Hectic week ahead for markets

July 27, 2020

A smorgasbord of data is slated for publication this week which could bring some volatility with it.

The EURUSD made modest gains on Friday after beginning the day at $1.15953. It traded in a tight range early, dipping to lows of $1.15808 mid-session. The euro climbed off those lows, hitting a high of $1.16578 late in the day. It has opened Monday with a pop and is now trading at $1.16924. The GBPUSD opened Friday at $1.27396 and slipped to lows of 1.27163 mid-session. Bouncing off those lows, the pound hit highs of $1.28031 late. It has lifted further to start the week and is now trading at $1.28198.

The Dow fell slightly on Friday, continuing the losses that started the day before. The index opened at 26,656.83 and ticked up to a high of 26,725.80 early in the day. The declines began shortly afterwards and it bottomed-out at 26,400.19 late in the day. It has come off those lows and is now trading at 26,546.30. The Dax followed the Dow’s lead when it opened at 12,991.49. The German index ticked up to a high of 13,027.65 in the opening hour of trade before heading south, hitting lows of 12,770.23 late in the day. It has come off those lows and is now trading at 12,862.60.

The week ahead is full of significant data and events, culminating in the release of Advance GDP data from the US on Thursday. The US Fed Reserve also meets on Thursday in what is their latest interest rate meeting.

Data published today and the most significant this week includes:

Today – US Durable & Core Durable Goods Orders, Japanese All Industries Activity and BoJ Core CPI, European Private Loans and M3 Money Supply, German Ifo Business Climate and Buba Monthly Report

Tuesday – Spanish Unemployment Rate

Wednesday – US CB Consumer Confidence, Australian CPI and Trimmed Mean CPI

Thursday – US Advance GDP, Unemployment Claims, Crude Oil Inventories, Pending Home Sales, Federal Funds Rate, FOMC Statement and Press Conference, German Prelim GDP

Friday – China Manufacturing & Non-Manufacturing PMIs, US Chicago PMI and Personal Spending, Canadian GDP



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