Choppy trading is likely to be the norm throughout the summer as markets face a minefield of uncertainties in the third quarter.
In the coming week, usually a quiet period around the fourth of July holiday, there is a series of events that could be key for markets, and with the beach beckoning, some traders may stay close to their desks.
Foremost, the jobs report for June is released Friday, and it is expected to again show tepid employment growth.
But it is being watched closely since jobs are considered a major trigger for further Fed easing. There is also a slew of other data, such as ISM manufacturing data and auto and chain store sales, which could reveal much about the current state of the consumer.
The European Central Bankholds a much-anticipated rates meeting Thursday, and some traders expect it to cut interest rates.
The ECB meeting follows a surprisingly eventful European leaders summit which resulted in a plan to forge a central banking authority and to authorize the euro-zone rescue fund to directly aid banks. There had been very low expectations for the meeting, and the results fired up a major risk rally Friday in stocks , commodities and the euro .
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