Packed week ahead for markets
A stack of data is scheduled for release this week, while central bank heads from around the world meet at Jackson Hole for their annual symposium.
The USD re-asserted its dominance on Friday, sending paired currencies lower. The EURUSD began the day at $1.18583 and lifted gradually to a high of $1.18823 mid-session. Those highs were not held for long as the euro fell over the following several hours, bottoming-out at $1.17531 late in the day. It has come off those lows and is now trading at $1.17959. The GBPUSD followed a similar path to the euro after opening at $1.32084. Mid-session trading saw the pound peak at $1.32543 before tumbling to lows of $1.30576 late in the day. It has come away from those lows and is now trading at $1.30884.
The Dow made some modest gains on Friday, despite looking in trouble halfway through the day. The index opened at 27,751.25 and was steady early but then fell away to lows of 27,531.00 mid-session. Bouncing off those lows, the Dow rallied to highs of 27,967.27 late in the day. It is currently trading at that same level. The Dax was unable to completely capitalise on the late-rallying Dow, however it erased a large chunk of its earlier losses. The German index started the day at 12,900.36 and edged up to a high of 12,937.24. It quickly came back and remained steady throughout early trading before dropping mid-session to a low of 12,626.61. It rebounded off those lows, regaining some of those losses to close at 12,792.56. It is currently trading at the same level.
The week ahead is shaping up as a hectic one for markets, with economic data and the central bank symposium coming together to provide traders with a plethora of opportunities.
Data published today and the most significant this week includes:
Today – China CB Leading Index
Tuesday – German Final GDP
Wednesday – US Durable & Core Durable Goods Orders, CB Consumer Confidence, Australian Construction Work Done
Thursday – US Prelim GDP, Unemployment Claims and Crude Oil Inventories, Australian Private Capital Expenditure, Fed Chair Jerome Powell speaks, Jackson Hole Symposium
Friday – Jackson Hole Symposium, US Pending Home Sales, Personal Spending, Chicago PMI and Core PCE Price Index, BoE Governor Andrew Bailey and BoC Governor Tiff Macklem speak
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