Financial Market Preview for April 6-10

Even though last week was short, the NFP report came out on Friday and surprised analysts – only 126K jobs were added, which was well below market estimates. This news is likely to resonate in the markets on Monday and perhaps even throughout this week. The main U.S. events and reports to take center stage this week include Minutes of last FOMC meeting, Dudley’s speech, non-manufacturing PMI, and JOLTS report. There are three rate decisions this week: BOE, RBA and BOJ. None of them, however, are expected to change their respective policy. Other reports worth noticing include: GB’s manufacturing PMI, EU retail sales., China’s CPI and new loans.  So let’s examine the agenda for the week of April 6th to 10th:

(All times GMT):

Monday, April 6th

08:00 – Spanish Unemployment: Last month, the number of people unemployed dropped by 13.5K; this time the estimates put this figure at 18.3K drop;

13:30 – FOMC Member Dudley Speaks: The President of the Federal Reserve Bank of NY and FOMC member William Dudley will give a speech about the U.S. economic outlook and may also answer questions from audience members at the New Jersey Performing Arts Center;

15:00 – U.S. ISM Non-Manufacturing PMI: This report will pertain to March 2015. In the last update, this index edged up again to 56.9 — the non-manufacturing sector is expanding at a faster pace compared to the previous month; current estimates are for the PMI to slip to 56.6;

Tuesday, April 7th

01:30 – Australia’s Retail Sales: In the recent report, the volume of retail trade inched up by 0.4%;

05:30 – Reserve Bank of Australia – Cash Rate Statement: The RBA left its cash rate unchanged at 2.25%. Current estimates are for the rate to remain flat at its current level;

08:00 – SNB’s Foreign Currency Reserves: This report provides an update on the total value of foreign currency reserves held by the SNB;

09:30 – GB Services PMI: In the previous report, this index dropped to 56.7; this index may impact the direction of the British Pound;

15:00 – U.S JOLTS Job Openings: The Bureau of Labor Statistics will release its monthly update on the U.S number of job openings for March, excluding the farming industry; in the last update regarding February, the number of jobs opening slipped to 5.00 million; current market predictions are for the number to slightly increase to 5.01 million;

Wednesday, April 8th

Tentative – Japan’s rate decision and press conference: In the upcoming Japanese monetary policy meeting, BOJ members will talk about the bank’s monetary policy and whether it’s time to make any changes to the bank’s asset purchase program;

10:00 – EU Retail Sales: This monthly report will refer to February 2015. In the last report, the volume of retail trade rose by 1.1%;

15:30 – US Crude Oil Stockpiles Weekly Report: The Energy Information Administration will release its weekly report on the U.S oil and petroleum stockpiles for the week ending on April 3rd;

19:00 – Minutes of FOMC Meeting: In the last meeting back in March, the FOMC omitted the patience stands but turned a bit more dovish – FOMC members estimate the rate at the end of the year will be lower than previously estimated. Also, the U.S. economy may not progress as fast and smoothly as previously projected. The upcoming minutes could provide additional insight about the FOMC’s deliberations and what is up ahead for the FOMC’s policy;

Thursday, April 9th

Tentative – China New Loans: According to the recent monthly report, the total loans contracted to 1,020 billion Yuan; this report is another indicator for China’s economic growth;

12:00 – BOE Rate Decision & Asset Purchase Plan: Bank of England will publish its basic rate for April 2015; the MPC will also announce of any shifts to its asset purchase pogrom; the current expectations are for no changes to the rate at this point in time; BOE’s interest rate remained at 0.5% and the asset purchase plan at £375 billion, as of the previous month;

13:30 – US Jobless Claims Weekly Report:  This weekly report will refer to the changes in the initial jobless claims for the week ending on April 3rd; in the previous report, the jobless claims dropped to 268K;

15:30 – EIA US Natural Gas Storage: The EIA weekly report of the U.S. natural gas market will refer to the latest shifts in natural gas production, storage, consumption and prices as of April 3rd;

Friday, April 10th

02:30 – China’s CPI: According to the previous report, the CPI rose to an annual rate of 1.4%; if the annual rate remains low, it could signal the Chinese economy isn’t progressing; the current expectations are for the CPI to edge down to 1.3%;

09:30 – Great Britain Manufacturing Production: This report will show the annual rate of GB’s manufacturing production for February; in the previous report regarding January 2015 the index slipped by 0.5%; this time, the estimates are for 0.4% gain in February;

13:30 – Canada’s Employment Report: In the previous employment update for February 2015, unemployment edged up to 6.8%; the employment slipped by 1K;

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