Market Updates: Last Week’s Forex Performers and this Week’s Market Catalysts
The last bit of this past Trading Week was full of Economic Data from various Global Eonomies, mixed with news of terrorist violence, Korean – Washington issues, and upheaval at the White House. With Investors wondering if Trump can improve confidence in his leadership, there is less uncertainty with the economy where strength in consumer spending is offsetting other concerns except the lack of inflation. The FOMC Minutes and least-than-expected US Data weakened the Dollar, Thursday. However, the Indices market was positive with S&P500 up 3 points, Nasdaq up 12 points and Dow up 25 points.
Friday saw the Euro edge higher against the Dollar following the exit of Steve Bannon; Trump’s Chief Strategist. GBPUSD retreated, USDCAD made session high while USDJPY peaked before hitting session lows.
The main event this trading week beginning August 21, will be Janet Yellen’s speech at the Jackson Hole Economic Policy Symposium, which takes off Thursday. Whether the Fed begins balance-sheet unwinding at the September FOMC or the December Meeting is the central question for Economic Policy this week. July was a strong month for Payrolls Growth and Retail Sales. Housing Permits were however, on the negative. PMI Data from Europe is expected to show moderate but constructive growth.
Canada Wholesale Sales (MoM) (Jun) (8:30 AM ET)
German ZEW Current Conditions (Aug) (5:00 AM ET)
German ZEW Economic Sentiment (Aug) (5:00 AM ET)
Canada Core Retail Sales (MoM) (Jun) (8:30 AM ET)
Canada Retail Sales (MoM) (Jun) (8:30 AM ET)
French Manufacturing PMI (Aug) (3:00 AM ET)
French Services PMI (Aug) (3:00 AM ET)
German Manufacturing PMI (Aug) (3:30 AM ET)
EuroZone Manufacturing PMI (Aug) (4:00 AM ET)
EuroZone Market Composite PMI (Aug) (4:00 AM ET)
US New Home Sales (Jul) (10:00 AM ET)
US Crude Oil Inventories (10:30 AM ET)
New Zealand Trade Balance (YoY) (Jul) (6:45 PM ET)
Central Bank Speak
ECB President Draghi Speaks (Aug) (3:00 AM ET)