Article / 01 August 2016 at 2:13 GMT

Macro Monday: A week for stimulus, payrolls and PMIs

Global Macro Strategist [Asia based] / Saxo Bank

  • 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.

There may be big central bank announcements this week, but also plenty of PMIs. Photo: iStock

  • 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?
 Here is this morning’s recording of this Week’s Macro Monday Call.
-- 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].



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