Busy week ahead

June 22, 2020

Yet another busy week for data coming up, while the coronavirus continues to wreak havoc globally.

The EURUSD endured some big moves on Friday and ultimately ended the day lower. The pair began the day at $1.12027 and was steady early before a sharp rise saw it hit highs of $1.12534 mid-session. However, those highs were not held for long as the euro plummeted to lows of $1.11672 two hours later. It has come of those lows slightly and is now trading at $1.11848. The GBPUSD succumbed to a stronger USD but the moves down were more gradual. The pair opened Friday at $1.24237 and traded in a tight range early in the day, edging up to a high of $1.24557 mid-session. The slide began shortly after, with the pound eventually falling to lows of $1.23429 late in the day. It is not far off those lows, currently trading at $1.23634.

The Dow looked like ending the week strongly halfway through Friday before a sell-off saw it plunge into the red. The index started the day at 26,032.25 and climbed gradually in early trading, peaking at 26,447.05 mid-session. The rot set in a short time later with the Dow tumbling to lows and closing at 25,638.51. It had opened Monday much lower again but has regained those losses and is now trading at 25,719.61. The Dax has followed the Dow’s lead after opening at 12,283.96. The German index added value throughout the first half of the day, hitting highs of 12,429.66 mid-session. The sell-off began in earnest, with the Dax hitting lows of 12,166.28 late in the day. It is not far off those lows and is now trading at 12,186.16.

The week ahead sees the publication of a stack of data with the US, Europe and the UK all coming into focus at various stages. Meanwhile, the coronavirus continues to wreak havoc around the world, on both the health and economic front.

Data released today and the most important this week include:

Today – NZ Credit Card Spending, UK CBI Industrial Order Expectations, German Buba Monthly Report, China CB Leading Index

Tuesday – US, UK, European, German and French Flash Manufacturing & Services PMIs, BoC Governor Tiff Macklem speaks

Wednesday – RBNZ Official Cash Rate and Rate Statement

Thursday – US Final GDP, Durable & Core Durable Goods Orders and Unemployment Claims

Friday – US Personal Spending, Revised UoM Consumer Sentiment and Bank Stress Test Results


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