Market Overview Analysis by MarketPulse (Zain Vawda) covering: USD/JPY, S&P 500, US Dollar Index. Read MarketPulse (Zain Vawda)'s latest article on Investing.com
US equities rebounded from a selloff earlier in the week, ending slightly higher. However, caution remains due to upcoming economic data releases.
A tumultuous week for markets is set to end on a positive note. US equities have bounced back from an early-week selloff and are trading slightly higher for the week as of now. However, traders are exercising caution with a slew of high-impact economic data releases on the horizon.In the commodities sector, gold seems poised to end the week in the red but showed strong recovery towards the end of the week. Conversely, oil prices have had an impressive week, up 2.7% at the time of writing.
The upcoming week promises to be blockbuster with a host of high impact data releases. We have the US and UK inflation data prints coupled with data out of China and Japan. Last but not least we have the Reserve Bank of New Zealand interest rate meeting. Japan will release its 2Q24 GDP on Thursday, expected to rebound to 0.5% quarter-on-quarter seasonally-adjusted . However, this is unlikely to fully offset the 0.7% contraction seen in 1Q24. June manufacturing activity was weaker than anticipated due to another auto safety issue, affecting auto-related sectors. On the positive side, household spending and facility investment should see improvement.
The US also delivers its July CPI data in the week ahead and given the repricing of Federal Reserve rate cuts will be of particular interest. The week wraps up with US retail sales and Michigan consumer sentiment data.
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