The Week Ahead: ISM Manufacturing, Nonfarm Payrolls, Australian GDP

The Week Ahead: ISM Manufacturing, Nonfarm Payrolls, Australian GDP

[Music] hello and welcome to our weekly look ahead to the markets here at marcus.com and uh just a quick recap of what’s been going on obviously the jackson hall meeting um on friday jaypal’s speech was a green light for the market to rally he uh sort of indicated really that the fed is not in an immediate rush to taper asset purchases despite what some of his colleagues on the fomc likes of robert kaplan esther george james boulard raphael bostic um patrick harker as well so we had five of those more hawkish members speaking in the uh lead up to that speech all signaling that they think they should be getting on with the taper and jay powell uh slapped that down and said basically there is no immediate rush because the substantial further progress uh target on the employment side of their mandate uh had not been met despite the inflation uh progress clearly being made with inflation running at 45 percent now at 30-year highs so um that lack of substantial further progress on the employment market means uh that pyle at least is not in any immediate rush to taper asset purchases though he does think that they will begin doing so later in the year uh he also pushed back quite heavily on uh on rate hikes by saying that there will be only taking place once uh the tapering process has completed and that could take at least eight months if not longer so eyes on uh coming on what’s coming up uh this week is uh wall street uh marriages from this record high persistent levels of record highs oil also the good weight gold was up at 1800 above that level um the dollar came off of the back of the powell’s speech um as usual retreated somewhat so the data high frequency data coming up iso manufacturing pmi for the us uh looking to see what sort of inflation pressures there are with just that those pmis from ihs market for the uk eurozone and us they’ve all shown very tight supply labor shortages um and sharply rising input prices so we could see whether that is still the same sort of um number numbers or sort of flavor that we get from the iso numbers um again it’s a sort of picture of decelerating growth but persistently high inflation and that’s uh is a worry for the market uh although the fed is going to remain very accommodative um we have the big one the non-farm payroll sits up on friday um that is key obviously because the labour market is so important to the fed’s um policy outlook and also keep your eyes on the aussie gdp numbers um they’ll be wanted to watch so this is australia dealing with uh more covert cases and an economy that might not be firing on all cylinders as a result of that so lots to look out for in the coming days do stay tuned here on x-ray for more updates uh throughout the week [Music]
rn

The Week Ahead: ISM Manufacturing, Nonfarm Payrolls, Australian GDP

rn

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *