Markets week ahead: Nasdaq 100, S&P 500, US dollar, British pound, euro, gold
The US dollar resumed its move lower post-FOMC; US indices continue to grind higher and a constant flow of high-importance economic data and events coming up.
This week’s economic calendar is packed full of a wide range of market-moving economic releases that will help position the market ahead of the mid-December slew of global monetary policy decisions. Coming up, amongst others, we have German inflation and jobs, Canadian and Swiss Q3 GDP numbers, Euro Area inflation, speeches by Fed chair Jerome Powell and the Bank of Japan’s Kuroda, Canadian employment, and the closely watched US core PCE and the Non-Farm Payroll release.
Last week’s holiday-shortened market was dominated by further US dollar weakness after the FOMC minutes revealed that a majority of members thought that a slowing in the pace of rate increases may be appropriate. Just a nod by the Fed that it may be taking its foot off the accelerator sent the US dollar lower and gave a range of risk markets a push higher.
The market is now expecting a 50 basis point rate hike at the mid-December FOMC meeting.
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