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Market Week Ahead: FOMC and Reserve Bank Australia

Recap:

U.S. non-farm payrolls data exceeded expectations somewhat, with 850k new jobs created last month compared to the expected total of 725k. However, the U.S. unemployment rate rose to 5.9% when it had been expected to fall to 5.6%.

The weekly price chart below shows the U.S. Dollar index printed a bullish candlestick last week. next week’s price movement in the U.S. Dollar still looks more likely to be upwards than downwards, provided that the support level at 11833 continues to hold up.

The S&P 500 Index printed a strong bullish candlestick that closed right at the top of its weekly range at an all-time high price. 

WTI Crude Oil printed a strong, good-sized bullish candlestick last week which closed within the upper third of its price range, again making a new 2.5-year high price. 

Here are some events to watch this week:

  • Reserve Bank of Australia policy decision Tuesday
  • FOMC minutes Wednesday
  • The Group of 20 finance ministers and central bankers meet in Venice on Friday
  • China PPI and CPI data released on Friday

These are some of the main moves in markets:

Stocks

  • S&P 500 futures dipped 0.2% as of 12:28 p.m. in Tokyo. The S&P 500 rose 0.8% Friday
  • Nasdaq 100 futures fell 0.1%. The Nasdaq 100 rose 1.2%
  • Japan’s Topix index fell 0.4%
  • Australia’s S&P/ASX 200 Index added 0.2%
  • South Korea’s Kospi index rose 0.4%
  • Hong Kong’s Hang Seng Index shed 0.5%
  • China’s Shanghai Composite Index rose 0.2%

Currencies

  • The Japanese yen was at 111.08 per dollar
  • The offshore yuan was at 6.4657 per dollar, up 0.1%
  • The Bloomberg Dollar Spot Index increased 0.1%
  • The euro traded at $1.1856

Bonds

  • The yield on 10-year Treasuries declined three basis points to 1.42% Friday; futures were futures little changed
  • Australia’s 10-year bond yield dipped four basis points to 1.43%

Commodities

  • West Texas Intermediate crude shed 0.1% to $75.07 a barrel
  • Gold was at $1,787.73 an ounce
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