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The Week Ahead, 20 to 24 February 2017




The US dollar had a busy week of economic data which caused a lot of volatility. Positive inflation data saw the currency rise for the first half of the week before a Yellen testimony about Fed policy put a dampener on the up move; eventually finishing the week around the levels that it opened. The week ahead starts mildly quiet due to US markets being closed to commemorate the President's Day holiday. Things begin to pick up on Tuesday beginning with the Markit PMI release on Tuesday, FOMC minutes on Wednesday with the Initial Jobless Claims and New Home Sales figures on Thursday and Friday respectively.

The Euro experienced a relatively choppy week last week with a host of important data releases for the currency bloc. Relatively moderate news releases saw the currency rise for a majority of the week only to reverse about 50% of the gains to finish the week only slightly higher. In the coming week, inflation measuring figures on Tuesday and Wednesday, along with GDP figures from Germany - the largest economy in the block - on Thursday, should be the main sources of action for the week.

The Sterling had a tough week digesting a host of mixed to negative Inflation data throughout the week last week; eventually finishing the week with negative sentiment inducing Retail Sales figures - the effect of this was that the currency traded within a tight range. In the coming week, a much anticipated Carney Speech on Tuesday, along with GDP figures on Wednesday currently look like the main source of direction for the currency - expect any talk on Brexit to also cause some movement.

Aussie had a fairly strong week last week with strong Employment figures as well as the recent commodity price rises all adding fuel to the fire. The RBA meeting minutes set to be released early Tueday as well as the RBA Governor speech late Tuesday will be closely watch by the market as a source of direction given the lack of data for the Asia Pacific economy this week.