Weekly Trading Forecast: ECB, US GDP Top Action-Packed Calendar
First-quarter US GDP data and an ECB monetary policy announcement headline an action-packed set of top-tier event risk in the week ahead.
The US Dollar is eyeing first-quarter GDP data with hopes for another upward push having mounted a spirited recovery amid swelling Fed rate hike speculation.
The Euro trade-weighted index remains up by over +9% year-over-year, a point of interest for the ECB when it meets this week. A small shift in language by the ECB could undermine the Euro as market participants remain net-long.
Sterling traders have had a busy week with data prints and commentary from Bank of England Governor Mark Carney weighing on GBP.
After a spike in the early portion of the year inflation has started to settle in Japan, and with the BoJ on the calendar for next week, the door remains open for a continuation of Yen weakness.
The Australian Dollar fundamental outlook is neutral as key local and US data might both underperform. Can risk trends take the spotlight in such a scenario?
Last week provided another feather in the cap for crude oil bulls with a combination of bullish comments from the IEA, tightening physical supplies from EIA, and OPEC’s progress.
Equities Forecast: S&P 500, DAX & FTSE - Outlook Shrouded in Uncertainty
Looking ahead to next week, we’ll be more focused on letting the market show its ‘true colors’ as the outlook is a bit hazy at the moment; ECB in the spotlight for the DAX
Gold prices slid amid rising expectations of 3 more rate hikes, pricing now at 44%, alongside easing geopolitical tensions. Looking ahead, US GDP and Trade Balance could instigate notable price action in the bullion.
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