ETFs started March on a high note as major indexes gained over 1% for the week. This surge came after a jobs report indicated the unemployment rate held steady at 9.6%, beating a projected increase to 9.7%. Industrials and technology stocks were some of the best performers, as 1,000 jobs were added to the American manufacturing industry and Apple reached an all-time high in share price.
Below is a look at three ETFs that could be on the move this week amidst central bank meetings, data releases, and continued scrutiny on the global economy:
iShares MSCI Italy Index Fund (EWI)
Why EWI Could Be On The Move: ENI SPA (NYSE: E), which makes up about 18% of EWI, is reporting earnings on Friday.
What To Watch For: With significant trouble in Greece weighing on the euro, many will now focus their attention on one of the largest companies in Italy to see if it offers any guidance for the rest of the year. The company is forecasted to post $1.46 in earnings for the quarter.
WisdomTree Dreyfus New Zealand Dollar Fund (BNZ)
Why BNZ Could Be On The Move: The Reserve Bank of New Zealand meets on Wednesday.
What To Watch For: It seems highly unlikely that the Bank of New Zealand will raise rates at the upcoming meeting; traders are pricing in only a 1% chance of a rate hike. Nevertheless, it will be interesting to see if the Bank signals when it will begin to withdraw stimulus measures from the economy, especially given Australia’s rate hike last week.
iShares MSCI Switzerland Index Fund (EWL)
Why EWL Could Be On The Move: The Swiss National Bank meets on Thursday.
What To Watch For: With the Swiss economy showing impressive strength–particularly compared to its European neighbors–it’s possible that Switzerland’s central bank will revise its projected GDP growth upwards at the upcoming meeting. Moreover, there has been recent speculation that Switzerland’s central bank has intervened in order to prevent the franc from further appreciating against the euro. Although rates likely won’t increase this week, the meeting could shed some light on the outlook for the Swiss economy.
ECH: After a devastating earthquake ripped through the central part of the country, Chilean markets showed surprising strength, and ECH finished up 4.2% for the week.
VXX: The fund sunk more than 6.5% as a “good” jobs report helped to calm the markets and reduce expectations for future volatility.
FXA: The Australian dollar had a volatile week with choppy trading on Thursday. This came after the Reserve Bank of Australia raised rates by 25 basis points to 4.0%, helping to boost FXA 1.2% on the week.
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Disclosure: No positions at time of writing