Look ahead: China Caixin services PMI; eurozone CPI; US ADP employment; Oil; OPEC
China’s Caixin services PMI could prompt volatility in the yuan, after the currency fell to a 4-1/2-month low against a robust dollar. For those trading the euro, watch out for eurozone inflation and the latest jobless rate print.
The ADP employment change reading could be interesting in a week when we get the most recent NFP print. Plus, keep an eye out for EIA crude oil inventories as the OPEC & non-OPEC ministerial meeting gets underway.
(AI Video Summary)
Caixin Services PMI
In today's "Look ahead" video, Angeline Ong gives an overview of the important market events and data releases happening on Wednesday, 3 April. She starts by saying that while there haven't been many big announcements from companies, there are a few key things to pay attention to.
First, she talks about China and the upcoming Caixin Services PMI, a measure of how well the service sector is doing. She says that experts predict it will be at 52 for March. She also mentions that China's currency, the Chinese yuan, has fallen to a four and a half month low against the US dollar due to a stronger dollar and reports of Chinese banks selling dollars for yuan.
Market overview
Moving on, Ong talks about the US dollar and the recent rise of the dollar index, which measures the value of the dollar against other currencies. This rise is because of better-than-expected manufacturing numbers and the belief that the Federal Reserve won't cut interest rates in June.
In Europe, she mentions the release of the consumer price index and unemployment numbers. The inflation figure will be of particular interest because it could affect whether the European Central Bank decides to cut interest rates.
She also mentions some upcoming reports in the US, including the ADP employment change numbers and the ISM Services PMI. These reports are leading up to the non-farm payroll (NFP) report on Friday.
Ong briefly talks about the Dow Jones, which has been going up but might be showing signs of a potential trend reversal. She also mentions the EIA crude oil inventories and an important meeting of OPEC and non-OPEC ministers to watch out for.
Hilton Food Group
Lastly, Ong mentions that the UK-based Hilton Food Group released their earnings for the past four years. This is the latest corporate news until the start of the next earnings season.
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