Across the Pond, focus will be on 1st quarter GDP and employment cost numbers, any better than forecasted figures another Dollar positive, with the markets
expecting upward revision to GDP numbers following the March goods trade numbers released on Thursday.
Not exact matches
The worst case scenario is likely wage growth higher than
expected (0.3 percent or higher month over month, 2.9 percent to 3 percent annual), with
upward revisions from February, and job growth much higher, all of which would increase the chances for a Fed rate hike.
In terms of supply, OPEC noted that non-OPEC supply in 2016 was
expected to contract by 610,000 barrels a day following an
upward revision from last month's report, to average 56.32 mb / d.
Despite the backdrop of political and economic uncertainty, OPEC said that it anticipated world oil demand growth in 2016 to increase by 1.23 million barrels a day (mb / d) after a marginal
upward revision, mainly to reflect better - than -
expected economic data for the first half of the year.
Growth is
expected to moderate in 2018 and 2019 still but the
upward revision indicates that economists have got it wrong so far over the impact of Brexit on the economy.
End - of - week profit taking prevented the U.S. dollar from extending its gains on Friday despite stronger - than -
expected first - quarter U.S. GDP growth and an
upward revision to the University of Michigan's consumer confidence index.With that in mind, steady growth and rising inflation expectations should foster further gains in the dollar next week as investors are convinced that the Federal Reserve will use the May meeting to prepare the market for a June hike.
Splunk Inc (NASDAQ: SPLK) reported Thursday its third quarter results, which consisted of a better than
expected top and bottom - line, encouraging guidance and an
upward revision to its full year fiscal 2018 guidance.
The
upward revision reflects not only the continuation of robust growth in the US, but also stronger than
expected recoveries in Japan and Asia more generally.
This
upward revision to revenue was slightly offset by an increase in
expected expenditure, reflecting new policy measures announced since the Budget.
This is partly due to higher - than -
expected quarterly inflation in March, but it also seems to indicate some
upward revision to expectations for the June quarter.
This largely reflects a substantial
upward revision to
expected taxation revenue from individuals and companies, consistent with continued strength in employment and profits in early 2004/05.
Shipments though were better than
expected and could lead to an
upward revision in the data above for Q4 GDP.
The mining industry experienced the largest
upward revisions to earnings forecasts, with market analysts
expecting profitability to remain high as a result of continued strong demand for commodities.
This pattern of a stronger - than -
expected contribution from US consumers was reflected in July's retail sales report, which not only came in well ahead of consensus expectations, but also included significant
upward revisions to the weak figures seen in May and June.
Nanya Technology
expects its DRAM bit shipments to increase 48 % in 2018, an
upward revision from its previous estimate of 45 % growth.
The acceleration of ice loss in both Greenland and Antarctica has caused another
upward revision of global sea - level rise and the numbers of refugees
expected from low - lying coastal areas.
In addition, purchase originations are
expected to increase to $ 801 billion in 2015, an
upward revision from $ 730 billion in last month's forecast, and from $ 638 billion in 2014.