Following a tumultuous week for global markets, investors brace for continued volatility despite a calmer economic calendar. Last week’s disappointing US employment data sparked concerns about economic growth, reversing recent market optimism. While the upcoming week’s economic calendar is less packed, market sentiment remains fragile due to recent concerns about economic growth.
Key Events:
- Australia: The Reserve Bank of Australia’s interest rate decision on Tuesday will be a focal point, with potential for market volatility.
- Data Releases: A sparse economic data calendar this week contrasts with the previous week’s deluge. However, key updates including PMI, trade balance, and employment figures will be closely watched.
- Central Bank Speeches: RBA Governor Michele Bullock’s speech on Thursday and New Zealand’s quarterly inflation expectations will also influence market dynamics.
Key Dates:
- Monday, August 5, 2024
- Limited tier 1 data across all trading sessions.
- Asian markets may open weak following a rough day on Wall Street.
- Australian bank holiday affecting liquidity.
- Minimal scheduled updates in London.
- US PMI data scheduled for the New York session.
- Tuesday, August 6, 2024
- Focus on the Reserve Bank of Australia’s rate decision.
- Market expects significant volatility for the Australian dollar.
- UK Construction PMI data to be released during the London session.
- US and Canadian trade balance figures also scheduled.
- Wednesday, August 7, 2024
- Early employment data from New Zealand after the Asian session opens.
- Later sessions include Canadian Ivey PMI numbers and the US 10-year bond auction.
- Thursday, August 8, 2024
- Asian session will feature RBA Governor Michele Bullock’s speech and New Zealand Quarterly Inflation expectations.
- Minimal economic updates in the European session.
- US weekly unemployment claims data to be released during the New York session.
- Friday, August 9, 2024
- Chinese CPI and PPI data in focus during the Asian session.
- Canadian employment data update will be released independently from US data.
While the week promises fewer economic updates compared to the previous week, investors should remain cautious due to lingering market uncertainty.
Categories: ARFX News
