Here are some of the important economic data that will be the focus of the market throughout the week.
US Manufacturing PMI Data ISM Review (Monday 10.00pm): Investors will assess whether the US economic sector data can support the recovery of the US dollar which suffered a decline in last week's trade. Data readings are not expected to show significant changes compared to previous figures.
Australian Central Bank Policy Meeting (Tuesday 12.30pm): The Reserve Bank of Australia (RBA) is expected to continue to keep interest rates unchanged and indicators on monetary policy will be the focus of investors to determine the direction of the Aussie dollar movement this week.
US Services PMI Data ISM Survey (Wednesday 10.00pm): After manufacturing data, the outlook for the US services sector will also be monitored after the decline that occurred in the previous reading. The rising reading will re -support the appreciation of the US dollar in the market.
Bank of England Policy Meeting (Thursday 7.00pm): The outcome of this week’s Bank of England (BOE) meeting will come under scrutiny following the implementation of the UK’s recent economic reopening measures. Hawkish statements by the central bank will continue to support the Pound’s strengthening momentum last week.
US NFP Employment Data Report (Friday 8.30pm): The focus of the weekend will be on the release of the US NFP report with job growth expectations for July remaining strong and the unemployment rate declining.
Canadian Employment Data Report (Friday 8.30pm): Published in conjunction with the US NFP report, the Canadian employment report will have an impact on the movement of the CAD dollar. The reading is expected to be mixed with declining employment growth while the unemployment rate is projected to decline from 7.8% to 7.3%.
