Weekly Comment – Central bank fiesta, nonfarm payrolls, and economic data barrage

The Fed adopted quite hawkish rhetoric in its latest FOMC minutes, triggering risk-off sentiment and causing a severe sell-off in risky assets. In the upcoming week, the latest US employment data alongside central bank meetings in the UK, Australia, and Europe will take center stage, while a raft of economic data releases will also hit the markets.

The highlights:

In America, nonfarm payrolls will be out on Friday, where a stronger-than-expected report might seal the deal for a more aggressive rate hike timeline, further boosting the USD. Moreover, employment data for the EurozoneCanadaNew Zealand, and Japan are also awaited next week.

Meanwhile, the ECBBoE, and RBA are going to host policy meetings in the upcoming week. However, only the BoE is anticipated to hike its rates by 0.25 basis points, which could power up GBP.

Final Manufacturing PMI data for the EurozoneUSUKJapan, and Canada will be reported next week, assessing the impact of Omicron on global demand for goods. Additionally, flash Eurozone inflation data will be published on Wednesday. In case of a hotter-than-expected figure, the ECB might be forced to embrace a more hawkish stance.

Oil prices surged this week amid increasing supply disruptions and subsiding Omicron jitters. Gold is set to end the week lower, pressured by soaring Treasury yields and a stronger USD, while the intensifying geopolitical flare-ups capped its downside.

Wall Street extended its losing streak, with the Dow Jones experiencing minor losses compared to the other indexes, mainly due to the growth-to-value pivot. Next week earnings reports from tech giants such as Amazon, Alphabet, and Meta will be eyed closely.

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