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Markets Week Ahead: Dow Jones, S&P 500, US Dollar, Non-Farm Payrolls

Market sentiment started off on a strong footing last week, though risk appetite notably deteriorated as Friday wrapped up. This left the S&P 500 and Dow Jones closer to levels reached in early to mid-April. The haven-linked US Dollar trimmed losses as the sentiment-oriented Australian Dollar gave up most of its gains. Gold prices lost some downside momentum.

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Investors may have been spooked that US-China trade tensions could resurface. President Donald Trump hinted at the possibility of retaliatory tariffs for how China handled the coronavirus outbreak. This comes amid the global economy suffering amid social distancing guidelines. Meanwhile earnings from Amazon and Apple revealed a detachment from the real economy.

Earnings season continues in the week ahead with companies such as Zillow, PayPal, AIG and CVS reporting. Meanwhile some US states are taking measures to relax lockdown measures such as Texas. California’s Governor Gavin Newsom hinted he could announce plans towards reopening the economy this week. Parts in Europe have also been slowing moving in this direction.

All eyes this week also turn to April’s US non-farm payrolls report. The world’s largest economy is expected to lose over 21 million jobs as the unemployment rate surges to 16.0% from 4.4%. The deterioration of the labor market is expected to be the most damaging since records started being kept in the late 1930s. New Zealand and Canada will also release their jobs report.

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Fundamental Forecasts:

Gold Price Weakness to Linger with RBA and BoE to Stay on Hold

The recent pullback in gold may gather pace in May as the Reserve Bank of Australia (RBA) and Bank of England (BoE) are expected to keep interest rates at a record low.

Euro Forecast: Outlook for EUR/USD Turning More Positive

Confidence in the Euro increased last week, with EUR/USD breaking unexpectedly higher, and that improvement in sentiment could well continue in the week ahead.

USD/MXN Outlook: Mexico GDP Beats Forecasts But Risk Remains to the Downside

Renewed political turmoil and weakening data give USD/MXN the support needed to regain the bullish momentum.

Nasdaq 100, FTSE 100 and ASX 200 Forecasts for the Week Ahead

Global equity markets weathered two important central bank decisions last week, but more lie ahead and economic data continues to deteriorate. Will volatility reemerge?

Australian Dollar Price Outlook: AUD/USD, AUD/JPY Reversal Underway?

AUD/USD and AUD/JPY both rebounded more than 15% from their March swing lows. Can the Australian Dollar stretch back higher? Or has a broader reversal in AUD price action already begun?

Technical Forecasts:

Crude Oil Outlook Remains Bleak With Further Upside Likely Limited

The recent pullback in the oil complex is battling resistance, making further upside difficult to call. The negative backdrop remains firmly in place for now.

Japanese Yen Price Outlook: USD/JPY, AUD/JPY- A Struggle For Momentum

USD/JPY has printed a multi-week low meanwhile, AUD/JPY printed a multi-week high. Key chart signals for the upcoming week.

S&P 500, FTSE 100 Technical Weekly Forecast: Bearish Reversal

Bearish reversal across global equities raises the risk that a potential top has been placed.

Gold Price Outlook Hinges on Bearish Setups and Follow-Through

Gold prices face a couple of bearish warning signs as prices trade in a neutral setting. Will an Evening Star and a Double Top precede a material shift in XAU/USD’s trajectory?

US DOLLAR WEEKLY PERFORMANCE AGAINST CURRENCIES AND GOLD

Currency performance chart, EURO,YEN,POUND,GOLD