Welcome to weekly outlook starting this Monday 02 October. We’ll be looking at the week’s key economic events on the financial calendar covering Monday to Thursday. This is a week full of economic events with action seen across the globe. We start of in the US with key manufacturing data, cross the Pacific to the Australian interest rate decision and back up the globe for the European Central Bank meeting. The week rounds out with jobs data out of both the US and Canada.
Event: US ISM Manufacturing PMI
Date: Monday 02 October 2017 at 14:00 GMT
Markets affected: EUR/USD, DOW/USD
Trending hashtags: #usd, #ism
The ISM Manufacturing index leapt to a six year high in August as it came in at 58.8%. This was quite a jump from the month before (July) which was 56.3% – though any reading above 50% is considered good for the economy and bullish for the USD. Do keep in mind that this reading was before hurricanes Harvey and Irma which may weigh on the manufacturing sector’s report for September. Economists are expecting a 57.5% reading, which if it comes in, still shows robust recovery for the industrial sector.
Event: Reserve Bank of Australia Interest Rate Decision
Date: Tuesday 03 October 2017 at 03:30 GMT
Markets affected: AUD/USD, AUD/NZD
Trending hashtags: #aud, #interestrate
The RBA has kept interest rates at record lows this year of 1.5%. While monetary policy setters are looking forward to better growth figures for the nation which should in turn support inflation, no one is expecting them to change the rate during this month’s meeting.
Event: ECB Non-Monetary Policy Meeting
Date: Wednesday 04 October 2017 at 07:00 GMT
Markets affected: EUR/USD, EUR/GBP
Trending hashtags: #eur, #ecb
European Central Bank President, Mario Draghi, has reinforced the central bank’s intention to begin tightening monetary policy. The ECB is looking to pull back on its asset buying programme from 80 billion euro to 60 billion a month. Last Friday’s Consumer Price Index for the Eurozone came in at a steady 1.5% as per the previous month, a number heading well towards the central bank’s target inflation amount of 2%. The euro slipped for most of last week against the greenback, so any hawkish comments from the ECB members on Wednesday may just give the common currency some much-needed relief.
Event: US Non Farm Payrolls (NFP)
Date: Friday 06 October 2017 at 12:30 GMT
Markets affected: EUR/USD, USD/JPY
Trending hashtags: #usd, #nfp
The all-important NFP figure is due out this Friday and many will be paying close attention for more Fed comments on raising the interest rate before the year ends. The change in jobs indicator rose by 156,000 in August, below the 180,00 analysts had been forecasting and also below July’s change of 189,000. The outlook for September is for an additional 165,000 new jobs to be added to the market. Unemployment is expected to stay at the same level of the previous month of 4.4%.
Event: Canada Change in Employment
Date: Friday 06 October 2017 at 12:30 GMT
Markets affected: CAD/USD
Trending hashtags: #cad, #jobs
At the same time as the NFP we get the Canadian change of employment figure for September. In August, 22,200 new jobs were added and unemployment stood at 6.2%. The Canadian economy has been in top performance for most of this year, beating out the other G7 countries in terms of economic expansion, and being the only nation along with the US to increase interest rates.
Welcome to weekly outlook starting this Monday 02 October. We’ll be looking at the week’s key economic events on the financial calendar covering Monday to Thursday. This is a week full of economic events with action seen across the globe. We start of in the US with key manufacturing data, cross the Pacific to the Australian interest rate decision and back up the globe for the European Central Bank meeting. The week rounds out with jobs data out of both the US and Canada.
The ISM Manufacturing index leapt to a six year high in August as it came in at 58.8%. This was quite a jump from the month before (July) which was 56.3% – though any reading above 50% is considered good for the economy and bullish for the USD. Do keep in mind that this reading was before hurricanes Harvey and Irma which may weigh on the manufacturing sector’s report for September. Economists are expecting a 57.5% reading, which if it comes in, still shows robust recovery for the industrial sector.
The RBA has kept interest rates at record lows this year of 1.5%. While monetary policy setters are looking forward to better growth figures for the nation which should in turn support inflation, no one is expecting them to change the rate during this month’s meeting.
European Central Bank President, Mario Draghi, has reinforced the central bank’s intention to begin tightening monetary policy. The ECB is looking to pull back on its asset buying programme from 80 billion euro to 60 billion a month. Last Friday’s Consumer Price Index for the Eurozone came in at a steady 1.5% as per the previous month, a number heading well towards the central bank’s target inflation amount of 2%. The euro slipped for most of last week against the greenback, so any hawkish comments from the ECB members on Wednesday may just give the common currency some much-needed relief.
The all-important NFP figure is due out this Friday and many will be paying close attention for more Fed comments on raising the interest rate before the year ends. The change in jobs indicator rose by 156,000 in August, below the 180,00 analysts had been forecasting and also below July’s change of 189,000. The outlook for September is for an additional 165,000 new jobs to be added to the market. Unemployment is expected to stay at the same level of the previous month of 4.4%.
At the same time as the NFP we get the Canadian change of employment figure for September. In August, 22,200 new jobs were added and unemployment stood at 6.2%. The Canadian economy has been in top performance for most of this year, beating out the other G7 countries in terms of economic expansion, and being the only nation along with the US to increase interest rates.
https://www.fxstreet.com/economic-calendar
http://www.marketwatch.com/story/ism-manufacturing-index-jumps-to-six-year-high-in-august-2017-09-01
The post Monday 02-10-2017 Outlook appeared first on Forex.Info.
Source: Easy Forex Forex.Info
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