Download our Gold Prices Q4 Outlook Today!
This week is going to be a busy one relatively speaking as we have key economic indicators and news events from the US, Australia, Canada, United Kingdom, China and New Zealand. This article will cover the economic indicators you need to tick off on your Economic Calendar.
New Zealand kicks off a busy week of economic indicators with the release of the ANZ Business Confidence survey by midnight GMT on Monday September 30. The last figure came in at -52.3. Traders would be looking for something to help the NZD recover from its recent bearish run. The Kiwi badly needs it at this time.
1am GMT and 1.45amGMT would see the release of two key pieces of data from China before their Independence Day holidays. These are the Manufacturing PMI report and the Caixin Manufacturing Index. This is a strong report with implications for countries which export raw materials to China, such as the Aussie Dollar. Therefore, the AUDUSD would be in focus for this one.
The London session would bring the release of the Current Account report from the United Kingdom. This would add to the already Brexit-charged atmosphere in the UK.
Monday night will also see the release of the NZIER Business Confidence report. This will be released from New Zealand at 9pm GMT.
Tuesday will prove to be a power packed day for the Aussie Dollar, as the Building Approvals and rate decisions come up within three hours of each other. The Building Approvals report will be released at 1.30am GMT while the Rate Decision and accompanying statement will hit the newswires at 4.30am GMT. Traders are expecting the Reserve Bank of Australia to follow up on its dovish rhetoric with a 25bps rate cut, sending the rate to a new low of 0.75%.
At 9.20am the same day, RBA Governor Philip Lowe will be giving brief remarks at the RBA Board Dinner. This may not mean much, but a few sentences that give even the slightest of hints of possible rate adjustment in future is all AUD traders would need.
By 12.30pm, the Canadian monthly GDP report would hit the newswires. Would the figures finally get the Bank of Canada to tow the same dovish lines that other central banks across the world have towed recently? It remains to be seen.
Rounding off a busy Tuesday would be the release of the US ISM Manufacturing PMI. This report measures business conditions in the manufacturing sector of the US and will be released at 2pm GMT.
The economic indicators considered tradable would only kick in from the New York session, starting with the ADP Employment Change data at 12.15pm GMT. This will be followed by the US Crude Oil Inventories Data at 2.30pm GMT
A scanty Thursday features only one news event of note: the US ISM Non-Manufacturing PMI, which focuses on economic conditions in the services sector.
Australia comes into focus once more on Friday with the Retail Sales figure, expected at 1.30am GMT.
If we talk of the first Friday of every month, we all know that the big one from the US is the Non-Farm Payrolls report at 12.30pm. There are usually multiple releases at the same time:
- The US Average Hourly Earnings
- Canadian Trade Balance
The day and indeed the week will be rounded off at 6pm GMT with a speech by Fed Chair Powell, as he gives the opening remarks at the Fed Listens event in Washington DC, hosted by the Federal Reserve. Traders and market watchers will be looking at this speech closely for references to the NFP data and how the Fed will use these to fashion out future monetary policy.
Mark these events on your Economic Calendar this very busy week of economic indicators and watch out for trading opportunities as they arise.