For the week ahead, there are a few stand out fundamentals that will be coming into play.
In terms of the dollar, be on the look out for Manufacturing as well as Non-Manufacturing PMI’s being released today and Thursday respectively. The Markit Composite PMI as well as the Initial Jobless Claims will also be important to consider. The ADP Non-farm Employment Change which measures the change in non-farm, private employment, is being released on Wednesday, gives a good indication of what to be expect for this week Friday’s NFP report.
The Euro-zone’s Manufacturing PMI was released this morning which came out positive. They will also be releasing their Markit Composite and Services PMI’s this week Wednesday along with their retail sales which could follow the same tone as this morning’s data release.
Australia will be releasing their Trade Balance and Retail Sales on Tuesday with their Home Loans data being released on Friday. There will also be a Monetary Policy Statement this week Friday which could provide some insight in to what kind of economic stimulus their government’s considering. The premier of Victoria, the second largest state in Australia, declared the region into a “state of disaster” on Sunday which proves the coronavirus is an ongoing struggle in the country.
The New Zealand Employment Change as well as their Unemployment Rate will be released on Wednesday, with their Quarter over Quarter Inflation Expectations coming out on Thursday.
The UK will be releasing their Composite and Services PMI’s this Wednesday, with their Interest Rate Decision being made on Thursday which is expected to remain at 0.10%.
USOIL is trading around the $40 mark with OPEC+ members beginning to unwind output cuts which could end up in over-supply in the low demand market. Gold is nearing the historic $2000 mark, currently trading at $1970.
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