Week to Feb 26th

Markets pull back, Powell Humphrey-Hawkins testimony, Bonds and Gold also collapse

MY CALL THIS WEEK : BUY EURGBP

In a week that saw nothing surprising in the news, ie no changes in the stimulus plan, the vaccine rollout or The Fed’s stance, as expounded in the Humphrey-Hawkins testimony from Chair Powell, we got a chance to see underlying sentiment.

It is easy to believe the market is bullish, as Gold, bonds and JPY made new five-month lows this week. However, there was a clear underperformance in NDX this week, which never improved on its opening gap down and DJI which actually made new highs. The danger is that the pullbacks in the last couple of weeks may mean investors are moving to cash, perhaps expecting a ’no hiding place’ pullback, a general collapse in sentiment across all asset classes, reminiscent of March 20, and unlike Q4/18, where conventional havens were available. It does of course also mean with uninvested cash, the recovery from the correction will be swift. The problem with trying to interpret haven assets in March 20 is that equities fell first.

This week saw USD move up suddenly, but not buy much and well within the 89.20-91.60 (2.7%) range it has run all year. Note that moves to dollar cash from dollar instruments (such as ETFs), the majority of transactions, do not of course affect the dollar itself. The V-shaped (or inverted) charts for the currency and foreign indices confirm this consolidation.

Mon Feb 22

Markets fell today, as the pullback continued. The general feeling was that this is the start of a correction after the election to January rally, and NDX fell further than SPX, although FANG, in general didn’t fall as far as NDX in general. USD was down across the board meaning Gold was up 1.50%. The equity pullback did not affect Oil which continued this week’s rally making a new 13-month closing high. Unusually, bonds were also slightly up on the day.

Tue Feb 23

Today was a wild ride, with NDX down as much as 3.9% at one point, before recovering most of the drop. SPX followed a similar path and ended 0.13% up. All part of a correction. The dollar was surprisingly quiet, flat with little volatility. Gold was similarly flat. Bonds were up and Oil was down in line with risk-off mood.

Wednesday February 24

Chair Powell today reiterated his dovish stance in the Humphrey-Hawkins testimony, and markets rose late in the day after falling at the open. Bonds followed stocks inversely, ie the yield chart looks much like the SPX chart. The dollar was flat overall, but this was composed of a general upward dollar (hence Gold down) but a notable strong rise in JPY, showing the markets are far from risk-on. Oil continued its rise.

Thursday February 25

The general mood we have seen all week and elevated prices trigged a sharp fall today with SPX down 2.5% and NDX losing 3.5% its worst day since October. The bond market also sold off with yields hitting a new 12m high of 1.6140%, in fact almost synchronously with equities, so not a flight from risk to fixed income, a flight to cash, as Gold also fell, and even Oil was only flat.

Friday February 26

There was some recovery today from yesterday’s sharp sell-off, with bond yields down 10bp and NDX up 0.6%, although DJIA and SPX were down. Much more action on USD which was sharply up following a sharp reverse in bond yields, down 10bp on the day. Gold was sharply down on the rising dollar, and Oil pulled back on the weaker equity position.

WEEKLY PRICE MOVEMENT

A second week of pullback, with NDX the biggest loser, down 4.94%. The largest forex mover was AUDUSD down 2.09% Cryptos continued to fall sharply after their super-rally, and FANGs broadly followed NDX down.

I was.a week too early last week with my AUDUSD sell. I made 0.34% on my EURGBP taking my total this year to a measly 0.58% with 6/8 wins. I will learn from my AUD mistake, and buy EURGBP again.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• New Month
• Trend is down
• RBA Rate Decision
• Canada, Australia GDP

Mon Mar 1

A new month with five Markit Manufacturing PMIs, speeches from Fed Williams and Brainard, and ECB De Guindos, and President Lagarde at 1610, although this is only a pre-recorded event for German SMEs.

00:00 Aus TD Securities Inflation

01:45 China Caixin Mfr PMI(Feb)

08:55 Germany Markit Mfr PMI(Feb)

09:30 UK Markit Mfr PMI(Feb)

13:00 Germany CPI (e1.6% p1.6%)

13:30 Canada Current Account(Q4)

14:30 Canada Markit Mfr PMI(Feb)

14:45 US Markit Mfr PMI(Feb)

15:00 ISM Mfr PMI (e58.9 p58.7)

23:30 Japan Jobs/Unemployment Rate(Jan)

Tue Mar 2

Another heavy data day, and CB speeches from ECB Panetta and Fed Brainard again.

03:30 RBA Rate Decision/Statement (e0.1% hold)

07:00 Germany Retail Sales (YoY e5.0% p1.5%)

08:55 Germany Unemployment Rate/Change(Jan)

10:00 Eurozone CPI (Core YoY e1.1% p1.4%)

13:30 Canada Q4 GDP Final (QoQ e47.6% p40.5%) 

22:00 Aus Commonwealth Bank Svcs PMI(Feb)

Wednesday March 3

The data keeps on coming. Four ECB speeches today: Weidmann, Panetta, De Guindos and Schabel.

00:30 Australia Q4 GDP Final (QoQ e2.5% p3.3%)

01:45 China Caixin Svcs PMI(Feb)

08:55 Germany Markit PMI Composite(Feb)

09:00 Eurozone Markit PMI Composite(Feb)

13:15 US ADP Employment Change (e168k p174k)

14:45 US Markit Svcs PMI(Feb)

14:45 US Markit PMI Composite(Feb)

15:00 ISM Svcs PMI (e58.7 p58.7)

19:00 Fed Beige Book

Thursday March 4

Key today is the US Initial and Continuing Jobless Claims. Chair Powell speaks at the Wall Street Journal Jobs Summit.

00:30 Aus Imports/Exports/TB (TB e6.5B, p6.78B)

00:30 Aus Retail Sales (MoM e0.6%, p0.6%)

09:00 Eurozone Economic Bulletin

10:00 Eurozone Retail Sales (YoY e-1.3%, p0.6%)

10:00 Eurozone Unemployment Rate(Jan)

13:30 US Jobless Claims

15:00 US Factory Orders (MoM)(Jan)

17:05 Fed Chair Powell speech

Friday March 5

First Friday so it’s NFP day with little else on the calendar.

07:00 Germany Factory Orders s.a. (MoM)(Jan)

13:30 US NFP/AHE/UnEmp (NFP e148k p49k)

13:30 US Trade Balance(Jan)

15:00 Canada Ivey PMI

Week to Jun 1st

Monday May 28

Although markets were closed in the US and UK today, the decline in DAX, driven by Italian concerns was reflected in the FTSE and US futures markets. NKY was down in line. EUR rallied in the Asian session on hopes on resolution in Italy, but then faded the rest of the day to end 0.53% down. However, although AUD and GBP were also down against USD, CAD was flat (along with Oil and Gold), and JPY was slightly up meaning that DXY only put on 0.18% on the day. The bond market was closed.

Tuesday May 29

Concerns about Italy, in particular the prospect of a fresh election in which populists would gain an even larger share of the vote, continued to dominate. Italian bond yields broke the 2% barrier for the first time since 2013, and peripheral markets Spain and Portugal followed suit. All the main equity markets fell hard, as did the EUR. GBP and to an extent risk-on commodity currencies CAD and AUD fell in sympathy, although oil was flat. As money moved into safer US bonds, we saw the triple risk-off test; Gold, JPY and US bond prices (inverse to yields) all up sharply. 

Italy-Germany 10-year bond yield spread

Wednesday May 30

With Monday being a holiday, Turnaround Tuesday was in fact on Wednesday this week. Not as alliterative, but the effect is the same. The trigger was new M5S and Lega coalition talks, ie to avert another election, and the Italian MIB rallied 2.1% after its 8% slide over the previous week, and Italian yields fell, and German and US yields rose, the latter by 7bp to 2.84%

Despite the US misses on ADP jobs (12:15) and GDP and PCE (12:30), US markets also rallied, with SPX recovering all the previous day’s losses, and NKY followed. In Europe, both EUR/DAX and GBP/FTSE similarly recovered, and all currencies were up against USD except JPY which retreated in the risk-on market. Gold followed the weaker dollar, not the risk on, and was up $3 on the day.

Of particular note was CAD which put on an immediate 178 pips (1.37%) on hawkish BoC rhetoric following the rate hold. Oil rallied by 2.4% on reports that the proposed raising of output (mentioned last week) may not be as soon as previously though. This of course also helped CAD.

Brent-WTI spread increasing

Thursday May 31

With Italy out of the way for now, the tariff deadline we mentioned last week arrived, and the US confirmed they would impose steel and aluminium tariffs on the EU, Mexico and Canada. Markets duly retreated again. DAX fell the most (1.4% in the cash session), mainly because of a 7.7% fall in DB after the troubled bank was placed on a US regulator’s ‘problem’ list, but SPX, FTSE and NKY were also down. Currencies were mixed. CAD showed an effect we have seen before. A sharp move in one direction (the hawkish remarks yesterday) is often reversed on the next piece of significant news, in this case the GDP miss (1.3% vs 1.7% est) at 12:30, which faded CAD by 165 pips (1.29%), virtually a complete reversal. Note that this is the kind of move you normally only see with CPI or interest rates, GDP usually has a much lesser effect.

Otherwise it was a dull day for the dollar. EUR was slightly up, JPY and Gold were slightly down, and AUD and GBP were flat. As CAD is only 9.1% of DXY it had limited effect on DXY which closed flat, as did 10-year yields. Oil gave up Wednesday’s gains despite the EIA Stock beat at 15:30. Notably the Brent-WTI spread hit a three year high of $11, reflecting confidence in US shale output. In general non-US oil is priced in Brent.

DJIA repeats futures rally in cash session

Friday Jun 01

Friday saw Italy form a new government, albeit the strange coalition of M5S and Lega, but at least there are no new elections. MIB added 1.5%, and both Spanish and Italian bond yields tumbled. In other good news, NFP figure came in at 12:30 as a healthy beat (223k vs 188k), with average hourly earnings up 2.7% (last month 2.6%) and a beat on unemployment. All indices were up, although of the majors, only SPX and NDX ended with green candles for the week.

The DJIA exhibited a pattern seen many times before on NFP beat, rising in futures immediately after the release, then rising again by the same amount in the cash session. The index took a few minutes before the first rall, so it was particularly easy to trade. Look out for this pattern on future NFP beats.

It was another mixed day for currencies. In general it was a good day for USD, with JPY and Gold down sharply, and Oil continued to fall in line. AUD and CAD were fairly flat, and the only surprise was GBP which rallied all day after the Markit Manufacturing PMI beat (which we signalled last week as significant) at 08:30. Yields were up in line with the dollar, up 6bp at 2.47%.

Please note all figures and percentages given for daily movement on indices cover the entire cash and futures period in that day.

WEEKLY PRICE MOVEMENT

A very flat week for USD on everything except NZD. The best trade would have been to buy NZDJPY for 1.19%, the lowest forex gain for months. Indices were also quieter, with the downward move in the DAX being the largest. Even cryptos were virtually flat.

AUDUSD 0.7565 (+0.27%)

EURGBP 0.8731 (-0.32%)

EURUSD 1.1657 (+0.08%)

GBPUSD 1.3342 (+0.36%)

NZDUSD 0.6986 (+1.07%)

USDCAD 1.2952 (-0.14%)

USDJPY 109.49 (+0.12%)

DAX     12743 (-1.45%)

FTSE     7704 (-0.13%)

NIFTY   10696 (+0.86%)

NKY     22361 (-0.40%)

SPX    2731.6 (+0.52%)

GOLD  1293.78 (-0.53%)

OIL     65.69 (-2.54%)

BTCUSD   7522 (+1.65%)

ETHUSD 579.58 (+1.53%)

(Crypto prices are given as at 0000GMT Saturday, two hours after the other markets close.)

NEXT WEEK (all times are GMT)

Monday June 04

There are no Fed speakers this week as they are in the purdah period prior to the rate decision next week. Data is also light, although as the UK Manufacturing PMI boosted sterling last week, the Construction PMI may also have a larger than normal effect. BoE Etheridge speak at 15:45, and BoE MPC member Tenreyro (voter, centrist) is on at 17:00.

Tuesday June 05

Australian yields rose sharply last Friday in anticipation of a possible hike today, although consensus is still for a hold. Notably the bank has said that falling house prices (Australian house prices have fallen for eight months in a row) are not a consideration. We now have a partially priced in hike, so expect AUD volatility whatever happens. Also, in addition to a raft of PMIs is the US JOLTS Job Openings report at 14:00. ECB President Draghi speaks along with his predecessor Jean-Claude Trichet in Frankfurt at 13:00. BoE Cunliffe (dove, voter) speaks at 11:00.

Wednesday June 06

Following the rate decision, Australian GDP is estimated to be twice last month’s figure at 0.8%. A miss on this ambitious estimate could reverse any movement upward from the rate decision (or vice versa on a beat after a rate hold). We have three ECB speakers today Praet (dove, voter) at 07:00, Hakkarainen at 13:30, and Angeloni at 16:10. BoE Tenreyro speak again at 09:00, and BoE McCafferty (hawk, voter) is scheduled to do a vox pop Q&A on London LBC Radio.

Thursday June 07

Eurozone GDP rarely makes much of a splash and usually comes in as estimated, as the individual nations have already reported. Of more interest are the CB speakers, BoE Ramsden (voter, position unknown and therefore interesting) at 14:00, and BoC Poloz discussing the contents of the Canadian Financial System Review. Another former CB leader is on today, Ben Bernanke discusses “Lesson Learned from 10 Years of QE” at 18:00. NDX component (1.302%) AVGO reports after the bell.

Friday June 08

Today sees Canada’s NFP and other employment figures, a week after the US NFP. The jobs estimate is not available at the time of writing, but an improvement of last month’s negative figure is likely. USDCAD sharp movement is still expected. Staying north of the 49th parallel, the two-day G7 Summit opens in Quebec. The only CB speaker today is ECB Mersch (hawkish, voter) at 07:15. Markets will also start to position themselves for the following week’s all important US (and EU) rate decisions, where a US hike is widely (91.3% per FedWatch) expected.

CALENDAR (all times are GMT). High volatility items are in bold

Mon Jun 04

01:00 AUD Australia HIA New Home Sales (MoM)(time approx)

01:30 AUD Australia Retail Sales s.a. (MoM)

08:30 GBP UK PMI Construction

14:00 USD US Factory Orders (MoM)

23:30 JPY Japan Overall Household Spending (YoY)

Tue Jun 05

23:01 GBP UK BRC Like-For-Like Retail Sales (YoY)

01:45 CNY Caixin China Services PMI

04:30 AUD RBA Rate Decision/Statement (est hold 1.5%)

07:55 EUR Germany Markit Services/Composite PMI

08:00 EUR Eurozone Markit Services/Composite PMI

08:30 GBP UK Markit Services PMI

13:45 USD US Markit Services/Composite PMI

14:00 USD US ISM Non-Manufacturing PMI

14:00 NZD NZ GDT Price Index (time approx)

20:30 WTI API Stock

Wed Jun 06

01:30 AUD Australia GDP (est 0.8% prev 0.4%)

12:30 USD US Trade Balance

12:30 USD US Nonfarm Productivity/Unit Labor Costs

12:30 CAD Canada International Merchandise Trade

14:00 CAD Canada Ivey PMI

14:30 WTI EIA Stock

22:30 AUD AiG Performance of Construction Index

Thu Jun 07

01:30 AUD Australia Imports/Exports/Trade Balance

05:00 JPY Japan Leading Economic Index

09:00 EUR Eurozone GDP (est 2.5% prev 2.5%)

12:30 USD US Jobless Claims

15:15 CAD BoC Governor Poloz Speech

19:00 USD US Consumer Credit Change

Fri Jun 08

02:00 CNY China Imports/Exports/Trade Balance (time approx)

06:00 EUR Germany Industrial Production/Trade Balance

12:15 CAD Canada Housing Starts s.a (YoY)

12:30 CAD Canada NFP/Participation/Unemployment

17:00 WTI Baker Hughes US Oil Rig Count

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Week to May 18th

Monday May 14

After finishing on a high on Friday, SPX pulled back today, as did FTSE, although NKY and DAX were fairly flat, as their denominated currencies moved down, and The Italian MIB stopped falling. Of more interest was the currency market, where, after being flat last week, the dollar resumed its upward climb, advancing against Gold and all currencies except GBP, which pushed briefly back above its 200-day moving average. US 10-year Treasury yields poked briefly above 3%, and closed pretty much on the line at 2.9951%. Oil was up on the day.

Tuesday May 15

There has been much talk of the 3% bond yield psychological roundpoint being a severe damper on equity prices, and so it was today, when the yield shot up by 8bp (the biggest one-day rise since Sep 11, 2017) and touched a six-year intraday high of of 3.095%. US Markets fell sharply, with SPX down 0.7% (not helped by the Retail Sales miss at 12:30) and Gold dropping below $1,300 to a 2018 low. Inevitably, this move helped USD. DXY added 0.69% to make a 2018 high, and all currencies were down, which in turn helped DAX and FTSE post small gains.

The rising US yields have of course had a knock-on effect on the equivalent German and UK bonds, up 3bp and 5bp respectively, so although EUR and GBP fell 0.6% and 0.3% respectively (note the lesser fall/higher yield rise in GBP, helped by the Claimant Count beat at 08:30), AUD and NZD fell further, down 0.7% and 0.74% respectively, the latter despite an upturn in the GDT Milk Index. Oil see-sawed throughout the day on Venezuela and Iran worries, and ended marginally up. TRY hit a record intraday low after President Erdogan spoke on Bloomberg TV.

Wednesday May 16

Equity markets were consistently up today, with the exception of the MIB which fell 2.3% on continued Lega/M5S ‘coalition from hell’ concerns. Italian 10-year yields had their largest single-day advance (16bp) since November 2016. Notably RUT, the US small-cap index closed at an all-time high.

Italy was responsible for EUR being the only currency to fall, hitting a new 2018 low, whereas all others rose sharply against USD (resulting in a near-flat DXY overall). EURJPY was down 0.3%. Gold was also flat on the day in line with DXY. Despite the pause in USD, and German and British yields pulling back, the US 10-year yield put on 1.6bp to hit another six year high. Oil was up sharply after the EIA print beat at 14:30 (with the previous evening’s API print missing), touching a new four-year high.

Thursday May 17

Today was the day the currency movements materially caught up with equities. It was another good day for USD, up across the board, and notably so against JPY and GBP.  SPX was flat on the day, but NKY, DAX and FTSE soared, the latter making an intraday (7799) and closing (7783) all-time high.

This was aided of course by the falling pound, and the surge in the price of Oil (Oil & Gas is 16.4% of FTSE, higher than any other except TSX (19.4%)). Even MIB recovered slightly. Oil itself was flat today, but not before touching an intraday of $72.28.

Gold was down in line with the stronger dollar, and yields were up another 2bp, both instruments making new 2018 records. 

This Bloomberg table shows the USD state of play for the week on Thursday evening.

Friday May 18

Equities pulled back slightly on Friday, with NKY moving more than the others as JPY (and Gold) being the only gainers against USD, as GBP came close to touching its 50-week moving average. Whether this provides support remains to be seen, but it is notable that the 200-week moving average was resistance both at Brexit and last month.

MIB fell sharply again (1.96%) as the Italian crisis rumbled on. Yields also took a breather, so technically it was a risk-off day with JPY, USD, Gold and Bond prices all up. Nevertheless, RUT posted another ATH. Oil was down in line with the generally stronger dollar, as DXY made another 2018 closing high of $93.66. CAD was down 0.59% after the Canadian CPI miss.

Please note all figures and percentages given for daily movement on indices cover the entire cash and futures period in that day.

WEEKLY PRICE MOVEMENT

USD resumed its upward path against all currencies, with DXY putting on 1.2%. The best currency to sell would have been EUR, although selling Gold would have been even better. Further EM weakness meant that shorting NIFTY would have been the best index trade.

After last week’s fall, cryptocurrencies were virtually flat this week, as volatility continues to reduce in the sector, as you can see in this chart.

AUDUSD 0.7507 (-0.46%)

EURGBP 0.8737 (-0.86%)

EURUSD 1.1768 (-1.42%)

GBPUSD 1.3457 (-0.60%)

NZDUSD 0.6919 (-0.62%)

USDCAD 1.2880 (+0.70%)

USDJPY 110.74 (+1.26%)

DAX     13071 (+0.65%)

FTSE     7773 (+0.84%)

NIFTY   10596 (-1.94%)

NKY     22834 (+0.59%)

SPX   2711.88 (-0.62%)

GOLD  1292.30 (-2.01%)

OIL     71.36 (+1.31%)

BTCUSD   8213 (-2.48%)

ETHUSD 689.63 (+1.63%)

(Crypto prices are given as at 0000GMT Saturday, two hours after the other markets close.)

NEXT WEEK (all times are GMT)

Monday May 21

The OPEC Clean Energy conference held in Copenhagen and Malmö starts today, and it is the second day of the G20 conference in Buenos Aires. A US Treasury report on Chinese trade [unfairness] is due. A Trump tweet is possible. SecState Pompeo speaks on Iran. A Mexican NAFTA team arrive in Washington. CB speakers today are Fed Bostic (centrist, voter) at 16:15, Harker (centrist, non-voter) and (Kashkari (dove, non-voter) at 21:30, and ECB Nowotny (hawk, voter) at 07:00. Today is the first day of the options month.

Tuesday May 22

In Europe, the deadline expires to elect the Catalonian President, and the UK begins the next round of Brexit negotiations. BoE Gov Carney appears before Parliament, for the Inflation Report hearings at 09:00. President Moon of South Korea visits Trump in Washington, expect a comment of some kind about North Korea. Otherwise a quiet day on data.

Wednesday May 23

Today is the biggest day of the week. At 08:30 we have UK CPI. This is the first, and most important of the three key UK releases this week which will influence the BoE’s next rate decision on June 21st. Then we have the all-important FOMC minutes later in the day. As ever, forward guidance is the key. SecState Pompeo appears before the House Foreign Affairs Committee. South Africa inflation is reported.

Thursday May 24

Two reports from the ECB today, the Financial Stability Review at 08:00, and the MPC minutes at 11:30. Also ECB Praet (dove, voter) speaks. BoE Gov Carney speaks twice, alongside Fed Dudley (centrist, voter) at 07:00 (Dudley speaks at 08:15) and again at 17:00. Fed Harker (centrist, non-voter) speaks at 18:00. South Africa makes a rate decision. Commentators have, unusually marked the Tokyo inflation figure as important this month. The second important GBP print, Retail Sales, is at 08:30.

Friday May 25

The final important UK print for the week is GDP, which should be taken in the context of the previous two releases. Today’s ECB speakers include Villeroy (centrist, voter) at 07:00, and Coeuré (hawkish, voter) at 13:15. Fed Chair Powell is in Sweden at the Riksbank (the world’s oldest CB) conference, where we may hear other important CB speakers. Bostic and Kaplan (hawkish, non-voter) also speak today. Note that US markets are closed Monday 28th for Memorial Day.

CALENDAR (all times are GMT). High volatility items are in bold

Sun May 20

22:45 NZD NZ Retail Sales (QoQ)

23:50 JPY Japan Trade Balance/Imports/Exports

Mon May 21

08:00 EUR EU Financial Stability Review

09:00 WTI OPEC meeting (all day)

12:30 USD Chicago Fed National Activity Index 

Tue May 22

08:30 GBP UK Public Sector Net Borrowing

20:30 WTI API Stock

Wed May 23

04:30 JPY Japan All Industry Activity Index (MoM)

06:00 EUR Germany GDP

07:30 EUR Germany Markit PMIs

08:00 AUD RBA's Governor Philip Lowe Speech

08:00 EUR Eurozone Markit PMIs

08:30 GBP UK CPI/RPI/PPI

13:45 USD US Markit Services/Composite PMIs

14:00 USD US New Home Sales (MoM)

14:30 WTI EIA Stock

18:00 USD FOMC Minutes

22:45 NZD Trade Balance/Imports/Exports

Thu May 24

00:00 EUR Eurogroup meeting (all day)

05:00 JPY Japan Leading Economic Index

06:00 EUR Germany Gfk Consumer Confidence Survey

08:15 USD Fed's William Dudley speech

08:30 GBP UK Retail Sales

11:30 EUR ECB MPC Minutes

12:30 USD US Jobless Claims

13:00 USD US Housing Price Index (MoM)

14:00 USD US Existing Home Sales (MoM)

18:00 USD FOMC Member Harker Speech

23:30 JPY Tokyo CPI

Fri May 25

00:00 EUR EcoFin Meeting

08:00 EUR Germany IFO - Business Climate/Current Assessment/Expectations

08:30 GBP UK GDP

12:30 USD US Durable Goods Orders

13:00 USD Fed Chair Powell Speech

15:45 USD FOMC Member Kaplan Speech

15:45 USD FOMC Member Bostic speech

17:00 WTI Baker Hughes US Oil Rig Count

This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here.