Packed week ahead for markets

June 15, 2020

A data-dense week coming up for markets, with plenty of info being published for people to sink their teeth into.

The EURUSD gave back some of its recent gains on Friday after opening the day at $1.12930. The pair was steady early, lifting to a high of $1.13402. The euro fell away shortly after, with the losses accelerating late in the day, where it hit lows of $1.12109. It has come off those lows and is now trading at $1.12495. The GBPUSD followed a similar pattern to its European counterpart after beginning Friday at $1.26010. The pound edged down slightly before climbing to highs of $1.26526 mid-session. The losses began to mount up during the back half of the day, with the pound tumbling to lows of $1.24726. It is not far off those lows, currently trading at $1.25029.

The Dow stabilised on Friday after heavy sell-offs were a feature earlier in the week. The index opened at 25,211.30 and climbed gradually for most of the day, peaking at 25,965.60 heading into late-session trading. The Dow fell away leading into the close, bottoming-out at 25,066.23 before rebounding and closing at 25,553.58. However, it has started Monday lower and is now trading at 25,150.00. The Dax made some small gains on Friday, beginning the day at 11,847.70. The German index fell to an opening-hour low of 11,792.60 before bouncing back and headed to a high of 12,174.36. It gave up some of those gains and closed at 12,018.90. Like the Dow, the Dax has opened much lower and is now trading at 11,828.38.

The week ahead is packed with crucial data in what shapes up to be a hectic week for markets. Traders will be keeping a keen eye on the Retail & Core Retail Sales figures from the US that are being released on Tuesday night.

Data published today and the most significant this week includes:

Today – China Industrial Production, Fixed Asset Investment, Retail Sales and Unemployment Rate, Japanese Tertiary Industry Activity, Swiss PPI, European Trade Balance, Canadian Manufacturing Sales, US Empire State Manufacturing Index

Tuesday – US Retail & Core Retail Sales, UK Claimant Count Change, BoJ Monetary Policy Statement

Wednesday – Canadian CPI, Fed Chair Jerome Powell testifies

Thursday – UK Official Bank Rate, Asset Purchase Facility and Monetary Policy Summary, Australian Employment Change and Unemployment Rate, US Unemployment Claims, SNB Monetary Policy Assessment and Press Conference, NZ GDP, Fed Chair Jerome Powell testifies

Friday – UK Retail Sales, Australian Retail Sales, US CB Leading Index, Canadian Core Retail Sales, Fed Chair Jerome Powell speaks