Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY – 5 DEC 2023
RBA Policy Meeting (11.30am): Australia's central bank at its last meeting of 2023 is expected to keep interest rates unchanged at 4.35% after a 25 basis point increase was implemented at last November's meeting. Markets will be looking at the RBA's policy guidance for 2024 as well.
US Services PMI Data ISM Outlook (11.00 PM): After looking at last week's manufacturing data, the outlook for American services data will be in focus with the forecast figure for November increasing positively.
WEDNESDAY – DEC 6, 2023
Australian GDP data (8.30am): Will be the focus of Australia's central bank, economic growth data for the third quarter is among the indicators in the setting of further monetary policy. The strong growth figures show the economy remains resilient in the face of tightened policy.
US ADP Employment Data (9.15 PM): In an early lead that investors will be watching, the number of private sector job gains in America will give an indication of the health of the labor sector for the world's largest economy. The forecasted increase for November will anticipate a positive note on the NFP data at the end of the week.
BOC Policy Meeting (11.00 PM): The decision of the central bank of Canada meeting will have an impact on the movement of the Loonie currency. Interest rates are predicted to remain unchanged at 5.00% as before which has been maintained since last July.
FRIDAY – 8 DEC 2023
US NFP Jobs Data (9.30 PM): This will be the highlight of the week and will shake up the market at the end of the week. The NFP jobs report will be watched as forecasts for average wages and job gains for November are up. However, the unemployment rate is expected to remain at 3.9%.
US Consumer Confidence Survey Data (11.00 PM): The University of Michigan's survey of American households can provide an overview of current spending and economic activity. The increased number can support the positive movement of the US dollar.
