Global markets were steady to end the week as gains in energy stocks helped underpin support for equities in the US and Europe.
That followed the OPEC meeting in Vienna where Saudi Arabia struck a deal with other member states to raise production by up to a million barrels per day. Brent crude prices settled at $US75.81 a barrel, up 3.78% for the session.
The Aussie dollar was the best performer among developed-market currencies, rising against all the major pairs as it pushed back above US74 cents to fully reverse the losses from earlier in the week.
The price action in bond markets was quiet, while bitcoin traded at a four-month low over the weekend after heavy falls on Friday night.
To the week ahead, and it’s another quiet data calendar in Australia as the financial year draws to a close. Looking abroad, key data will be highlighted by inflation prints for the US and Europe.
The RBA will release private sector credit data for May on Friday, where the focus is likely to be on the pace of the slowdown in loans to housing investors.
Outside of that, it really is a quiet week domestically in terms of key releases that could move the needle on the ASX200 or currency markets.
There’s ANZ’s weekly measure of consumer confidence on Tuesday, then two releases from the ABS — Q1 engineering construction data on Wednesday and job vacancy figures for May on Thursday.
The data calendar in the US is also pretty light, and the latest inflation prints for both the US and Europe aren’t released until Friday after Asian markets close.
ANZ’s currency strategists said Europe’s preliminary reading for core CPI in June will have to hold above 1% (May: 1.1%) to prevent another wave of downward pressure on the euro.
Then the US has monthly data on personal income & expenditure, which includes the closely-watched PCE inflation measure.
The market’s forecast is for core PCE inflation to rise by 0.2%, down slightly from 0.3% in April. That will leave annual growth at 1.9%, just shy of the US Fed’s 2% target.
Elsewhere, the Reserve Bank of New Zealand will make its rates announcement on Thursday. The cash rate is almost certain to stay on hold at 1.75%, and analysts at Commonwealth Bank don’t expect any change for the foreseeable future.
Here’s the full calendar, via ANZ (key events for currency markets in dark blue):
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