Economic Calendar: FOMC, NFP and economic activity

• FOMC decision on Wednesday is the highlight this week
• NFP report crucial for USD, Gold
• Bank of England could hint at rate hike on Thursday

This will be a very eventful week on the markets. As US earnings season winds down, we will have critical economic reports but this all could be overshadowed by central bank decisions, especially the Fed. Here’s the look at the whole week:

Monday:
ISM manufacturing index in the US (2 pm GMT) – after a very strong Chicago PMI reading on Friday we can expect another strong ISM but focus will be on prices
Final manufacturing PMI prints in Europe

Tuesday:
RBA decision (3:30am) – interesting after recent sharp bond yield increases. Will the Bank drop its YCC policies?
Q3 labour market data in New Zealand (9:45pm GMT)
earnings: Pfizer, ConocoPhillips

Wednesday:
FOMC decision (6 pm) and conference (6:30) – bond purchase program will be reduced but what will Powell say about rates? Are hikes possible for 2022? This will be the key event for the markets this week!
ADP report (1:15pm) and ISM services (3pm) reports in the US – the final glimpse of employment and economic activity data ahead of the Fed decision
Final services PMIs in Europe
earnings: EA, Qualcomm

Thursday:
Bank of England decision (12am) – there have been voices that the Bank looks forward to interest rate hike – will the decision help GBP?
earnings: Citrix, GoPro

Friday:
NFP report in the US (12:30am) – after 2 disappointing months a moderate employment gain (380k) is expected but the focus will be also on unemployment rate and wages. Yes, we will be after the FOMC decision but assuming Powell rejects an idea of 2022 rate hike, strong NFP reading would quickly have it back on the table
NFP report in Canada (12:30am)

Massive overliquidity helped fuel stock market rally. Even if the Fed tapers QE this week, this liquidity will stay here for a while. Source: Fred