National election bookend’s a busy week
A host of data due out this week, while events away from economic data are sure to cause their own volatility.
The EURUSD posted small gains on Friday after remaining largely flat leading into the weekend. The pair opened at $1.12123 and dipped to an opening-hour low of $1.12100. The euro gradually moved up, climbing to a high of $1.12528 late in the day. It came off those highs and is currently trading at $1.12361. The GBPUSD opened and closed flat after opening at $1.30093. It was basically lifeless early before falling to a low of $1.29900. The pound rallied from that low to peak at $1.30471 mid-session, the giving up most of those gains late in the day. It is now trading at $1.30089.
The Dow was all over the place on Friday as trade talks continue, albeit with a much more negative tone. The index opened at 25,798.46 and lifted to near-session highs of 25,988.63 early in the day. It reversed those gains over the following several hours, dropping to a low of 25,471.47. The Dow then surged to a very late high of 26,019.93 before closing at 25,968.91. It has opened the week much lower due to the trade talks and is presently trading at 25,724.02. The Dax was impressive on Friday, shaking off the wet blanket that is the Dow to post some solid gains to round out the week. The German index opened at 11,989.92 and fell to an opening hour low of 11,960.95. It spent most of the session piling on the points, where it hit highs of 12,207.85 in the last hour of the week before closing at 12,185.15.
The week ahead is packed with data, while other global events look to take centre stage. After no agreement was reached on Friday, trade talks between the US and China will continue, with an agreement in place sooner rather than later. Australia will also be holding their national election on Saturday to decide the next leader of their country. It is widely tipped that the opposition Labor Party will win the election but it is turning out to be a tight contest.
Data released today and the most significant this week includes:
Today – Australian Home Loans, Japanese Leading Indicators, RBA Assistant Governor Guy Debelle and FOMC Member Richard Clarida speak
Tuesday – UK Average Earnings Index & Unemployment Rate
Wednesday – US Retail & Core Retail Sales, Australian Wage Price Index, Canadian CPI
Thursday – Australian Employment Change & Unemployment Rate
Friday – European Final CPI, BoC Governor Stephen Poloz speaks
Saturday – Australian Parliamentary Elections
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