A new month is upon us, so the time has come for the release of the US NFP report for September. However, traders will be also offered a number of other releases from the US labour market as well as jobs data from Canada. Antipodean currencies will be on watch as RBA and RBNZ are scheduled to announce rate decisions this week. Be sure to watch USDCAD, AUDNZD and US500 in the week ahead!
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Jobs data is a key theme of the next week. Investors will be offered US JOLTS reading for August (Tuesday, 3:00 pm BST), ADP report for September (Wednesday, 1:15 pm BST), Challenger report for September (Thursday, 12:30 pm BST) as well as NFP report for September (Friday, 1:30 pm BST). USDCAD could be the pair that sees outsized moves on Friday afternoon as Canadian jobs data for September will be released simultaneously to US reading. In spite of the solid performance of the US dollar, USDCAD has been pulling back during the second half of September.
AUDNZD may see some elevated volatility on Tuesday and Wednesday next week. This is because traders will be offered rate decisions from the Reserve Bank of Australia (Tuesday, 4:30 am BST) and Reserve Bank of New Zealand (Wednesday, 2:00 am BST). Neither one is expected to change the level of interest rates so guidance will be crucial. Currently, money markets see both RBA and RBNZ hiking rates in Q1 2024. AUDNZD has pulled back to a lower limit of trading range recently and central bank decisions may set the direction of the next big move.
Apart from jobs data, US indices may also move on releases of US survey data. Traders will be offered manufacturing ISM reading for September on Monday, 3:00 pm BST while index for the services sector will be released on Wednesday, 3:00 pm BST. Flash PMI data for September showed the manufacturing sector remaining in contraction territory while services PMI stayed barely in expansion territory. Should ISMs confirm bleak outlook for the US economy, some weakness may be spotted on Wall Street in response.
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