The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Japan's February household spending leaps for the third month in a row
In February, Japan's household spending headed north for a third month in a row, as a Reuters survey uncovered. However, recent downbeat data, in particular factory output and exports clouded a mild economic revival.
In February, household spending jumped by 2.1% from 2018, according to the survey of 16 experts. The given outcome followed January’s 2% leap as well as December’s 0.1% jump.
Wages are steadily reviving, while winter bonuses tacked on. Market experts added that there was a pause in price leaps, and they hoped household spending rallied in February.
As for consumer spending, it’s not so bad, although it lacks momentum.
Some analysts told that domestic demand isn’t firm enough to compensate weakness in foreign demand. Moreover, there’s a likelihood that the Japanese economy shrank in January-March.
Market experts told that firm wages as well as an improving jobs market backed consumer spending, although fears about the outlook for the Japanese economy put pressure on market sentiment.
In March, the Japanese cabinet had its view on the national economy downgraded for the first time for three years. Japan’s major financial institution also pared its assessment on exports as well as factory output, although both told the Japanese economy kept moderately reviving.
Japan is eager to lift the sales tax to 10% in October, although market speculation states that Prime Minister Shinzo Abe might delay the twice-delayed tax lift as the Japanese economy struggles on decorating global surge and the China-US trade conflict.
The Japanese cabinet will uncover household spending data on April 4, Friday at 8:30 a.m.
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.