Q3 is upon us and the second half of the year kicks off with an interesting week. Manufacturing PMI inundates the economic calendar today with data prints courtesy of Australia, China, Europe and the USA. On Tuesday, Federal Reserve Chair Jerome Powell will deliver a speech at the ECB forum in Portugal, no doubt taking the opportunity to muse on the encouragingly stable PCE Price Index numbers released last Friday. The vice-president of the ECB, Luis de Guindos, will also be speaking on the same day, potentially affecting both sides of the EURUSD trade. Services PMIs from around the world grace the newswires on Wednesday, before US jobless claims release later in the day.
Things start to get spicy on Thursday as the UK holds a general election. Volatility to be expected, particularly since US markets will remain closed in observance of Independence Day, withdrawing their fair share of market liquidity. Before traders can catch their breath however, Friday delivers one final treat in the form of Non-Farm Payrolls.
As mentioned above, the PCE Price Index fell exactly in line with expectations on Friday, at 2.6% YoY, leaving market participants little to work with. Gold ended the week relatively flat, after a very boring day on Friday saw the precious metal close at $2,326 an ounce. The major three US indices also experienced an uneventful week, perhaps more interesting is the fact that the Dow Jones closed the last quarter 1.7% in the red, at odds with the S&P 500 and Nasdaq Composite, which ended Q2 respectively 3.9% and 8.3% in the black.
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