The March jobs report takes center stage this week. The Labour Department’s monthly snapshot of U.S. employment will be closely watched by market participants and will carry special weight as Federal Reserve officials appear to signal more hawkishness in the central bank’s rate-hiking plans. Meanwhile, Core PCE, the Fed’s preferred inflation gauge, is also due out Wednesday and will offer further clues on how aggressive the next interest rate bump could be.
As inflation worries mount, consumers are getting wary about what’s ahead. The Conference Board’s Consumer Confidence Index due for release on Tuesday will show a timely snapshot of their thinking following the latest spike in prices. Economists surveyed by Bloomberg are looking for the index to fall to 107.0 for March following a read of 110.5 last month.
The Forex market is dominated by a weak Japanese Yen (influenced by the Bank of Japan’s pledge to continue monetary easing until its inflation target of 2% is reached) and a rising US Dollar. The USD/JPY currency pair continued to rise over the Tokyo session to trade at a new 6-year high above ¥121.50. It looks likely to advance higher still over the coming days, as the Bank of Japan pledged a few hours ago to purchase an unlimited amount of JGB bonds at 0.25% after the 10-year Yen yield hits 0.245%, the highest rate seen in 6 years.
Bitcoin broke out from its consolidating triangle over the weekend, and a few hours ago reached a 7-week high just below $48k.
Plan your trades carefully and have a great trading week!
This Week’s High Impact Events
The times below are GMT +3.
Monday 4th April
12.05 – UK – BoE Gov. Bailey Speaks
Potential instruments to Trade: GBP Crosses.
17.30 – Canada – BOC Business Outlook Survey
Potential instruments to Trade: CAD Crosses.
Tuesday 5th April
07.30 – Australia – Cash Rate & RBA Rate Statement
Potential instruments to Trade: AUD Crosses.
17.00 – US – ISM Services PMI
Potential instruments to Trade: USD Crosses.
17.05 – US – FOMC Member Brainard Speaks
Potential instruments to Trade: USD Crosses.
Wednesday 6th April
17.00 – Canada – Ivey PMI
Potential instruments to Trade: CAD Crosses.
17.30 – US – Crude Oil Inventories
Potential instruments to Trade: USD & CAD Crosses.
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