Here are some of the important economic data that will be the focus of the market throughout this week.
MONDAY (September 23, 2024)
European Manufacturing & Services PMI (4.00 PM) – Heading into the final weeks of the month, investors will assess the health of the economy through this manufacturing and services sector data. It is expected that readings for Europe will show no significant changes compared to last month.
UK Manufacturing & Services PMI (4.30pm) – The latest data reading for September is forecast to remain above 50 points, maintaining expansion for both key sectors in the UK.
US Manufacturing & Services PMI (9.45 PM) – The service sector in America is expected to remain above the 50 point level, while the manufacturing sector is still below that level but is forecast to record an increased figure.
TUESDAY (September 24, 2024)
RBA Policy Meeting (12.30 Noon) - Unlike other central banks, the Reserve Bank of Australia is seen to keep interest rates unchanged at 4.35%. A follow-up speech by the governor will be the focus for markets to get an indication of the direction of monetary policy at the next meeting.
US Consumer Confidence Data (10.00 PM) - This survey of data on American households will provide an indication of spending and economic activity. However, the latest data reading for September is projected to not change much compared to before.
WEDNESDAY (September 25, 2024)
Australian Inflation Data (9.30am) – The annual inflation rate in Australia is forecast to decline to 2.8% for August, a significant drop from the previous level of 3.5%. Will this change the stance of the central bank to continue to maintain monetary policy?
THURSDAY (September 26, 2024)
SNB Policy Meeting (3.30 PM) – The Swiss central bank is likely to cut interest rates by 25 basis points at its latest meeting to 1.00%. This will make the rate drop for 3 consecutive meetings.
US GDP data (8.30 PM) - The final reading of US economic growth for the past second quarter will be the focus of investors. After the second reading (prelim) showed an increase compared to the initial reading (advance), this last reading is projected to decrease slightly from 3.0% to 2.9%. A larger number difference will have a more significant impact on the movement of the US dollar currency.
FRIDAY (September 27, 2024)
US PCE Price Index (8.30 PM) – The inflation component which is one of the Federal Reserve's focus indicators in determining monetary policy will be observed in the last trading session of this week. The latest figure is expected to be unchanged with the previous core reading at 0.2%.
