November 1, 2021

8 Important Economic Data News Market Focus This Week (1-5 November 2021)

 The following are some of the important economic data that will be the focus of the market throughout the week.

US Manufacturing PMI Data ISM Survey (Monday 10.00pm): Being the focus for assessing the current health of the US economy, the survey data for this manufacturing sector will provide clues based on the latest reading figures. Although expected to decline slightly from the previous reading, but the latest figures are still forecast to be at a stable level.

Australian Central Bank Policy Meeting (Tuesday 11.30am): The Reserve Bank of Australia (RBA) is still expected to keep interest rates unchanged at 0.10%. Investors are still scrutinizing indicators for central bank monetary policy after Australian inflation data published last week posted a good reading.

US NFP ADP Data Report (Wednesday 8.15pm): As a preliminary indication before the NFP jobs report is published on Friday, investors will scrutinize the employment data report for the private sector in the United States. The increase for October is projected to slow slightly after the increase in September.

US Services PMI Data ISM Survey (Wednesday 10.00pm): No significant change is expected in the US services sector outlook with the assessment still good following the survey reading figures despite the US economy also facing various pressures towards the end of 2021.

FOMC Meeting (Thursday 2.00 AM): Among the key focus events this week, investors will learn about the monetary policy decision by the Federal Reserve (Fed) on the previously planned policy tightening. With the current economic data, will Jerome Powell implement a reduction in bond purchases (tapering) at this meeting?

Bank of England Policy Meeting (Thursday 8.00pm): Interest rates are still expected to be maintained, but investors are waiting for clearer signals for a policy tightening by the Bank of England (BOE) that will affect the movement of the Pound.

Canadian Employment Data Report (Friday 8.30pm): The movement of the Canadian dollar over the weekend will be driven by the release of the Canadian employment data report for October after a spike in reading figures on the rise in September.

US NFP Jobs Data Report (Friday 8.30pm): The market is likely to see a strengthening US dollar at the close of trading this week following positive expectations on the US NFP jobs report component for October. The increase in employment is expected to increase to almost 400,000 and the unemployment rate is projected to decline from 4.8% to 4.7%.