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Events that marked the week:

In the Monday's US session Non-Manufacturing PMI figures were released. US Non-Manufacturing PMI registered 56.5 percent in March, 0.4 percentage point lower than the February reading of 56.9 percent, but in line with market forecasts. This represents continued growth in the non-manufacturing sector. According to the NMI, 14 non-manufacturing industries reported growth in March. The majority of respondents’ comments reflect stability and are mostly positive about business conditions and the overall economy.

Tuesday's US session only JOLTS Job Openings data was released. There were 5.1 million job openings on the last business day of February, little changed from January, but above market expectations.This was the highest level of job openings since January 2001. The job openings rate for February was 3.5%. The number of job openings was little changed for total private and government and no industries posted significant changes from January. Job openings increased in the Midwest region.

 

Wednesday's US session was marked by FOMC Meeting Minutes. FOMC Meeting Minutes showed that “several participants judged that the economic data and outlook were likely to warrant beginning normalization at the June meeting,” according to minutes of the March 17-18 Federal Open Market Committee session released Wednesday in Washington.

 

Others argued that energy-price declines and the dollar’s appreciation would continue to curb inflation, suggesting that a rate increase should be delayed until later in the year. A couple said the economy probably wouldn’t be ready for tighter policy until 2016. The minutes don’t identify the participants or give precise numbers of those holding a certain view.

 

On Thursday Unemployment Claims figures were released. In the week ending April 4, the advance figure for seasonally adjusted initial claims was 281,000, an increase of 14,000 from the previous week's revised level. This was in line with market predictions. The 4-week moving average was 282,250, a decrease of 3,000 from the previous week's revised average. This is the lowest level for this average since June 3, 2000 when it was 281,500. 

 

This week markets will be looking at:

 

Retail Sales (Tuesday 14:30)

PPI (Tuesday 14:30)

Empire State Manufacturing Index (Wednesday 14:30)

Industrial Production (Wednesday 15:15)

Building Permits/Housing Starts (Thursday 14:30)

Unemployment Claims (Thursday 14:30)

Philly Fed Manufacturing Index (Thursday 16:00)

CPI (Friday 14:30)

Prelim UoM Consumer Sentiment (Friday 16:00)

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