It was a quieter trading week for investors last week, that despite some volatile moments, had most financial markets trading in familiar ranges as both data and geopolitical updates remained relatively settled.
However, the week ahead looks like it could be a bit busier for traders, with a good mix of tier 1 data releases scheduled, alongside central bank updates and some bank holidays across major centres to throw thinner liquidity into the mix on a couple of days as well.
Traders will continue to monitor newswires closely for updates on trade; however, the event calendar this week also looks capable of pushing markets into fresh ranges as well.
Here is our usual day-by-day breakdown of the major risk events this week:
There is little in the way of data releases scheduled across the sessions on Monday; however, some central banker updates – including Fed Chair Jerome Powell speaking just before the Asian open – as well as bank holidays in the UK and US, could see a lively start to the trading week.
Once again, no major tier 1 data releases are scheduled on Tuesday, but we do hear from several central bankers over the course of the day, including German Buba President Joachim Nagel and Swiss National Bank Chairman Martin Schlegel in the US session. We also have the first US data of the week in the form of Durable Goods numbers and the CB Consumer Confidence data.
The Asian session has a strong antipodean leaning on Wednesday, with key Australian CPI data due out early in the day, swiftly followed by the Reserve Bank of New Zealand’s interest rate decision and press conference. There is little of note on the calendar in the European session; however, the New York day sees the release of the Richmond Manufacturing Index data before the FOMC Meeting Minutes towards the end of the session.
There is little on the calendar in the Asian session on Thursday, and liquidity could be an issue in the London session today, with Switzerland, France, and Germany all having bank holidays. Traders will be focusing on data today in New York, with US Prelim GDP, Weekly Unemployment Claims, and Pending Home Sales numbers all due out. We are also set to hear from the Fed’s Goolsbee, Kugler, and Daly, as well as Bank of England Governor Andrew Bailey.
Friday looks to be the busiest day on the macroeconomic calendar this week, with data due across all three trading sessions. The early focus in Asia will be on Japanese markets, as the key Tokyo CPI data is due out before we have Retail Sales numbers out of Australia. There is CPI data due out in Europe, with Germany, Spain, and Italy all due to update markets on their latest inflation numbers. The New York session sees the latest Core PCE Price Index data released early in the day, alongside the Canadian GDP numbers, before the week is closed out with the Revised University of Michigan data releases and speeches from the Fed’s Bostic and Goolsbee.
