The following are some of the important economic data that will be the focus of the market throughout the week.
US ADP Employment Data Report (Wednesday 8.15pm): Before focusing on NFP employment data, investors will examine preliminary indications through the release of employment data for the private sector in the United States. Data readings for March are forecast to decline slightly.
US Gross Domestic Product Data (Wednesday 8.30pm): The final reading for US economic growth for the fourth quarter of 2021 is expected to be more positive to pick up than the previous reading. The rising figure will add a factor to the strengthening of the US dollar.
UK Gross Domestic Product Data (Thursday 2.00pm): The final reading of economic growth in the UK is expected to be unchanged from the previous reading, for the last quarter of 2021.
Canadian Gross Domestic Product Data (Thursday 8.30pm): The monthly GDP reading in Canada for January which is expected to increase will support the movement of the Loonie currency in the market. The reading is expected to increase from to 0.2% from 0.0%.
US NFP Jobs Data Report (Friday 8.30pm): After a soaring figure reading in February, job growth in the US is forecast to be slightly lower for March. However, the unemployment rate is expected to decline and average income is projected to increase. Investors will evaluate each reading of the employment data component that will affect the movement of the US dollar over the weekend.
US Manufacturing PMI Data ISM Survey (Friday 10.00pm): Survey data for the manufacturing sector in the US will also have an impact on the US dollar at the close of trading this week. However, the latest readings are not expected to differ significantly as the previous figures.
