The Reserve Bank of New Zealand will conclude its policy meeting at 02:00 GMT Wednesday. Domestic economic data have held up better than expected, but storm clouds are gathering and the RBNZ may take proactive action. Policymakers could expand their QE programme, and lay out the conditions for using more unorthodox tools. At a minimum, the RBNZ will maintain a very dovish tone, and if it doesn’t shoot down the kiwi through more action, it may still do so through [..]
Markets will place an extra weight on employment readings and GDP growth figures out of the UK on Tuesday (08:30 GMT) and Wednesday (06:00 GMT) respectively after the Bank of England showed concerns of a rising unemployment rate at its previous week’s policy meeting but reiterated that the economy has a more rapid recovery than it initially projected. With the pound having erased some of its gains on the back of a stronger dollar on Friday, the data should significanty [..]
Congressional talks in the United States on a new virus relief package will dominate the market headlines yet again in the coming week as the durability of the latest risk-on episode rests on a deal being reached. But investors will also be keeping a close watch on US retail sales figures to gauge how well consumption is holding up amid renewed virus restrictions. Progress on the recovery will be preoccupying the pound too as UK GDP numbers for Q2 and [..]
The Canadian economy is expected to have added more jobs in July as the phased easing of the lockdown across the country continues to boost employment. The jobs report, due on Friday at 12:30 GMT, could give the Canadian dollar a further helping hand in erasing its year-to-date losses versus the tumbling greenback. But with troubles brewing across the border in the United States, can Canada’s recovery stand on its own two feet? Jobs bounce set to continue It’s so [..]
The US employment report will hit the markets at 12:30 GMT Friday, and forecasts suggest the American economy added another 1.6 million jobs in July. Why is the consensus so optimistic even though the US recovery is losing steam? The answer lies with the period which the data were collected in. Overall, the risks seem tilted towards a disappointing, but positive NFP print. As for the dollar, whether the recent downfall continues will depend mostly on what Congress does. Too [..]
The Bank of England is getting ready for ‘Super Thursday’ this week when it inundates investors with its meeting minutes, the latest outlook report and a press conference on top of its policy decision. But having already beefed up its quantitative easing (QE) programme at the last meeting in June, the Bank is not expected to make any adjustments to its policy when it announces its decision at 11:00 GMT. Instead, Governor Andrew Bailey’s press conference at 11:30 GMT will [..]
New Zealand’s jobless rate is expected to have surged to a 7-year high in the June quarter as employers struggle to maintain staff numbers in the face of the global pandemic. The data, due on Wednesday (Tuesday, 22:45 GMT), might not pose an obvious threat to the local dollar’s 4-month-long uptrend versus its US rival as New Zealand has so far avoided being hit by a second wave of COVID-19 infections. However, the rocky recovery in the country’s main trading [..]
The Reserve Bank of Australia is set to stand pat again when it announces its latest policy decision on Tuesday at 0430 GMT. As the Australian economy climbs out of its worst recession in decades, policymakers are not anticipated to feel the urge to act in July. However, with the country continuing to see an alarming surge in new coronavirus cases, it may only be a matter of time before additional monetary support becomes necessary. Any hints on Tuesday that [..]
It’s a huge week ahead, with the Reserve Bank of Australia and the Bank of England both announcing their rate decisions ahead of the all-important US employment data. For markets, the burning question is whether a decent payrolls report will be enough to halt the dollar’s relentless slide. The other variable that will impact most charts through the risk sentiment channel is whether Congress will reach a compromise on the new rescue package, and if so, how much they will [..]
GDP data out of the Eurozone on Thursday and Friday are expected to show the continent is facing its worst economic crisis since the second world war. Yet, the euro is looking the most bullish against the US dollar in a very long time. A strong stimulus response, combined with relative success in bringing the COVID-19 outbreak under control, has raised confidence in Europe’s ability to not only fight the crisis but to come out of it stronger. Hence, worse-than-expected [..]
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