The Week Ahead
Posted: 2017-02-26 21:24:00Wall Street edged higher on Friday as a rise in utilities and other safety plays outweighed declines in financials. Treasury yields dropped after a set of weak U.S. economic data. The dollar fell against the yen as investors doubted swift tax reforms from the Donald Trump administration, while gold hit new highs. Oil prices dropped on concerns over rising U.S. output.
In a data heavy week traders will be watching the Trump Administration for more details on tax policy and infrastructure spending, and to Janel Yellen on Friday at the Economics Club of Chicago for hints on the timing of the next rate hike.
Data up this week include:
-Monday-
US Durable Goods expected 1.17%, ex Transports expected 0.50%
-Tuesday-
Preliminary US GDP expected 2.15
US Consumer Confidence (Conference Board) expected 111.1
Australian GDP expected 0.7%
-Wednesday-
UK Manufacturing PMI expected 55.5
Canada Interest Rate Decision – No change expected 0.50%. statement to follow
US ISM Manufacturing PMI expected 56.1
China Manufacturing PMI expected 50.9
-Thursday-
UK Construction PMI expected 52.1
Canadian GDP expected 0.3%
Unemployment Claims expected 245k
-Friday-
UK Services PMI expected 54.2
US ISM Non-Manufacturing PMI expected 56.6