Here are some of the important economic data that will be the focus of the market throughout this week.
MONDAY (July 1, 2024)
US Manufacturing PMI Data ISM Survey (10.00 PM) – After the survey of the manufacturing sector in May showed a contraction, there is expected to be another increase in the latest survey figures for June. However, the latest reading is still expected to be below the 50.0 point level.
TUESDAY (July 2, 2024)
European Inflation Data (5.00 PM) – Early readings for inflation in Europe will be observed which may have an impact on the movement of the Euro currency. This data is also an important indicator for the European central bank in setting their monetary policy.
JOLTS Employment Data (10.00 PM) – The number of job offers opened in America last May is expected to decrease to the lowest level since 2021. Any signal showing risks to the labor sector will cause concern for the Federal Reserve.
ADP Employment Data (8.15 PM) – The US private sector job growth report will provide an early indication of the NFP report at the end of the week. The latest forecast numbers are not much different from the previous month, but slightly increased.
US Services PMI Data ISM Survey (10.00 PM) – The US services sector is expected to continue to experience positive expansion with the expected figure for the latest survey also rising for June.
THURSDAY (July 4, 2024)
FOMC Meeting Minutes (2.00 AM) – Investors will look for further details in the minutes published after last month's FOMC meeting was seen to maintain a hawkish tone. There is no strong indication for interest rate cuts to be implemented with existing policy expected to be maintained for the next meeting.
FRIDAY (July 5, 2024)
Canadian Employment Data (8.30 PM) – Employment growth in Canada was relatively slow in the previous month and there was an increase in the unemployment rate. For the June report, it is expected that the increase in employment is still low while the unemployment rate is predicted to increase further.
US NFP Jobs Data (8.30pm) – Set to rock the trade close this week, the NFP report for June will be a key focus. Forecasts for the latest readings are grim, and signs of a downturn for the US labor sector will prompt the Federal Reserve to shift to policy easing. If the reading is good, the US dollar will have the advantage to continue strengthening its value.
