This week in the forex market, there are several key events and data releases to keep an eye on. On Monday, we have important data coming out of China, Switzerland, and the US, including the Caixin Manufacturing PMI and ISM Manufacturing PMI. Tuesday will bring the RBA Meeting Minutes, Eurozone CPI, and US Job Openings data. Wednesday’s highlights include Australia Retail Sales, US ADP, and FOMC Meeting Minutes. Thursday will be a US holiday, but we will see data from Switzerland, Canada, and the UK. Finally, on Friday, we will see Eurozone Retail Sales, Canada’s Labour Market report, and the US NFP.
The US ISM Manufacturing PMI is expected to show a slight improvement, indicating a faster economic expansion and job gains. On Tuesday, the Eurozone CPI is expected to ease slightly, but the market is still pricing in rate cuts by the end of the year. US Job Openings are expected to fall, which could help alleviate inflationary pressures. Fed Chair Powell will also be speaking at a conference, but is not expected to signal any changes in monetary policy.
Wednesday will bring the US Jobless Claims data, which is a crucial indicator of the labor market. Initial Claims are expected to remain low, but Continuing Claims have been on the rise. The US ISM Services PMI is also expected to show a slight decline, but overall the US economy and labor market are performing well.
On Thursday, the Swiss CPI is expected to remain stable, but any surprises could lead to interventions by the SNB. Finally, on Friday, the US NFP is expected to show a decrease in job additions, but the labor market remains stable. The Canadian labor market report is also expected to show a slight increase in unemployment rate, but wage growth remains a key focus for the BoC.
Overall, the forex market is facing a week of important data releases and events that could impact currency movements. It will be crucial to monitor these releases and stay informed of any surprises or changes in market sentiment.