US Core monthly retails sales will be announced on Friday at 15:30 MT time.
5 important events this week will bring us!
- British CPI (Wed, 11:30 MT (9:30 GMT time)) – According to forecasts, the indicator of consumer inflation will reach 2.0%. Higher figures will be supportive for the British pound.
- Canadian CPI (Wed, 15:30 MT (12:30 GMT time)) – Analysts anticipate the level of CPI for Canada to advance by 0.1%. If the actual figures are higher, the loonie will rise.
- FOMC rate statement (Wed, 21:00 MT (18:00 GMT time)) – The Federal Open Market Committee will release its monetary policy statement and announce the official rate. No changes to the current interest rate are expected. However, as the worries about the rate cut keep circulating, the projections by the Fed on the future changes to its monetary policy will be in the main focus of traders.
- The Monetary policy statement by the Bank of Japan (Thu, MT time morning hours) – If the most dovish central bank provides more hawkish comments this time, the JPY will go up.
- The monetary policy summary by the Bank of England (Thu, 14:00 MT time) – The interest rate is expected to stay at the same level of 0.75%. We need to pay attention to the tone of the statement amid the political uncertainties.
- According to US Commerce Secretary Wilbur Ross, there are low chances that the trade deal between the US and China will be reached during the meeting between US president Donald Trump and Chinese President Xi Jinping at G20 meeting in Osaka later this month.
- Bitcoin has reached the last May’s highs on Monday. The oldest crypto has been trading near the $9,300 level. Analysts mention the anticipation of Litecoin’s halving and the introduction of Facebook crypto as the bullish news which driving the digital asset.
- The crude oil futures have fallen down at the beginning of the week on the comments by the Saudi Energy Minister Khalid Al-Falih. He expressed hopes to extend output cuts by OPEC+ into the second part of the year.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
The Australian jobs data is announced on Thursday at 03:30 MT time.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.