Week ahead: The financial markets will likely continue to focus on virus crisis news

The economic data releases are starting to show coronavirus crisis impact on the economy. Last week’s Thursday’s Unemployment Claims number has reached almost 7 million! And we will likely get more bad economic data this week. Let’s take a look at the details.

 

The week behind

Last week’s economic data releases have been overshadowed by the ongoing corona virus crisis developments again. And it wasn’t that surprising. However, Thursday’s weekly Unemployment Claims number hit record high again as it got close to 7 million! In the previous week it has been the first data to show impact of the pandemic on the U.S. economy. Last Friday’s Nonfarm Payrolls number release has also been worse than expected. However, the markets will pay much more attention to the next jobs data for the month of April.

 

The week ahead

What about the coming week? The financial markets will likely continue to focus on virus crisis news in the near future. And we will see more evident data showing the pandemic impact on the economy. Investors will likely await Thursday’s Unemployment Claims release. Then there will be the FOMC Meeting Minutes release on Wednesday and the Consumer Price Index release on Friday. Oil traders will await Wednesday’s OPEC Meetings outcome. But don’t forget that the markets’ volatility may be dropping ahead of this week’s Good Friday holiday. Let’s take a look at key highlights:

• On Thursday we will get the next weekly Unemployment Claims release.
• Wednesday’s FOMC Meeting Minutes and Friday’s Consumer Price Index releases will also get a lot of attention.
• Wednesday’s OPEC Meetings may be important for the oil prices. Oil traders will also wait for Tuesday’s and Wednesday’s inventories data release.
• We will also have some important data releases from Australia and Canada this week.

You will find this week’s the key news releases below (EST time zone). For your convenience, we broken them down per market to which they are particularly important, so that you know what to pay extra attention to, if you have or plan to have positions in one of them. Moreover, we put the particularly important news in bold. This kind of news is what is more likely to trigger volatile movements. The news that are not in bold usually don’t result in bigger intraday moves, so unless one is engaging in a particularly active form of day trading, it might be best to focus on the news that we put in bold. Of course, you are free to use the below indications as you see fit. As far as we are concerned, we are usually not engaging in any day trading during days with “bold” events on a given market. However, in case of more medium-term trades, we usually choose to be aware of the increased intraday volatility, but not change the currently opened position.

Our Market News Report consists of two different time-related perspectives. The investors’ perspective is only suitable for the long-term investments. The single economic data releases rarely cause major outlook changes. Hence, we will only see a handful of bold markings every week. On the other hand, the traders’ perspective is for traders and day-traders, because the assets’ prices are likely to react on a single piece of economic data. So, there will be a lot more bold markings on potentially market-moving news every week.

 

Investors’ Perspective

 

Gold, Silver, and Mining Stocks

Thursday, April 9

8:30 a.m. U.S. - Unemployment Claims

Friday, April 10

8:30 a.m. U.S. - CPI m/m, Core CPI m/m

 

Crude Oil

Tuesday, April 7

4:30 p.m. U.S. - API Weekly Crude Oil Stock

Wednesday, April 8

10:30 a.m. U.S. - Crude Oil Inventories

Tentative – OPEC Meetings, OPEC-JMMC Meetings

Thursday, April 9

8:30 a.m. U.S. - Unemployment Claims

Friday, April 10

8:30 a.m. U.S. - CPI m/m, Core CPI m/m

 

Stock Markets

Wednesday, April 8

2:00 p.m. U.S. - FOMC Meeting Minutes

Thursday, April 9

8:30 a.m. U.S. - Unemployment Claims

Friday, April 10

8:30 a.m. U.S. - CPI m/m, Core CPI m/m

 

EUR/USD

Wednesday, April 8

2:00 p.m. U.S. - FOMC Meeting Minutes

Thursday, April 9

7:30 a.m. Eurozone - ECB Monetary Policy Meeting Accounts

8:30 a.m. U.S. - Unemployment Claims

Friday, April 10

8:30 a.m. U.S. - CPI m/m, Core CPI m/m

 

USD/JPY

Wednesday, April 8

2:00 p.m. U.S. - FOMC Meeting Minutes

8:30 p.m. Japan - BOJ Governor Kuroda Speech

Thursday, April 9

8:30 a.m. U.S. - Unemployment Claims

 

GBP/USD

Thursday, April 9

2:00 a.m. U.K. - GDP m/m

8:30 a.m. U.S. - Unemployment Claims

 

USD/CAD

Monday, April 6

10:30 a.m. Canada - BOC Business Outlook Survey

Tuesday, April 7

10:00 a.m. Canada - Ivey PMI

Wednesday, April 8

2:00 p.m. U.S. - FOMC Meeting Minutes

Thursday, April 9

8:30 a.m. U.S. - Unemployment Claims

8:30 a.m. Canada - Employment Change, Unemployment Rate

 

AUD/USD

Tuesday, April 7

12:30 a.m. Australia - Cash Rate, RBA Rate Statement

Wednesday, April 8

9:30 p.m. Australia - RBA Financial Stability Review

Thursday, April 9

8:30 a.m. U.S. - Unemployment Claims

Summing up, the financial markets will likely continue to react to news about globally spreading corona virus in the near future. The scheduled economic data releases seem less important than monetary policy updates or news about governments’ interventions recently. However, if you’re an investor and not a trader, you should pay extra attention to Tuesday’s monetary policy update in Australia, Wednesday’s OPEC Meetings and Thursday’s monthly jobs report in Canada. In addition, this week’s Unemployment Claims release may show further virus impact on the U.S. jobs market.

 

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