Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (July 30, 2024)
JOLTS Employment Data (10.00 PM) – The number of job offers opened in America last June will be watched for an assessment of the labor sector. A low figure could fuel concerns and pressure the central bank to ease policy.
WEDNESDAY (July 31, 2024)
Australian Inflation Data (9.30am) – The inflation rate in Australia in June is expected to decrease again after the jump back to the level at the beginning of the year in last May's reading. A drop in inflation could prompt central banks to shift to easing their monetary policy.
BOJ Policy Meeting (Asia Session) – Being one of the focus meetings, the market wants to see if Japan's central bank will raise their interest rates again at the latest meeting. Investors also want an indication of what interventions are believed to have taken place to have an impact on the current value of the Yen.
ADP Employment Data (8.15 PM) – Before examining the report at the end of the week, investors will get an early indication from private employment data in America. The increase forecast for July is higher than the previous month.
THURSDAY (August 1, 2024)
FOMC Meeting (2.00 AM) - Being the main agenda of the market's focus this week, the results of the FOMC meeting will be scrutinized by investors. Interest rates are expected to remain at 5.50%, but the more important indication is from the follow-up speech by Chairman Jerome Powell.
BOE Policy Meeting (7.00 PM) – The Pound will trade cautiously this week as the market expects a 25 basis point interest rate cut to 5.00% by the Bank of England.
US Manufacturing PMI Data ISM Survey (10.00 PM) – The survey of the manufacturing sector in America expects an increase in July, but the figure is seen to remain below the 50 point level.
FRIDAY (August 2)
NFP Employment Data (8.30pm) – Assessing the employment sector in America, the Federal Reserve will also be keeping an eye on the latest NFP report ahead of their discussion of interest rate cuts. Job growth is expected to slow in July, while the unemployment rate remains the highest since late 2021.
