Friday’s NFP event was severely volatile as market data came out unexpectedly negative considering the Fed’s continual focus on unemployment rather than monetary policy to manage inflation. The result consequently resulted in the dollar weakening significantly, Gold breaking up strong closing out the week at $1830. The weakened dollar resulted in investors taking on a higher risk on approach seeing the indices rally as Dow and S&P made new all time highs and Nasdaq also closing positively. The risk on approach carried over to the Dax and FTSE as they both pushed higher.
Ethereum had another strong rally this morning as we broke above the $4000 level as price is currently trading at $4130 at the time of writing, with Bitcoin not quite caring over the momentum from the weakened Dollar.
The Economic calendar is lacking high impact events in comparison to last week, however with CPI still set to be released this week and inflation being a major focus point for this year keep an eye out for US CPI set to be released on Wednesday. BOE Gov Bailey is set to speak on Tuesday and Wednesday where interest rates will be the focus of both discussions, expect an aggressive movement if a mention out of line from current monetary policy guidelines are disclosed.
3:30am - Retail Sales m/m (AUD)
11:30am - Annual Budget Release (AUD)
4:30pm - BOE Gov Bailey Speaks (GBP)
Participation in a panel discussion about Secured Overnight Rate, term rates and
Loan market developments by Alternative Reference Rates Committee.
11:00am - BOE Gov Bailey Speaks (GBP)
Speaking at an online event hosted by International Swaps and Derivatives Association
2:30pm - CPI m/m (USD)
2:30pm - Core CPI (USD):
4:30pm - Crude Oil Inventories (USD)
7:01pm - 10-y Bond Auction (USD)
All Day - Bank Holiday (CHF, German, French)
2:30pm - Unemployment Claims (USD)
5:00pm - BOC Gov Macklem Speaks (CAD)
Due to speak at an online event hosted by the Bank of Canada
7:01pm - 30-y Bond Auction (USD)
2:30pm - Core Retail Sales m/m (USD)
2:30pm - Retail Sales m/m (USD)
4:00pm - Prelim UoM Consumer Sentiment (USD