Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (April 30, 2024)
China Manufacturing PMI Data (9.30am) – As the world's second largest economy influencing global markets, data in China is in the spotlight with the latest manufacturing sector readings to be scrutinized.
Canadian GDP data (8.30 PM) – Canada's economic growth will have an impact on policy setting by the central bank. However, it is a concern when the forecast figure for February growth is slower.
US Employment Cost Index Data (8.30 PM) – For the first quarter of 2024, the cost of doing business and workers' wages in America is expected to increase again to 1.0% after a decrease to 0.9% previously.
US Consumer Confidence Data (10.00 PM) – The market will expect no significant change in the latest survey figures for American households to measure the level of consumer finances which is an indicator of spending and economic activity.
WEDNESDAY (May 1, 2024)
US ADP Employment Data (8.15 PM) – Private employment growth in April in America is forecast to be lower than in the previous month. Data readings will be indicative of NFP and a significant difference in numbers can have a major impact on the movement of the US dollar currency.
US Manufacturing PMI Data ISM Survey (10.00 PM) – The US manufacturing sector based on the ISM survey showed a downbeat forecast for April but the figure still held above the 50-point boundary.
THURSDAY (May 2, 2024)
FOMC Meeting (2.00 AM) – Being the most important event of the week, the results of the FOMC meeting will determine the next direction of the market. Markets expect interest rates to be kept on hold, but indications at Chairman Jerome Powell's speech will be key.
FRIDAY (May 3, 2024)
US NFP Employment Data (8.30pm) – As one of the compasses for the central bank, the labor sector is assessed. After the previous excellent report, employment growth in America for April is expected to slow slightly but the unemployment rate and average earnings are forecast to remain at the same level.
US Services PMI Data ISM Survey (10.00 PM) – The ISM survey of the American service sector predicts an increased reading indicating good development for the important sector.
