Markets are waiting for next, pre-Easter week, when the liquidity conditions may be thinner. Especially in the second half of the next week, when some markets will be shut for bank holiday. Nevertheless, it doesn't mean that the coming week on the markets will be boring. Traders will be offered some top-tier reports from the United States, like ISMs or NFP, as well as jobs data from Canada and RBA rate decision. Be sure to watch US500, OIL and AUDCAD in the week ahead!
US500
A number of top-tier US macro reports will be released next week. For example ISM indices for March (manufacturing - Monday, services - Wednesday), ADP employment report for March (Wednesday, 1:15 PM BST) and NFP report for March (Friday, 1:30 PM BST). Of course NFP will be the most important release but it should be noted that it will be released on a day when most financial markets in the West, including US markets, will be shut in observance of Good Friday. Having said that, the market may trigger outsized moves on futures markets amid thin liquidity.
OIL
OPEC+ Joint Minister Monitoring Committee (JMMC) will meet next week, on Monday to make recommendations on output policy. It is expected that no change to the output cut plans will be recommended as oil prices started to recover caused by fading banking system concerns. Moreover, a legal dispute in Iraq has locked around 400k barrels of daily production, what gives OPEC+ even more reasons to stay put for now. Having said that, OPEC+ JMMC recommendation on Monday may be a non-event and oil traders will look towards API and DOE oil inventories reports for sources of volatility.
AUDCAD
AUDCAD is one of the FX pairs that may see some larger moves next week. The Reserve Bank of Australia is set to announce a rate decision on Tuesday, 5:30 am BST and rates are expected to be held unchanged. Pause in rate hike cycle was well-communicated by RBA so surprise looks unlikely. However, the accompanying statement may hold some news. AUDCAD may also see some moves on Thursday when the Canadian jobs report for March will be released at 1:30 pm BST. The pair pulled back to the 200-session moving average last week but failed to break below.
