On Friday we saw the Non-farm payrolls figure being released with a figure of 215k, slightly higher than the 205k expected while the unemployment rate was in the negative zone of 5% as compared to the expected 4.9%. The monthly changes in payrolls can be volatile as it is highly correlated with economic policy decisions made by the FED. Having said this, the longest positive run in the history of NFPs continues!
The main focus of the week was on the Fed Chair’s speech where she continually explained that a cautious approach must be adopted when hiking rates. It is still early days to judge the increase of core inflation. The FED also did not play down possibilities of quantitative easing in the economy.
News to look out for this week:
- GBP Construction PMI (Mar)
- CAD BoC Gov Poloz speaks
- AUD Interest Rate Decision (Apr)
- RBA Rate Statement
- GBP Services PMI (Mar)
- USD ISM Non-Manufacturing Prices (Mar)
- CAD Ivey PMI (Mar)
- USD Crude Oil Inventories
- FOMC Meeting Minutes
- ECB President Draghi speaks
- USD Fed Chair Yellen speaks
- GBP Manufacturing Production (MoM) (Feb)
- CAD Employment change