Hectic week ahead for markets

March 11, 2019

It’s going to be quite a hectic week coming up for markets with a stack of data being released.

The EURUSD added some value on Friday as it tries to recover from Thursday’s sell-off. The pair opened at $1.11927 and fell to an early low of $1.11840. The euro then began its steady climb up, peaking at a $1.12458 late in the session. It has come off those highs slightly and is currently trading at $1.12346. The GBPUSD struggled on Friday, entering negative territory late in the day. The pair opened at $1.30819 and traded in a tight range for the first half of the day, bumping up to a high of $1.31076 mid-session. Late trading saw the pound slide, hitting lows of $1.29882, before closing at $1.30098. It has opened lower this morning and is currently trading at $1.29909.

The Dow looked set for another disappointing session, until a late rally saw it finish in positive territory. The index opened at 25,462.49 and declined during the first half of the session, bottoming out at 25,2169.41. A rally late in the day saw the Dow hitting a high of 25,502.18 in the final hour of the week. In early trading it is currently at 25,455.81. The Dax was an oddity on Friday. The session itself was positive but thanks to it opening much lower than it Thursday close, its high was still lower than that closing price. The Dax opened at 11,438.15 (after closing at 11,496.81 the day before) and hit lows of 11,402.96 mid-session. It bounced off those lows and climbed late in the day, peaking at 11,490.94 before closing at 11,486.29.

The week shapes up to be a big one for markets, with a plethora of data being released. This week also sees the UK parliament again voting on the government’s proposed Brexit plan. There is growing momentum that the parliament should vote for a Brexit extension, rather than leaving the EU without a proper plan in place.

Data released today and the most important this week includes:

Today – US Retail and Core Retail Sales, German Trade Balance and Industrial Production, Japanese M2 Money Stock and Prelim Machine Tool Orders, Eurogroup Meetings

Tuesday – UK GDP and Manufacturing Production, US CPI and Core CPI, Fed Chair Jerome Powell speaks

Wednesday – US Core Durable Goods Orders and PPI, UK Annual Budget Release and Parliamentary Brexit Vote

Thursday – Chinese Industrial Production and Fixed Asset Investment

Friday – BoJ Policy Rate, Monetary Policy Statement and Press Conference, BoJ Governor Haruhiko Kuroda speaks


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