The recent NFP report came a short than expected in terms of headline growth in jobs and wages, and is likely to reduce the chances of a rate hike this year by the FOMC. This week the focus will come back to Europe as the ECB rate decision will take center stage. Other events and reports include: RBA and BOC rate decisions, China’s trade balance, U.S. JOLTS, JOLTS report, GB manufacturing production, U.S. non-manufacturing PMI, and Canada’s employment report.
(All times GMT):
Monday, September 5th
U.S. Labor Day Holiday
Tuesday, September 6th
05:30 – Reserve Bank of Australia – Cash Rate Statement: In the last meeting, RBA reduced, as expected, its cash rate to 1.5%; this time, however, the market doesn’t expect any rate changes;
15:00 – U.S. ISM Manufacturing PMI: Back in July, the PMI decreased to 55.5 — the manufacturing sector is expanding at a slower rate. And it’s estimated to inch down to 55.4 in the upcoming report, which means the manufacturing sector is expanding and a slightly slower pace;
00:30 – Australian GDP for Q1 2016: In the first quarter, the GDP grew by 1.1% (seasonally adjusted). Currently, the estimates are for a 0.4% gain in Q2 (see here last update);
Wednesday, September 7th
09:30 – Great Britain Manufacturing Production: This report will present the annual rate of GB’s manufacturing production for July; in the recent report regarding June 2016 the index decreased by 0.3%; this time, the estimates are for another drop of 0.4%;
15:00 – Bank of Canada’s Overnight Rate: Bank of Canada maintained its overnight rate at 0.50%. And the market still expects no change to policy this time; the BOC will also hold a press conference and release its quarterly monetary policy report;
15:00 – U.S. JOLTS Job Openings: The Bureau of Labor Statistics will release its monthly report on the U.S number of job openings for July, excluding the farming industry; in the recent update for June, the number of jobs opening rose to 5.62 million; in the upcoming report, the number is expected to slightly fall to 5.58 million;
Tentative – China’s Trade Balance: China’s trade balance surplus has expanded last month and is expected to moderately expand again in the upcoming report; this update provides another indication for the economic activity in the world’s second largest economy;
Thursday, September 8th
12:45 – ECB Rate Decision: This will be one the main event of for week, even though the ECB isn’t expected to introduce any new policy measures. But this meeting will also include a press conference and an update to the ECB’s economic outlook;
13:30 – U.S. Jobless Claims Weekly Report: This weekly report will refer to the changes in the initial jobless claims for the week ending on September 2nd; in the last report, jobless claims slipped to 263K;
15:30 – EIA U.S. Natural Gas Storage: The EIA weekly report of the U.S. natural gas market will refer to the recent changes in natural gas production, storage, consumption and rates as of September 2nd;
15:30 – U.S Crude Oil Stockpiles Weekly update: The EIA (Energy Information Administration) will publish its weekly report on the U.S oil and petroleum stockpiles for the week ending on September 2nd;
Friday, September 9th
13:30 – Canada’s Employment Report: In the recent employment update referring to July, unemployment edged up to 6.9%; employment declined by 31.2K;
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