In the week ahead, markets in the U.S. are to remain closed on Monday for the Labor Day holiday. Investors will be closely watching Friday’s key U.S. nonfarm payrolls report, amid ongoing speculation over when the Fed will start to unwind stimulus measures. Sentiment on the euro is likely to remain fragile ahead of Thursday’s European Central Bank policy meeting. Interest rate decisions by the Bank of Japan, the Bank of England, the Reserve Bank of Australia and the Reserve Bank of Canada will also be in focus.
Monday, September 2
Japan is to release data on capital spending. China is to release revised data on manufacturing activity. Australia is to publish data on building approvals, a leading indicator of future construction sector activity. The U.K. is to produce data on manufacturing activity, a leading economic indicator, while Switzerland is to publish its SVME PMI. Markets in the U.S. and Canada are to remain closed for the Labor Day holiday.
Tuesday, September 3
The RBA is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision. Australia is to produce official data on retail sales, the government measure of consumer spending, which accounts for the majority of overall economic activity, as well as a report on the current account. Japan is to publish data on average cash earnings, which is closely linked to consumer spending. In the euro zone, Spain is to release official data on the change in the number of people unemployed, a leading indicator of economic health. Elsewhere in Europe, Switzerland is to publish data on second quarter gross domestic product, the broadest indicator of economic activity and the leading indicator of economic health. The U.K. is to produce data on construction activity, an important economic indicator. The Institute of Supply Management is to release data on manufacturing activity in the U.S., a leading indicator of economic health.
Wednesday, September 4
Australia is to release data on second quarter GDP, the broadest indicator of economic activity and the leading measure of the economy’s health. The euro zone is to release official data on retail sales, while Spain and Italy are to release reports on service sector activity. The U.K. is also to release data on service sector activity, a leading indicator of economic health. Both the U.S. and Canada are to release data on the trade balance, the difference in value between imports and exports. The RBC is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.
Thursday, September 5
Australia is to release official data on the trade balance. The BoJ is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision. The rate announcement is to be followed by a press conference. In the euro zone, Spain and France are to hold auctions of 10-year government bonds. Germany is to publish government data on factory orders, a leading indicator of production. The ECB is to announce its benchmark interest rate. The announcement is to be followed by what will be a closely watched press conference with President Mario Draghi. In addition, the BoE is to announce its benchmark interest rate. The U.S. is to release the ADP nonfarm payrolls report on private sector job creation, as well as the weekly government report on initial jobless claims. The ISM is to release data on non-manufacturing activity in the U.S., a leading indicator of economic health.
Friday, September 6
Germany is to release official data on the trade balance and industrial production. The Swiss National Bank is to release data on foreign currency reserves. This data is closely scrutinized for indications of the size of the bank’s operations in currency markets. Meanwhile, Switzerland is to produce government data on consumer price inflation, which accounts for a majority of overall inflation. The U.K. is to publish data on manufacturing production, consumer inflation expectations and the trade balance. Canada is to release official data on the change in the number of people employed and the unemployment rate. In addition, Canada is to publish its Ivey PMI. The U.S. is to round up the week with closely watched government data on nonfarm payrolls and the unemployment rate, as well as data on average hourly earnings.