Here are some of the important economic data that will be the focus of the market throughout the week.
Australian Central Bank Policy Meeting (Tuesday 12.30pm): Markets expect the latest monetary policy meeting by the Reserve Bank of Australia (RBA) to take place this week will continue to keep policy unchanged with policy easing to support the economy.
US Manufacturing PMI Data ISM Survey (Tuesday 10.00pm): A positive outlook on the manufacturing sector in the United States (US) shows that growth has remained above 50.0 points since July last year.
Australian Gross Domestic Product Data (Wednesday 9.30am): Australia’s economic growth for the first quarter of this year is projected to slow after an increase in the previous quarter. This situation is seen to put pressure on Australian dollar trading.
US Services PMI Data ISM Survey (Thursday 10.00pm): Similar to the positive growth pattern of manufacturing activity, the US services sector also showed an increase in readings up to May 2021.
US NFP Jobs Data Report (Friday 8.30pm): As investors expect in the first week of the month, the increase in US jobs for May is expected to soar after a disappointing April reading. The unemployment rate is also forecast to decline slightly again.
Canadian Employment Data Report (Friday 8.30pm): Also published alongside US NFP data, the Canadian dollar will receive a big impact over the weekend following the published employment data report. Expectations of the economy to continue to record job losses in May are worrying investors, while the unemployment rate is also expected to rise.
