Oil and EUR/USD in focus next week.
With a new conflict forming in the already Middle East, oil prices have taken another dose of volatility, but this time mainly to the upside.
Saudi Arabian armed forces engaged in a conflict with rebels in Yemen, while welcoming the country’s former (line) president. This creates yet another conflict zone and has cast doubts over the security of oil deliveries from the Gulf. The price for Brent almost tested the $60 level, but today retreated to around $57.68. Oil traders have been relaxed today and pulled back most of the jump we had, but they will keep their eye on things there, as well as the elections in Nigeria, one of the largest global producers for any more signs of uncertainty.
The other main source of potential news that moves things around will be the U.S. with their data dominating the waves next week. The EUR/USD briefly tested 1.10, but as the effect of Janet Yellen’s speech fades in memory, the constant barrage of money from the ECB is here to stay and traders are weighing the chances of a another fall.
Sunday 29.3.15 – Daylight saving will take effect early on Sunday morning.
Monday 30.3.15 – Only one announcement with a more significant impact is expected – the German Preliminary CPI data, which doesn’t have a set time of announcements.
Tuesday 31.3.15 – The owls among you will have a good opportunity to trade the NZD with the announcement of the ANZ Business Confidence data.
Wednesday 1.4.15 – Hectic day – Australia is first with its building approvals data at 12:30am GMT, followed closely by Manufacturing data at 1:00 and 1:45am GMT from China. All three may have an impact on the AUD.
Europe will be looking forward to begin its day with the manufacturing PMI data from Britain.
The U.S. will have two important announcements, first ADP Non-Farm Employment Change will come out at 12:15pm GMT and then at 2:00pm the ISM manufacturing PMI will also come out.
Thursday 2.4.15 – Australia’s trade balance is first on the roster at 12:30am GMT. The construction PMI from Great Britain will be the first important announcement in the European session and comes at 8:30am GMT.
12:30pm GMT, as usual, will be the time of the other important announcement on Thursday, the trade balance from Canada and the U.S. will be then, with the unemployment claims number from the former.
Marks & Spencer will be the first company to report earnings, before the season begins in earnest next week both in Europe and the States.
Friday 3.4.15 – Bank Holidays across Europe and Canada for Good Friday. The U.S. however will be open for business and there will actually be some important announcements then – the non-farm employment change and the unemployment rate will surely create some waves.
Our weekend reading selection:
The new normal in oil prices changes everything. (CNBC)
Speaking of oil – here’s how sovereign funds are taking the recent slump in prices. (Barrons)
A revival for Blackberry on the cards? (Reuters)
Mark’s and Spencer report their numbers on Thursday, here’s what’s troubling them. (Financial Times)
Facebook can definitely be happy with the way they won their (paying) mobile users. (TechCrunch)
One of our top 5 tv series of all time (although it took us a bit to get the lingo) has an important fan. President Obama interviews the director of The Wire. (Quartz)