The markets are once again open – and with it a new week of macroeconomic data and events. This week seem to be an active one with news affecting most all major currencies including – JPY, EUR, USD and GBP.
Although the week starts out relatively quiet Let’s take a look at the most significant events coming up this week.
Wednesday – April 10th
- JPY Japan’s Central Bank’s Governor’s Speech @ 6.15 a.m. GMT
- EUR Europe’s Central Bank’s Interest Rate Decision @ 11.45 a.m. GMT
- USD Consumer Price Index (both YoY and MoM) @ 12.30 p.m. GMT
- EUR The ECB will announce its Monetary Policy Statement during a Press Conference @ 12.30 p.m. GMT
- GBP Brexit European Council Summit @16.00 p.m GMT
- USD FOMC Minutes released @ 18.00 p.m. GMT
Thursday – April 11th
- CNY March’s Consumer Price Index (YoY) @ 01.30 a.m. GMT
- EUR Germany’s Harmonized Index of Consumer Price for March (YoY)
Friday – April 12th
- Potential Global Affect – Unless another extension or agreement is reached Friday is the official Brexit deadline (that was pushed to this date from the original cutoff of March 29th deadline). Of course, Donald Tusk (European Council President) also proposed the idea of a 12 month extension – while remaining in the EU but the exit could happen at any point before the 1 year deadline. This is very likely to create further uncertainty if the ‘flextension’ is opted into by the UK Government. To be fair it has the word tension right in the name.
Other Things to Look For
We still have ongoing trade tension between the U.S. and China – although there is an optimism as talks have been ongoing. The U.S. seems dead set on creating even more tensions – by continuing and extending sanctions on OPEC members – Iran and Venezuela. This is while crude has reached the nosebleed high of $70.76 (BRENT) and $63.48 (WTI) as a result of OPEC production cuts. To top everything off Saudi Arabia has threatened to sell OIL in other currencies other than the dollar if the U.S. goes ahead with what the Trump administration is calling “NOPEC”. This is essentially an Anti-OPEC or a conglomerate of OIL producing countries that are not included in the OPEC organization. Most analysts believe that both scenarios are unlikely, but it might still have an impact on market sentiment.