US equities rebound slightly after rocky week with upcoming key data releases

From Investing.com: 2024-08-09 15:29:00

US equities rebounded slightly after a rocky week, but caution remains ahead of economic data releases. The Japanese Yen is on track for its first losing week in six due to unwinding short positions and dovish BoJ comments. The upcoming week will see key data releases including US and UK inflation, Chinese economic figures, and the RBNZ interest rate decision, as markets watch for signs of recession and China’s economic recovery.

In the commodities sector, oil prices are set to end the week down, while gold has seen gains. OPEC+ may delay production increases in October if markets remain unstable, contributing to oil’s recent gains. The US Dollar made a strong recovery this week, impacting other G7 currencies. The Japanese Yen struggled after unwinding short positions and dovish BoJ comments, leading to its losing streak.

The week ahead is data-heavy with releases from the US, UK, China, and Japan. Chinese data will be closely watched for signs of economic recovery, while Japan’s GDP rebound is expected but may not fully offset past contractions. The Euro Area, UK, and US will see releases including employment data, CPI, GDP, and retail sales. Market participants will be eyeing the Euro Area GDP for insight into global growth trends.

The Dollar Index (DXY) rebounded from an early week selloff but remains at a key resistance level. Support lies at 102.95 and 102.64, with resistance at 103.17 and 103.65. The DXY faces downside risks despite recent gains in a volatile market environment.



Read more at Investing.com: US CPI to Test Markets Following Tumultuous Week