Plenty of opportunities this week

May 10, 2021

A packed schedule this week with a stack of important information set for release.

The USD copped a whack late on Friday due to the poor jobs report, with the euro and pound both capitalising. The EURUSD opened Friday at $1.20650 and remained flat early, dipping to lows of $1.20522 mid-session. The poor NFP data sent the euro up where it hit a high of $1.21711 just before the close. It has come off those highs slightly and is now trading at $1.21569. The GBPUSD began Friday at $1.38858 and slipped to a low of $1.38844 in the first hour of trade. Modest gains were made throughout mid-session trading and rallied after the release of the NFP figures, peaking at $1.40054 late in the day. That momentum has continued in the new trading week, with the pound now sitting at $1.40304.

Indices took off on Friday, despite the woeful jobs report. The Dow started Friday at 34,553.74 and lifted by about 100 points before sliding to lows of 34,467.32 mid-session. Bouncing off those lows, the Dow surged to a high of 34,826.30 just prior to the close. It has continued to edge higher and is currently trading at 34,905.30. The Dax opened at 15,284.57 and fell to lows of 15,233.71 in the opening hour of the session. It was mainly one-way traffic from there as the Dax rallied to a high of 15,419.74 late in the day. It has started the new week higher again and is now trading at 15,461.20.

The week ahead is full of data releases, headlined by US CPI (Wednesday) and US Retail Sales (Friday). Also of importance is the Prelim GDP figure from the UK, which is being published on Wednesday.

Data published today and the most significant this week include:

Today – Halifax HPI, European Sentix Investor Confidence

Tuesday – Australian Annual Budget Release

Wednesday – US CPI & Core CPI, UK Prelim GDP, EU Economic Forecasts, BoE Governor Andrew Bailey speaks

Thursday – US Unemployment Claims and Crude Oil Inventories

Friday – US Retail & Core Retail Sales, Industrial Production and Prelim UoM Consumer Sentiment, BoE Governor Andrew Bailey speaks


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