WEEK IN FOCUS
The US economy continued showing strong numbers last week, with GDP registering its highest growth since 2014, though more sustained levels of stubornly slow inflation are required despite a tightening in the labour market. With S&P under pressure not only due to Facebook’s slowing user growth but also due to Twitter’s matching 20% decline on slowing active users, the corporate earnings narrative will continue to influence the markets. Several major banking events are due this week though, which will dominate the FX space and have a wider influence on the markets as the US, the UK and Japan decide on interest rates. With the monthly US NFP report also scheduled in, this looks like a week full of opportunities.
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Global Interest Rates, US Employment and Corporate Earnings to Dominate Markets
MONDAY - ECB patiently waits for Destatis to release the Harmonised Index of Consumer Prices in order to assess overall consumer price stability within the Euro area, 12:00 PM GMT.
TUESDAY - BoJ Policy meeting in focus following speculation week, European GDP and US Core PCE to be watched closely following EU CPI and Fed’s PCE. Kiwi delivers Employment Report late at night.
WEDNESDAY - FOMC likely to provide hints surrounding September’s hike, though rates are expected to remain unchanged. UK and US PMIs take centre stage, EIA to report weekly stocks.
THURSDAY - BoE to push hikes past emergency levels after 9 years as Brexit pressure weighs in, BoJ meeting minutes to be delivered by day’s end, at 23:50 PM GMT.
FRIDAY - Analysts expect a wage growth of 0.3% MoM and hiring marginally below its 3-month average, focus on wage growth and stubborn inflation rather than headline.
Click here to view the full Economic Calendar.
Kind Regards,
Stavros Tousios, FX Market Specialist, FXPRIMUS
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