Here are some of the important economic data that will be the focus of the market throughout this week.
Australian Central Bank Policy Meeting (Tuesday 11.30am): After a lower-than-expected interest rate hike at the last meeting, the market expects the Reserve Bank of Australia (RBA) at its latest meeting this week to raise interest rates by 25 basis points. Any dovish statements by the central bank will lead to a depreciation of the Australian dollar.
US Manufacturing PMI Data ISM Survey (Tuesday 10.00 PM): Investors assessed the recovery in the United States (US) on the release of third quarter economic growth data published last week. The outlook for the manufacturing sector will be in focus this week.
New Zealand Jobs Report (Wednesday 5.45am): Focused on the central bank's further monetary policy setting, New Zealand employment data will be scrutinized with expectations of job growth for the third quarter. Reading numbers are predicted to increase while the unemployment rate is expected to decrease.
US ADP Employment Data Report (Wednesday 8.15 PM): Measuring the private employment sector in the US, the increase for October is expected to show no significant change in the reading figure. However, the market will be digesting for guidance for the NFP report at the end of the week.
FOMC Meeting (Thursday 2.00 AM): The market remains expecting the Federal Reserve (Fed) to continue aggressive policy tightening with an interest rate increase of 75 basis points to be implemented for the fourth consecutive policy meeting.
Bank of England Meeting (Thursday 8.30pm): After political developments in the UK have been watched by investors for several weeks with the final episode seeing Rishi Sunak assume the post of Prime Minister, the focus will return to the central bank this week. The Bank of England (BOE) remains expected to raise interest rates by 75 basis points to 3.00%.
US Services PMI Data ISM Survey (Thursday 10.00 PM): The forecast for the survey data for the non-manufacturing sector in America is still above the stable level, but there is expected to be a slight decrease in the latest reading.
Canadian Employment Data Report (Friday 8.30pm): The labor sector in Canada will gauge investors for further policy-setting expectations by the central bank after the Bank of Canada (BOC) was previously seen to have started to slow interest rate hikes at last week's policy meeting.
US NFP Employment Data Report (Friday 8.30 PM): As the highlight of the week's trade close, the market will look to the release of NFP employment data to assess the US labor sector in October. Forecast numbers are more bleak with lower job growth while the unemployment rate is expected to rise slightly.
