Here are some of the important economic data that will be the focus of the market throughout this week.
RBA Policy Meeting (Tuesday 12.30pm): After not raising interest rates before, the latest meeting of Australia's central bank is expected to keep interest rates at 4.10%. Policy tightening is seen as difficult for the RBA to continue following the labor sector and inflation recorded the latest readings to decline.
Australian GDP data (Wednesday 9.30am): Australia's economic growth for the second quarter of 2023 is projected to increase slightly compared to the previous quarter. This data is also an indicator for the central bank in setting its monetary policy.
BOC Policy Meeting (Wednesday 10:00 PM): Canada's central bank is expected to keep interest rates unchanged at 5.00%. The central bank wants to maintain the current policy until inflation is successfully brought down to the target level.
US Services PMI ISM Survey (Wednesday 10.00 PM): The service sector in America is expected to remain at a stable level. However, a significant change in the figures in August could have an impact on currency movements.
US Jobless Claims Data (Thursday 8.30pm): Markets will be scrutinizing this week's data to watch for changes in the claims figures and provide insight into the current health of the US labor sector.
Canadian Jobs Data (Friday 8.30pm): Job gains for August in Canada are forecast to be around 20,000 after the economy lost 6,400 in the previous reading. Meanwhile, the unemployment rate is expected to increase from 5.5% to 5.6%.
