The Week Ahead: 12th – 16th April 2021

Overview for the Week Ahead 

This week is jam-packed with economic data including the Federal Reserve’s Beige Book, and earnings from over a dozen big names including JPMorgan, Goldman Sachs and Delta Airlines. 

Coinbase becomes first cryptocurrency company listed on Nasdaq this week.  Coinbase will be publicly listed this week without raising any further capital. The company is currently valued at $90 billion according to the last week of private trading on the Nasdaq.  The listing will be a less volatile way of entering the cryptocurrency markets, which experience extreme volatility. However, as the first cryptocurrency company to list publicly, volatility during the first week is very likely to occur. 

The spotlight for the US this week, will be on consumer price data, retail sales, US investment banks earning season and 10-year Treasury (^TNX) bond auction.   

While the U.S. recovery is accelerating, economies are still at risk from rising Covid-19 cases and vaccination setbacks. Traders are also concerned that massive government spending and central-bank stimulus could drive excessive inflation. U.S. consumer-price data are due Tuesday. 

The most important report for the US will come on Thursday, when monthly retail sales for March are published, with expectation of a month-on-month rebound from -3.0% to 4.5%. On the same day the Philadelphia Fed manufacturing index, industrial production, and jobless claims are out. 

England gears up to enter the second stage of the roadmap out of lockdown with the reopening of non-essential shops, outdoor dining and activities on Monday. 

In Europe a deluge of top officials at the European Central Bank (ECB) are due to take the stage on Wednesday, including President Christine Lagarde.  

European and US markets will also pay close attention to a barrage of data due in China. 

Interest rate decisions are scheduled for release at central banks in New Zealand, South Korea and Turkey. 

COVID-19 remains on the forefront of investors’ minds as many countries grapple with a third wave of infections. 

This Week’s High Impact Events 

The times below are GMT+3.

Monday 12th April 

  • 17.30 – Canada – BOC Business Outlook Survey 

Potential instruments to Trade: CAD Crosses. 

  • 20.01 – US – 10-y Bond Auction 

Potential instruments to Trade: USD Crosses & Gold. 

Tuesday 13th April 

  • Tentative – New Zealand – NZIER Business Confidence 

Potential instruments to Trade: NZD Crosses. 

  • 04.30 – Australia – NAB Business Confidence 

Potential instruments to Trade: AUD Crosses. 

  • Tentative – China – Trade Balance & USD-Denominated Trade Balance 

Potential instruments to Trade: CNY Crosses. 

  • 15.30 – US – CPI m/m & Core CPI m/m 

Potential instruments to Trade: USD Crosses & Gold. 

  • 20.01 – US – 30-y Bond Auction 

Potential instruments to Trade: USD Crosses & Gold. 

Wednesday 14th April 

  • 05.00 – New Zealand  RBNZ Rate Statement & Official Cash Rate 

Potential instruments to Trade: NZD Crosses. 

  • 17.00  Europe – ECB President Lagarde Speaks 

Potential instruments to Trade: EUR Crosses. 

  • 17.30 – US – Crude Oil Inventories 

Potential instruments to Trade: USD Crosses.  

  • 19.00 – US – Fed Chair Powell Speaks 

Potential instruments to Trade: USD Crosses.  

Thursday 15th April 

  • 04.30 – Australia – Employment Change & Unemployment Rate 

Potential instruments to Trade: AUD Crosses.  

  • 15.30 – US – Core Retail Sales m/m & Retail Sales m/m 

Potential instruments to Trade: USD Crosses.  

  • 15.30 – US – Philly Fed Manufacturing Index & Unemployment Claims 

Potential instruments to Trade: USD Crosses.  

  • 17.00 – Switzerland – Gov Board Member Maechler Speaks 

Potential instruments to Trade: CHF Crosses.  

Friday 16th April 

  • 05.00 – China  GDP q/y 

Potential instruments to Trade: CNY Crosses. 

  • 17.00 – US – Prelim UoM Consumer Sentiment 

Potential instruments to Trade: USD Crosses. 

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