Three markets to watch next week (30.09.2022)

3:19 PM September 30, 2022

Next week on the markets is set to be another interesting one, given a number of top-tier macro releases and events scheduled. Focus will be mostly on US jobs data for September (Friday, 1:30 pm BST) and OPEC+ meeting (Wednesday). However, rate decisions from RBA and RBNZ will also be followed closely. Be sure to watch USDCAD, OIL and AUDNZD next week.


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Beginning of a new month means that the time has come for the release of a fresh set of jobs data from the United States. NFP report for September will be released on Friday at 1:30 pm BST and is expected to show a 250k increase in non-farm payrolls. The Fed is still seeing the labor market as strong and any signs of softness could see it reconsider how much tightening is still needed. USDCAD is likely to be very active during the release as the Canadian jobs report will be published simultaneously. In the case of Canadian data, the market expects a net employment gain of 22.5k.


Deteriorating outlook for the global economy, and in turn for oil demand, pushed crude prices to pre-invasion levels. As such, more and more media reports surfaced saying that OPEC+ may decide on a 500-1000k bpd output cut at its next meeting on October 5, 2022. In spite of relatively high oil prices and global calls for increased production, the cartel remained unconvinced saying that demand drop is looming and output cuts will be needed. It looks like the cartel will not limit itself to words but may take decisive action.


Both Antipodean central banks - Reserve Bank of Australia and Reserve Bank of New Zealand - are set to announce their rate decisions. RBA will do so on Tuesday at 4:30 am BST and markets are expecting a 50 bp rate increase. RBNZ will announce its decision on Wednesday at 2:00 am BST and a 50 bp rate hike is also expected in this case. AUD has been outperforming NZD as of late with AUDNZD jumping to levels not seen since late-2013.


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