Here are some of the important economic data that will be the focus of the market throughout this week.
US Manufacturing PMI Data ISM Survey (Monday 10.00 PM): The latest survey reading for the manufacturing sector in the United States is forecast to decline for the second month in a row for the July reading. The decline of the main sectors is indeed expected with the signs of an economic recession becoming more and more clear.
Australian Central Bank Policy Meeting (Tuesday 12.30 Noon): The Reserve Bank of Australia (RBA) is expected to increase interest rates by 50 basis points at the August edition of the meeting, as are the policy tightening measures being implemented by other central banks. The outcome of the meeting is expected to have a significant impact on the movement of the Australian dollar this week.
US Services PMI Data ISM Outlook (Wednesday 10.00 PM): The outlook for the service sector in the United States is also forecast to decline with the pressure of the economic recession hitting. The US dollar will trade depressed this week if the economic sector data reading remains gloomy.
Bank of England Policy Meeting (Thursday 7.00 PM): The dismal movement of the Pound in the previous week will be warmed by the results of this week's Bank of England (BOE) meeting with a forecast rate increase of 50 basis points. Markets also expect members of the central bank meeting to unanimously vote for an interest rate hike.
US NFP Employment Report (Friday 8.30 PM): Being the focus of the Federal Reserve (Fed) in setting monetary policy, the employment data component of the United States will be monitored. Job growth for July is forecast to be lower than in June while the unemployment rate is projected to be unchanged. Investors will assess the reaction of the US dollar currency after the data is published for a signal of movement in the following week.
Canadian Employment Report (Friday 8.30pm): Also published alongside the NFP data report, Canadian employment data will have an impact on the movement of the Canadian dollar at the end of the week. Job growth in July is expected to pick up again after a declining figure in the previous month, while the unemployment rate is expected to record an increase.
