The week’s starts off with the Services/Composite PMIs and the EU Sentix in focus on Monday, with the EU CPI and the US ISM Non-Mfg PMI to follow on Tuesday. The ADP Jobs data will be the main event on Wednesday, coming ahead of Friday’s official US unemployment figure, which will be the key event of the week. The only other important point of note on the calendar this week will be the China CPI (Thursday), and it would seem that political tensions will continue to dominate sentiment flows for the foreseeable future. US/Iran tensions seem likely to continue to escalate, which should increase demand for safe haven assets. Gold is already off to the races in having traded up to $30oz higher than the Friday NY close on the back of the Iranian vow to retaliate against the US assassination of the Iranian general on Friday. Oil also looks as though it wants to post further gains, while the Jpy is in strong demand on Monday ahead of the Asian open. Have a good week.
Economic data highlights will include:
Mon: Australian/China/Japan/EU/US Services/Composite PMIs, German Retail Sales, EU Sentix Investor Confidence Survey, EU PPI
Tue: NZIER Business Confidence, ANZ Job Ads, EU Retail Sales, CPI, US Factory Orders, ISM Non-Mfg PMI, API Weekly Crude Oil Stock Inventory
Wed: Australian Building Permits, German Factory Orders, EU Economic Sentiment Indicator, Industrial Confidence, Services Sentiment, Business Climate, US ADP Jobs data, EIA Crude Oil Stocks Weekly Change
Thur: Australian AIG Performance of Construction Index, Trade Balance, NZ Commodity Index, China CPI, UK like for like Retail Sales, EU Unemployment, US Jobless Claims, Fed speakers; Clarida/Williams, Buba Speaker; Weidmann
Fri: Australian Retail Sales, Japan Leading Economic Index, Coincident Index, China New Loans, Foreign Direct Investment, US Jobs/NFP/Average Hourly Earnings data, Wholesale Inventories
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