This week’s economic calendar features key events that will have a considerable impact on the markets. Major events include the US jobs reports, the Reserve Bank of Australia (RBA) rate statement, and the Bank of England (BOE) rate statement. Traders are advised to carefully prepare for potential market volatility triggered by these announcements and adapt their strategies accordingly.
Here are some notable highlights coming up over the next week:
After raising its interest rate by 25 bps in June, the Reserve Bank of Australia announced during its July meeting that it has maintained its interest rate at 4.1%. This represents a total increase of 400 bps since May 2022.
The central bank will announce the next interest rate adjustment on 1 August, with analysts expecting an increase of 25 bps to 4.35%.
The ISM manufacturing PMI in the US fell to 46 in June 2023 from 46.9 in May 2023.
The figures for July are scheduled for release on 1 August, with analysts expecting the index to increase to 48.
Switzerland’s CPI increased by 0.1% in June 2023 from the previous month.
Analysts anticipate a 0.1% decrease in the figures for July, which will be released on 3 August.
The Bank of England raised its policy interest rate by 50 bps to 5% during its June meeting, marking a 13th consecutive hike.
Analysts expect the next rate hike to be another 25-bps increase to 5.25%.
The ISM services PMI rose to 53.9 in June 2023. This mark, which is well above the 50 seen in May, points to the strongest growth in the services sector in four months.
The ISM’s data for July 2023 is scheduled for release on 3 August, with analysts anticipating a decrease in PMI to 52.
The Canadian economy saw 59,900 jobs created in June. This increase was driven by the rise in full-time jobs and marks the highest number of jobs created in five months. However, the unemployment rate also rose to 5.4% in June from 5.2% in May, the highest since February 2022.
The figures for July are set to be released on 4 August, with analysts predicting the creation of 20,000 additional jobs. However, the unemployment rate is also expected to remain at 5.4%.
The US economy added 209,000 jobs in June 2023, lower than the 306,000 seen in May. The unemployment rate in the country decreased slightly to 3.6%, which is also lower than May’s seven-month high of 3.7%.
The data for July 2023 will be released on 4 August, with analysts predicting the creation of 190,000 additional jobs. However, the unemployment rate is also expected to remain at 3.6%.
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