We have a busy week ahead of us, which starts with US Labour Day Market Holiday on Monday. The rest of the week will mainly be impacted by Central Banks (RBA and BOC) rate decisions and monetary policy statements. Throughout the week we will receive UK Manufacturing, Construction, Services PMI’s, and also Eurozone GDP (Q2) data. However the most important event in this week’s economic calendar is reserved for US Unemployment data which is due on Friday.
Monday, US Markets closed for Labour Day holiday.
Tuesday at 5.30am, Reserve Bank of Australia (RBA) rate decision is due. Market expectations are for no change to 1.5% interest rate level. This data could increase volatility in Australian equities and also AUD currency crosses.
Wednesday at 9.30 UK services PMI for August are due for release. Market forecast is for 54.7 figure from previously published 53.5. This data could increase volatility in UK equities and also in GBP currency crosses.
Wednesday at 3pm Bank of Canada (BoC) rate decision is due. Market expectations are for no change to 1.5% interest rate level. This data could increase volatility in Canadian equities and also CAD currency crosses.
Thursday at 4pm US EIA Crude Oil Inventories are due for release. Market forecast is pointing to a drawdown of -0.88M from previously published -2.6M barrels. This data could increase volatility in WTI Crude and also Brent Crude Oil futures.
Friday at 10am Eurozone GDP data for Q2 is due. Market expectations are for unchanged reading of 2.2% YoY and 0.4% QoQ. This data could increase the volatility in Eurozone equities and also EUR currency crosses.
Friday at 1.30pm US Nonfarm Payrolls, Unemployment and Average Hourly Earnings (August) are due for release. Market expectations are for 187K jobs to have been created from 157K figure published for July. Unemployment Rate is forecasted to stay unchanged at 3.9% and Average Hourly Earnings are expected to come in at 2.8% from previously published 2.7% YoY. This data could increase volatility in US equities and also USD currency crosses.