The week ahead 01.04.2019


First up today was Chinese Manufacturing PMI, which came in at 49.9, beating expectations of remaining stationary at 49.5. Next up was Eurozone CPI which retreated to 1.4% against expectations of 1.5%. The next significant release is US Retail sales is out at 12:30GMT followed by ISM Manufacturing PMI at 14:00.The PMI figure wouldn’t normally be considered particularly significant, but after printing its lowest value in 2 years last month when it came in at 54.2 this will be looked at a little more closely than usual. The UK Parliament will hold more votes today in their ongoing efforts to deliver Brexit by surrendering everything they can to the EU in continuation of their commitment to democratic sabotage.  This will not end well for the ruling Conservative Party. Tuesday kicks off with the RBA rate decision at 03:30. The RBA can be a little hawkish in interest rates but any rise is likely to be sometime in H2. The US Durable Goods orders close out a quiet day at 12:30. Wednesday starts another quiet day very early with Australian Retail Sales at 00:30 and Non-Manufacturing PMI out of the US at 14:00. Thursday brings us the drama of the ECB Meeting minutes at 11:30, which is expected to contain precisely nothing in the way of surprises.  This all leads us to the main event this week on Friday, with US Non-Farm Payroll data due at 12:30 GMT. The expectation here is for a gain of 175k, and with the increasingly important Hourly Earnings number to remain steady at 3.4%. Canadian Labour Market Data is also released at the same time and will simply be eclipsed by the US data.

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