The Week Ahead – Central Bank Chatter, Private Sector PMIs, and Russia in Focus

On the Macro

It’s a busy week ahead on the economic calendar, with 57 stats due out through the week ending 22-April. In the week prior, 59 stats were in focus.

For the Dollar:

The markets will need to wait until Thursday for the key stats.

Jobless claims and Philly FED Manufacturing numbers will draw interest on Thursday ahead of private sector PMIs on Friday.

Expect the jobless claims and services PMI to have the most influence on the markets.

On Thursday, Fed Chair Powell is due to speak. Expect any chatter on the economy and monetary policy to provide direction.

In the week ending April-15, the Dollar Spot Index rose by 0.71% to 100.500.

For the EUR:

Eurozone industrial production and trade data, together with German wholesale inflation, will be in focus on Wednesday.

On Thursday, finalized Eurozone inflation and flash consumer confidence figures will also draw interest.

At the end of the week, prelim April private sector PMIs for France, Germany, and the Eurozone will be the key stats. While the headline numbers will influence, expect inflation, new orders, and supply chain updates to draw plenty of attention.

At the end of the week, ECB President Lagarde is due to speak.

For the week, the EUR fell by 0.62% to $1.0810.

For the Pound:

Retail sales and private sector PMIs, due out on Friday, will be the key stats of the week.

Expect the retail sales and services sector PMI to have the most influence.

On Friday, BoE Gov. Bailey is due to speak, with any monetary policy chatter to influence the Pound.

The Pound rose by 0.27% to end the week at $1.3060.

For the Loonie:

On Wednesday, inflation figures will draw plenty of interest, with a further pickup in inflationary pressures supporting another BoC rate hike.

On Friday, retail sales will also influence.

The Loonie ended the week down 0.30% to C$1.2610 against the U.S Dollar.

From the Asia Pacific

For the Aussie Dollar:

There are no material stats due from Australia for the markets to consider.

While there are no stats, the RBA meeting minutes will influence. The minutes are due on Tuesday.

The Aussie Dollar declined by 0.84% to $0.7395.

For the Kiwi Dollar:

It’s also a quiet week, with economic data limited to Q1 inflation figures due on Thursday.

Expect interest in the numbers, with little else for the markets to consider.

From China, Q1 GDP numbers will also influence on Monday.

The Kiwi Dollar ended the week down 1.24% to $0.6764.

For the Japanese Yen:

Industrial production will draw attention on Tuesday ahead of trade data on Wednesday.

While the numbers will draw interest, we don’t expect the figures to influence the Yen.

On Friday, inflation and private sector PMIs will also draw interest.

The Japanese Yen slumped by 1.71% to end the week at ¥126.46 against the U.S Dollar.

Out of China

Q1 GDP numbers are due out on Monday, along with industrial production and fixed asset investments.

Expect the GDP numbers to be the key stat of the week.

On Wednesday, the PBoC is also in action, with the markets expecting the PBoC to leave loan prime rates unchanged.

In the week ending April 15, the Yuan slipped by 0.10% to end the week at 6.3715 against the Dollar.

Geo-Politics

Russia and Ukraine will remain the area of focus in the week ahead.