Macro Monday: A week for stimulus, payrolls and PMIs
- We're looking at a weaker period of USD strength at the moment
- PMIs mustn't be forgotten in between several central banks reporting
- Nonfarm payrolls data set to cap a very busy week with numbers galore
By Kay Van-Petersen
Welcome to Macro Monday, the summary of our cross asset weekly call on global markets. For week 31 we take a look at:
- The week after Federal Open Market Committee statement, disappointing Bank of Japan announcement and big US preliminary 2Q GDP miss.
- COT report: HFs continue to exit bullish commodity bets with grains continuing to be sold.
- Thoughts on tactical positioning: Really all about the USD, with the September 21 meeting over seven weeks away, what are the key dates/events to watch for USD/Federal Reserve watchers?
- Weaker period of USD strength could be supportive for lower volatility, risk-on, EQ and CMDs.
- Several charts including: JPY, EUR, GBP, AUD, DXY, Gold, WTI, Copper, IBB (biotech ETF).
- For the week ahead, watch out for PMIs galore, RBA, BoE, US nonfarm payrolls and RBA Monetary statement.
- Plus, what’s that? We’ve upgraded the optionality on our US options offering you say?
-- Edited by Adam Courtenay
Kay Van-Petersen (KVP) is Global Macro Strategist at Saxo Bank, please follow him on twitter @KVP_Macro and at SaxoStrats. Don't forget Macro Monday – your weekly cross-asset Global Markets Call. Please join us here live again next Monday at: 0830 [SG/HK], 0930 [TOK], 1030 [SYD].