Joe Perry
Joe Perry CMT
US Market Analyst
Week Ahead: Bank of Canada, OPEC+, Eurozone CPI, and US NFP
With the shortened week in some areas and a plethora of economic data, there is potential for another volatile week ahead.
Core PCE still strong, but weaker than March
Although one reading isn’t considered a trend,it may be suggesting that inflation has plateaued.
Fed Manufacturing Indexes not supporting a strong recovery
Will this data continue to fall? It may depend on whether crude oil remains at elevated levels.
Are commodity currencies about to reverse vs the US Dollar?
NZD/USD and AUD/USD have hit key Fibonacci retracement levels and held.
Index in Focus: S&P 500
Worse than expected economic data, continued high inflation, lower retail earnings, and a hawkish Fed are all reasons to expect that the S&P 500 Index may head lower.
Poor housing data sends USD/JPY lower
Weaker US housing data sent the markets into risk-off mode, dragging USD/JPY lower with it.
Lagarde comments, poor UK PMIs give EUR/GBP a lift
Hawkish comments from ECB President Christine Lagarde and weaker PMI data from the UK have helped push EUR/GBP back towards recent highs.
Christine Lagarde gives a boost to EUR/USD
With Christine Lagarde laying the groundwork for upcoming ECB rate hikes, EUR/USD has continued its recent bid higher.
Currency Pair of the Week: NZD/USD
This week, the RBNZ will take its turn at hiking rates and discussing its outlook on inflation.
Is the manufacturing sector telling us something?
Are these large drops in the manufacturing data indicative of a slowdown ahead in the rest of the economy?
After most of the data for the week, GBP/USD advancing
GBP/USD has been moving higher this week as a result of the strong labor market in the UK and the high inflation readings.