Prepare for Market Volatility: Essential Economic Events This Week
As we step into the first week of September, the economic calendar is filled with critical data releases that could sway the markets. Here’s a detailed breakdown:
Monday, September 2, 2024
- Labor Day: Both the US and Canada observe a public holiday, leading to reduced market activity.
Tuesday, September 3, 2024
- 13:45 GMT: S&P Global US Manufacturing PMI (Aug) – Assess the state of the US manufacturing sector.
- 14:00 GMT: ISM Manufacturing PMI & Prices (Aug) – A vital gauge of the manufacturing industry’s health and inflation.
Wednesday, September 4, 2024
- 13:45 GMT: BoC Interest Rate Decision (CAD) – Key for CAD traders as the Bank of Canada announces its rate decision.
- 14:00 GMT: JOLTs Job Openings (Jul) – Provides insights into the US labor market dynamics.
Thursday, September 5, 2024
- 12:15 GMT: ADP Nonfarm Employment Change (Aug) – A precursor to the official US labor market report, providing insights into private sector employment.
- 12:30 GMT: Initial Jobless Claims – Weekly report on the number of Americans filing for unemployment benefits.
- 13:45 GMT: S&P Global US Services PMI (Aug) – Reflects the performance of the US service sector.
- 14:00 GMT: ISM Non-Manufacturing PMI & Prices (Aug) – Key insights into the US services industry, including inflation trends.
Friday, September 6, 2024
- 12:30 GMT: US Employment Data (Aug): Including Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings. This data is crucial for gauging the US economy’s health.
Strategic Insights
- Forex Traders: Focus on USD/CAD and USD/JPY during key announcements.
- Commodity Traders: Monitor oil inventories and manufacturing data for market direction.
- Stock Traders: Pay close attention to US employment data for potential stock market movements.
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