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Markets to Watch Next Week

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Traders will get a first glimpse of how US economy performed in January-March period next week as the US GDP report for Q1 2023 is set to be released on Thursday. EUR traders will focus on flash CPI data for April while central banking enthusiasts will tune in for CBRT and BoJ rate decision. Last but not least, US earnings season gathers pace with releases from 4 US mega-techs scheduled for next week. Be sure to watch USDJPY, EURTRY and US100 in the week ahead!

USDJPY

Bank of Japan will announce its next monetary policy decision on Friday morning. No change in rates is expected but the meeting will be watched closely nevertheless as it will be the first meeting under new BoJ Governor Ueda. A day earlier at 1:30 pm BST, traders will be offered the flash Q1 GDP release from the United States and it is expected to show growth slowing from 4.4% in Q4 2022 to 4.2% now. Given that US PCE data for March will see daylight on Friday at 1:30 pm BST, USDJPY may be in for a volatile end of the week.

EURTRY

EURTRY could be on the move in the second half of the week. The Central Bank of the Republic of Turkey is scheduled to announce the rate decision on Thursday at 12:00 pm BST. The main one-week repo rate is expected to stay unchanged at 8.50%. As scope for a surprise here is rather small, EURTRY may see more moves in response to flash CPI data for April from Europe. German report is set to be released on Friday at 1:00 pm BST and is expected to show a slight slowdown in headline measure.

US100

Earnings season is entering a key week, at least when it comes to releases from the tech sector. Investors will be offered Q1 2023 reports from 4 US mega-techs next week – Alphabet (Tuesday), Microsoft (Tuesday), Meta Platforms (Wednesday) and Amazon (Thursday). All 4 will report results after the close of the Wall Street session. Q1 financials from those 4 and outlook for the coming quarters will be a key driver of Nasdaq-100 (US100) in the week ahead.

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