Grab your calendars and let's kick off the week with market highlights! 📅
Global manufacturing PMIs (Monday)
The first major data is today’s publication of the manufacturing Eurozone's PMIs, which could trigger further volatility. Watch out for EUR/USD, EUR/JPY, EUR/GBP as market analysts expect a potential weakening of the euro.
US Preliminary GDP and Jobless Claims (Wednesday)
The lower number of jobless claims might indicate a better signal for the economic recovery. Last week, it fell to 348K, the lowest level since March 2020. The GDP goes hand in hand with jobless claims when it comes to analyzing economic recovery. Keep an eye on the US Dollar against other major currencies. However, analysts don't expect huge price swings as everyone's mostly focused on Friday's speech by the Fed.
Three earnings reports (Wednesday - Friday)
Three notable companies will release their earnings reports during this week - Xiaomi (Wednesday), HP (Thursday), Petro China Co (Friday). As always, better than expected figures may trigger a surge for the stocks, and vice versa, so watch out!
Fed's Jackson Hole Symposium (Friday)
Markets await Fed's Jackson Hole Symposium and the speech by Chair Jerome Powell on Friday. Some speculate that Powell could use the speech to signal a delay in withdrawing stimulus rather than bringing it forward. The most impacted assets during such events are the Dollar (GBP/USD, EUR/USD, USD/JPY) and US indices, such as SPDR S&P 500.
Last but not least - cryptocurrencies (All week)
Cryptocurrencies had a successful weekend, with Bitcoin surging above $50,000, the highest levels since May. New news are coming out, such as PayPal announcing the launch of a new service enabling its customers in the UK to buy, hold and sell cryptocurrency with PayPal. This is potentially a very bullish signal for both PYPL and BTC.
That's it for this week!
Stay tuned for other market insights, and meanwhile, catch those trading opportunities!
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