ECB and Unemployment in the US in focus next week
In a largely flat week across the board traders didn’t have an excess of large moves to take advantage of, but the coming days can be decisive for a number of instruments. Oil has recorded a second consecutive week of losses and many investors predict that the continuing glut will push prices down, although some bulls are looking at news of a “shale boom” in Saudi Arabia with interest.
Monday 1.6.15 – Chinese PMI is first at 1:00am GMT, followed by Manufacturing PMI at 1:45am GMT. Between them is the Australian Building Approvals data at 1:30am GMT, so that period will most likley see sharper volatility for AUD, CNH and related currencies in the region.
Manufacturing PMI is also the first announcement in the European session from Great Britain at 8:30am GMT. The afternoon will see the same economic data come out for the world’s largest economy at 2:00pm GMT. Traders will have ample time to digest all this before the start of the US session which doesn’t have any other economic announcements for the day.
Tuesday 2.6.15 – Italian Bank Holiday.
Australia will have the first big announcement of the week with their Cash Rate being shared at 4:30am GMT, expectations are for no change to the 2% level. The only other planned data of interest for Tuesday will be the UK Construction PMI at 8:30am GMT.
Wednesday 3.6.15 – Australia capping of its third day with an important release, their quarterly GDP will come at 1:30am GMT. GBP will await the Services PMI at 8:30am GMT, but the real fun starts at 11:45am GMT with the ECB’s Minimum Bid Rate the precursor for ADP Non-Farm Employment Change at 12:15pm GMT and the high point of 12:30pm GMT – Trade Balances from both the US and Canada will come out during the ECB press conference. Last time Draghi spoke he had some serious words for the state of the European economy, so we’ll see what happens time.
The last data announcement will be the Non-manufacturing PMI from the US, which could either strengthen or weaken a move provoked by the earlier data.
Thursday 4.6.15 – Retail sales and the Trade Balance from Australia (they like to spread their data, don’t they) comes out at 1:30am GMT.
Europe’s session will have the Bank Rate from the Bank of England, followed by 12:30pm GMT’s Unemployment Claims from the US.
Friday 5.6.15 – The only announcements for the day are at 12:30pm GMT – unemployment data from Canada and the States will provide the news for Friday.
Our weekend reading selections on finance and trading topics:
News about oil these days is bouncing from Saudi Arabia to the US, but there are changes in other places as well – North Sea oil is taking a hit. (Economist – registration required)
This is an undercurrent in said oil story, but its quite an intersting one – fracking and shale oil (and gas) might turn up in Saudi Arabia itself. (Moneycontrol.com)
Google is taking on different challenges right now, seeking its new business ventures and education 2.0 is the one that caught our eye (Wired). Adding to the whole concept are eight startups selected by CNBC.