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The UK, US and the Eurozone in the week ahead

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With inflation fears constantly knocking the index back, will the Dow Jones be able to build up a string of gains this week?

US: Can the Dow Jones build momentum this week?

Struggling for momentum since inflation fears started to become a recurrent part of the trading landscape in the second half of May, the Dow Jones nevertheless always feels in reach for a fresh all-time high given how fast it can move when it wants to.

It may be left wanting this week, however, if the economic calendar is anything to go by, providing investors with very little in the way of top-tier data.

 A quiet Monday is then followed on Tuesday by the CB consumer confidence and new homes sales readings.

Thursday is then the biggie, where the second look at the Q1 GDP reading – which last came in at an annualised rate of 6.4% – is joined by the durable goods orders, pending home sales, and the usual weekly jobless claims numbers.

Friday, finally, sees the Fed-favourite core PCE price index inflation-measure, alongside the goods trade balance, personal spending, personal income, Chicago PMI and consumer sentiment numbers.

 Any notable movements, then, may be reliant on unforeseen circumstances, in particular related to headlines surrounding covid-19 in the States.

UK: Quiet week leaves FTSE and Pound at the mercy of US markets

The UK is facing an achingly quiet week on the data-front, one that is likely going to leave the FTSE and pound on a US leash when it comes to their respective trading performances.

That, or the status of the so-called ‘Indian’ covid-19 variant currently threatening the UK’s lockdown-easing plans.

The public sector net borrowing number is out on Tuesday, followed on Thursday by the Nationwide HPI reading.

Eurozone

Things are slightly more interesting in the Eurozone than they are in the UK, though not by much.

Tuesday’s German Ifo business climate reading is following on Thursday by the French preliminary Q1 GDP figure, and on Friday by German retail sales and Spanish and Italian inflation.

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This article is brought to you in association with Spreadex. All opinions expressed in this article are from the author and do not necessarily represent the opinions of The Armchair Trader. You can find out more about Spreadex products and services here, or find more articles from Connor Campbell here.

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