Week ahead packed with data
A smorgasbord of data is set for release this week, while trade wars take another turn.
The EURUSD took advantage of a falling dollar, posting modest gains on Friday. The pair opened the day at $1.11714 and remained flat early before declining mid-session, hitting lows of $1.11335. It came off those lows late in the day, rallying to a high of $1.12044. The euro has started the week slightly lower and is currently trading at $1.11918. The GBPUSD rallied strongly on Friday after opening the session at $1.30266. The pair meandered about early, before falling to a low of $1.29851 mid-session. The pound then surged over the back half of the day, peaking at $1.31765 late in the day. It is not far from those highs, currently trading at $1.31567.
The Dow made some solid gains on Friday but is currently looking shaky as Donald Trump announced an increase in tariffs on goods from China only a matter of hours before markets opened. The index opened at 26,308.43 and dipped to an early low of 26,278.41. The Dow climbed for most of the session after that, peaking at 26,543.83 and closing at 26,533.02. News broke that Donald Trump was imposing a 25% tariff on goods from China which meant that the Dow opened almost 200 points lower at 26,322.00. It has fallen further and is struggling to stay above 26,000, presently trading at 26,042.15. Luckily for the Dax, it hasn’t opened, meaning that it has not been dragged down by a falling Dow. The German index opened at a low of 12,342.94 and basically rallied throughout the day, hitting highs of 12,453.23 before closing at 12,451.96.
The week ahead sees the publication of a swathe of crucial economic data from around the globe, ensuring plenty of market movements lay ahead. The trade war between the US and China is sure to add another dimension to an already hectic week ahead.
Data published today and the most significant for the rest of this week includes:
Today – Australian ANZ Job Ads, China Caixin Services PMI, European Retail Sales, European Sentix Investor Confidence, European, German and French Final Services PMIs, Italian and Spanish Services PMIs, Spanish Unemployment Change, FOMC Member John Williams speaks
Tuesday – Australian Cash Rate, RBA Rate Statement and Retail Sales, NZ Inflation Expectations, BoC Governor Stephen Poloz speaks
Wednesday – NZ Official Cash Rate, RBNZ Monetary Policy Statement, Rate Statement and Press Conference
Thursday – US PPI, Canadian Trade Balance, Fed Chair Jerome Powell speaks
Friday – US CPI & Core CPI, UK GDP, Prelim GDP and Manufacturing Production, RBA Monetary Policy Statement, Canadian Employment Change & Unemployment Rate
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