Not much news on the weekend to move markets early this week. President Trump is most likely considering his options if the investigations do not turn out the way he hopes, by talking about “the power to pardon”. Focus this week will be on FOMC but it will likely be a non-event. RBA’s Lowe speaks on Wednesday and will likely reiterate the theme of Debelle’s comments on Friday. US earnings season kicks into high gear with nearly 200 companies making up the S&P 500 reporting. So this week has the potential to be a big week for US stocks, the USD and AUD.
USD: main focus will be whether the FOMC (Wed) will escalate concern over recently soft inflation figures or reinforce guidance that it is expected to be transitory. Earnings will also take center stage, as will Q2 GDP (Fri).
EUR: busy week ahead with earnings out in Europe, PMIs (Mon), IFO (Tue).
GBP: dull week apart from Brexit talks and GDP (Wed). BOE’s Haldane speaks (Tue)
CAD: GDP (Fri) will be the only expected macro development that could affect Canadian markets. Earnings reports and external risks will also be factors.
AsiaPac: Australia in focus near the beginning of the week with CPI & Lowe’s speech (Tue).
Going into the week I am bearish on Dax, bullish on Gold, bullish on Eur, Nzd, Cad vs USD & GBP.
by Jul 23, 2017 – 10.10 am|
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