Weekly Trading Update

Multiple key data releases for US this Wednesday



Alongside Markit PMI data for the UK, US, and EU, this week is going to be dominated by a range of figures released on Wednesday in the US, from GDP to Personal Income/Spending.

UK

Markit Manufacturing PMI is the only major economic data for the UK during the upcoming week.

Set to be released on Tuesday morning, traders will be hoping for a figure more than 50 showing the sector is expanding.

Last month, it managed to outperform the forecast, at 57.7. If this is the case again next week, we should see some confidence return to UK markets.

US

Existing home sales data will be released on Monday afternoon in the US.

It is expected to be lower than the previous months 6.29m, at 6.20m.

Although if it is anything like the last few months, we could see a higher-than-expected figure, which should positively impact the dollar.

Similarly to the UK and EU, Markit Manufacturing PMI data, is due on Tuesday afternoon.

The figure for the US has been in steady decline over the previous few months, but is predicted to be slightly higher at 58.7, from 58.4 previously.

Wednesday will be the key day for economic data coming out of the US.

GDP Annualised QoQ is expected to increase from 2% to 2.2%.

This data will be crucial in showing how well the US is recovering from the pandemic and could help markets rise amid high inflation worries.

Durable goods orders could also have a significant effect on the markets, especially if we see a higher growth than the predicted 0.2%.

Furthermore, the University of Michigan release their Consumer Sentiment Index, forecast to be the same as the previous figure of 66.8.

Personal Income/Spending data, along with new home sales data, could also have a sizeable impact on the markets if significantly positive or negative.

Rest of the World

Like the UK and US, the only significant news coming out of the Eurozone is also their Markit Manufacturing PMI.

Although unlike the US, this figure is set to be lower at 57.5, compared to last month’s 58.3.

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