading at $1.31804.

Indices were hammered on Friday to round out an uneasy week for markets. The Dow started the day at 28,870.28 and edged up to a high of 28,932.02 early in the day. It remained near those levels for a few hours before the rot set in. The Dow headed south fairly early in the day, with the losses accelerating mid-session, culminating in an almost 800-point loss as the Dow hit lows of 28,156.93. The Dow has shown some signs of life to start the week and is currently trading at 28,312.50. The Dax was another that was heavily hit when it began the day at 13,276.59. The German index ticked up to a high of 13,280.08 in the first hour of the session before falling away for the rest of the day. The Dax bottomed-out at 12,885.87 in the last hour of the week and closed at 12,936.74.

The week ahead is packed with data, culminating in the release of Non-Farm data from the US on Friday. Data published today and the most significant this week includes:

Today – US ISM Manufacturing PMI & Manufacturing Prices, US Final Manufacturing PMI, Construction Spending and Wards Total Vehicle Sales, China Caixin Manufacturing PMI, Australian Building Approvals, Commodity Prices and ANZ Job Ads, Japan Final Manufacturing PMI, Canadian Manufacturing PMI, UK Final Manufacturing PMI, European, German and French Final Manufacturing PMIs, Italian, Spanish and Swiss Manufacturing PMIs

Tuesday – Australian Cash Rate and RBA Rate Statement

Wednesday – US ADP Non-Farm Employment Change, NZ Employment Change & Unemployment Rate, ECB President Christine Legarde and RBA Governor Philip Lowe speak

Thursday – US ISM Non-Manufacturing PMI, Australian Retail Sales & Trade Balance, ECB President Christine Legarde speaks

Friday – US Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate, China Trade Balance, Canadian Employment Change and Unemployment Rate, RBA Monetary Policy Statement, NZ Inflation Expectations, RBA Governor Philip Lowe speaks


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