Week’s main events (September 29 – October 03)
This week’s main event will be the release of data on the labor market (Nonfarm Payrolls) in the United States. The report will show how quickly the central bank will have to cut rates in the coming months. Economists expect the economy to have added 51,000 jobs last month, slightly more than the 22,000 jobs added in August. A weak report will increase the likelihood of a faster rate cut, which could negatively impact the US dollar. Other important labor market data includes the ADP employment report and JOLTS results.
Additionally, investors will be wary of the risk of a US government shutdown as the new fiscal year begins. In Europe, fresh inflation data for the Eurozone, as well as CPI release for Switzerland, will be available. In Asia, the Reserve Bank of Australia will hold its scheduled monetary policy meeting, where no changes are expected. There will also be a wealth of macroeconomic statistics on manufacturing and services PMI data, providing insight into global economic trends in key economies. The OPEC+ meeting and oil inventory prints may move energy markets and CAD.
The week opens light: the US Pending Home Sales (previous 0.7% y/y, forecast 1.9% y/y) print at 17:00 will be the day’s only market-moving US release. A softer print would reinforce concerns about the housing sector and consumer demand, mildly weighing on the USD and homebuilders. A surprise upside would lend short-term support to the USD and equity names tied to housing demand./div>
- – US Pending Home Sales (m/m) at 17:00 (GMT+3).
- – Japan Retail Sales (m/m) at 02:50 (GMT+3);
- – China Manufacturing PMI (m/m) at 04:30 (GMT+3);
- – China Non-Manufacturing PMI (m/m) at 04:30 (GMT+3);
- – Australia RBA Cash Rate at 07:30 (GMT+3);
- – Australia RBA Rate Statement at 07:30 (GMT+3);
- – Australia RBA Press Conference at 08:30 (GMT+3);
- – German Retail Sales (m/m) at 09:00 (GMT+3);
- – UK GDP (m/m) at 09:00 (GMT+3);
- – Switzerland KOF Leading Indicators (m/m) at 10:00 (GMT+3);
- – German Unemployment Rate (m/m) at 10:55 (GMT+3);
- – Mexico Inflation Rate (m/m) at 12:00 (GMT+3);
- – German Consumer Price Index (m/m) at 15:00 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 15:50 (GMT+3);
- – US Chicago PMI (m/m) at 16:45 (GMT+3);
- – US JOLTs Job Openings (m/m) at 17:00 (GMT+3);
- – US CB Consumer Confidence (m/m) at 17:00 (GMT+3).
On Wednesday, an important OPEC+ meeting is scheduled to take place. Signals of additional output increases would cap oil prices and pressure energy currencies. A decision to withhold supply increases (or geopolitical supply shocks) would push oil prices (WTI, BRENT) up and support CAD. Do not forget about crude oil inventories, which are published every Wednesday and show the increase/decrease in inventories compared to the previous week. This report influences short-term trends in the oil market. US ADP (previous 54K, forecast 40K) and ISM manufacturing data (previous 48.7, forecast 49) are also worth paying attention to, as they are important domestic indicators ahead of Friday’s employment data release and will influence the dynamics of the US dollar and Treasury bonds. It’s a bank holiday in China.
- – Australia Manufacturing PMI (m/m) at 02:00 (GMT+3);
- – Japan Tankan Large Manufacturers Index (m/m) at 02:50 (GMT+3);
- – Japan Tankan Large Non-Manufacturers Index (m/m) at 02:50 (GMT+3);
- – Japan Manufacturing PMI (m/m) at 03:30 (GMT+3);
- – Australia Retail Sales (m/m) at 04:30 (GMT+3);
- – Switzerland Retail Sales (m/m) at 09:30 (GMT+3);
- – Switzerland Manufacturing PMI (m/m) at 10:30 (GMT+3);
- – German Manufacturing PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
- – UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
- – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+3);
- – OPEC+ meeting at 13:00 (GMT+3);
- – US ADP Nonfarm Employment Change (m/m) at 15:15 (GMT+3);
- – Canada Manufacturing PMI (m/m) at 16:30 (GMT+3);
- – US ISM Manufacturing PMI (m/m) at 17:00 (GMT+3);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
- – Australia Trade Balance (m/m) at 04:30 (GMT+3);
- – Switzerland Consumer Price Index (m/m) at 09:30 (GMT+3);
- – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+3);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+3).
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- – Australia Services PMI (m/m) at 02:00 (GMT+3);
- – Japan Unemployment Rate (m/m) at 02:30 (GMT+3);
- – Japan Services PMI (m/m) at 03:30 (GMT+3);
- – Japan BoJ Gov Ueda Speaks at 04:05 (GMT+3);
- – German Services PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Services PMI (m/m) at 11:00 (GMT+3);
- – UK Services PMI (m/m) at 11:30 (GMT+3);
- – Eurozone Producer Price Index (m/m) at 12:00 (GMT+3);
- – Eurozone ECB President Lagarde Speaks at 12:40 (GMT+3);
- – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
- – US Unemployment Rate (m/m) at 15:30 (GMT+3);
- – UK BOE Gov Bailey Speaks at 16:20 (GMT+3);
- – US ISM Services PMI (m/m) at 17:00 (GMT+3).
by
, 2025.09.29