A Look Ahead into the Week
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- US trading to resume normally on Monday after Friday break
- FOMC Minutes and Fed Chair Powell to draw investors’ attention
The week, starting Monday, April 5, would bring a relatively heavy set of economic events and reports that promise to bring new insights and to provide an update on the direction of the global economy. The first full trading week of the second quarter of 2021 kicks off with regular trading hours for US financial markets, while Europe takes a break celebrating Easter Monday. At 10:00 am EST, the US delivers its March ISM non-manufacturing PMI report.
On Tuesday, Australia steps in with its central bank’s interest rate decision for April. The announcement will be made at 00:30 am EST, followed by the statement of the Reserve Bank of Australia. On Wednesday, the UK reports its March composite and services PMI reports. The data set is expected to arrive at 04:30 am EST. The anticipated event of the day follows at 2:00 pm EST when the FOMC releases its meeting minutes. The report will be closely monitored by traders and investors because it will provide insight on the Fed’s outlook for the economy on its way towards recovery from the pandemic. The FOMC minutes will also include details on the Federal Reserve’s approach towards the current state of the economy.
Thursday kicks off with UK’s construction PMI data for March set to arrive at 04:30 am EST. Later, at 07:30 am EST, the European Central Bank will release its monetary policy statement. The event will provide insight on ECB’s asset purchase program and will include comments on current economic conditions. Federal Reserve Chairman Jerome Powell will speak at 12:00pm EST on Thursday. The scheduled appearance is expected to offer hints regarding future monetary policy actions by the Federal Reserve as well as an evaluation of the current policies and their effect on the US economy.
On Friday, the US presents March PPI data at 08:30 am EST. The Producer Price Index aims to gauge the change in the price of products sold by manufacturers. The measurement helps to track consumer price inflation. At the same hour, Canada will publish its latest jobs report, the employment change for March. In February, the Canadian economy added 259,200 new jobs. The report for March will show whether the economic recovery of Canada remains on track.
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