Economic Calendar: ISM and Powell
The first week of May starts with holidays in China and Japan that will extend to Wednesday and Thursday respectively. However, we’ll have important data releases across the whole week, starting with the US ISM today and ending with the US NFP on Friday. Both reports will be important as traders will look into potential pressure on the Fed to taper sooner than they would like to.
- German March retail sales already behind us – stunning +11% y/y (-0.3% expected!)
- Final industrial PMIs in Europe (9am BST for the EMU), Canada (2:30pm) and US (2:45pm)
- US ISM manufacturing (3pm, consensus 65, previous 64.7) – investors will look especially at the price component that was at stunning 85.6 in March
- Fed speeches: NY Williams (7:10pm) and Powell (7:20pm)
Key events this week:
- Tuesday: RBA decision
- Wednesday: ADP report, ISM services
- Thursday: BoE decision (look for a possible taper discussion)
- Friday: NFP report, Canadian payrolls
Any inflation fears should be reflected in bond prices and this will be important for Gold.