Global Equity Markets were net losers last week. In the U.S the DJIA slid nearly 250 points on Friday. Financials were hit the hardest, lead by concerns over CITI's balance sheet and CIT's inability to repay debt and probable bankruptcy filing. An additional behind the scenes market mover was Friday's fiscal year end for many Mutual Funds.
The Dollar finished the week gaining on 8 of the G-10 currencies with Kiwi the big loser, down 3.96% for the week. Gold finished the week up less than 1% while silver dropped by 4.56%. Oil closed the week at $77 a barrel, roughly $4 off its high.
There are a number of important economic data releases due out this week. 4 major Central Bank will meet this week; the FED, RBA, BOE, and ECB. Only the RBA is expected to raise rates. All eyes will be watching the accompanying statements of Central Bankers. For Monday, ISM Manufacturing numbers in the U.S are set to print. The market is anticipating a slightly higher read for October at 53 versus 52.6 in September.
Upcoming Forex Events for November 2, 2009
CHF SVME PMI Forecast 55.10 Previous 54.30
EUR Manufacturing PMI Forecast 50.70 Previous 50.70
USD ISM Manufacturing Index Forecast 53.00 Previous 52.60
AUD Interest Rate Decision Forecast 3.50% Previous 3.25%