Hectic week ahead for markets
A deluge of data is scheduled for publication this week, culminating in the release of NFP data from the US on Friday.
The USD strengthened on Friday, sending paired currencies down. The EURUSD opened the day at $1.21679 and edged up to a high of $1.21827 shortly afterwards. The ensuing decline lasted for most of the session, with the euro hitting a low of $1.20610 late. It has come off those lows and is now trading at $1.20968. The GBPUSD began the day at $1.40124 and nudged up to a high of $1.40260 early. Mid-session trading saw the pound fall to lows of $1.38872 before rebounding and paring back some of its earlier losses. It is currently trading at $1.39905.
The Dow ended Friday lower after opening at 31,402.50. After lifting to a high of 31,531.30 in the first hour of trade, the Dow steadied for a large chunk of the session before falling away, bottoming-out at 30,839 just before the close. It is now trading at 31,148.30. The Dax was able to buck the trend by ending Friday on a high note. It started the day at 13,753.69 and fell to lows of 13,642.13 mid-session. Bouncing off those lows, the Dax peaked at 13,880.50 two hours later. It came off those highs and ultimately closed at 13,785.80. It is now trading at 13,893.20.
A busy week ahead for markets with a stack of data scheduled for release throughout the week. Australia is publishing GDP data, the UK is releasing its Annual Budget and the US is reporting its NFP data.
Data published today and the most important this week includes:
Today – US ISM Manufacturing PMI, China Caixin Manufacturing PMI, Australian Commodity Prices, US, UK, European, German and French Final Manufacturing PMIs, Italian, Spanish Swiss and Canadian Manufacturing PMIs, German and Italian Prelim CPIs, Swiss Retail Sales, Canadian Current Account, UK Mortgage Approvals, M4 Money Supply and Net Lending to Individuals, US ISM Manufacturing Prices and Construction Spending, ECB President Christine Legarde, FOMC Members John Williams and Lael Brainard speak
Tuesday – Australian Cash Rate and RBA Rate Statement
Wednesday – UK Annual Budget Release, Australian and Canadian GDP
Thursday – US ADP Non-Farm Employment Change, ISM Services PMI and Crude Oil Inventories, OPEC-JMMC Meetings, RBNZ Governor Adrian Orr speaks
Friday – US Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate, Fed Chair Jerome Powell speaks
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