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Economic calendar: What to watch beyond NFP?

Summary:

  • US jobs report is slated to steal the show during the day
  • UK’s manufacturing PMI is the key print to watch before noon
  • Manufacturing ISM should be scrutinized in terms of price pressures

All eyes today are on the US jobs report which is expected to steal the show during the last session this week. That said, there are a few noteworthy events to watch beyond that which could potentially affect currency pairs as well. Either way, it’s unlikely to see more noticeable moves across the FX market ahead of the NFP report.

9:30 am BST - UK’s manufacturing PMI: Admittedly, there are many readings of PMIs scheduled for today, most of them are final ones, thus their impact on currency pairs and other assets should be muffled. Nevertheless, the UK’s manufacturing PMI will be not a final one (to be precise, there is no a preliminary release from the UK), hence it could bring about some larger swings across pairs with the pound. The consensus suggests a mere decline in August from 55.1 to 55.

1:30 pm BST - US jobs report: There is no doubt the everyone on the market is looking forward to that reading. Let us come forth with expectations:

  • Non-farm employment change: 180k
  • Jobless rate: 4.3%
  • Average weekly earnings: 0.2% mom and 2.6% yoy

Moreover, let us recall that we’ve published the broad preview ahead of the release with three trade ideas worth considering.

3:00 pm BST - Manufacturing ISM and the Michigan index (final): As far as the final reading of the University of Michigan index is concerned, there could be hardly seen any impact on the US dollar. However, Manufacturing ISM will be revealed at the same time. Even though the data comes in after the NFP report, it could prove to come in handy as usual, not so much in terms of the employment sub-index but the sub-index of prices may be especially worth looking at. The FED’s meeting is getting closer (19-20 this month) however the odds for a hike in December remain still muted. Having said that, even as PCE (released yesterday) is still quite a long way off from the inflation goal, some bellwethers of mounting inflationary pressures would be appreciated for sure thereby it could be the USD-positive.

6:00 pm BST - Oil rigs count: A weekly change of a count of active oil rigs is barely a market mover, however it could be relevant in the medium-term as less oil rigs being online herald some slowdown in oil output.

link do file download linkThe EURGBP could be shy of a bearish candlestick on a weekly time frame. If the UK’s PMI beats the forecast, it could play into the hands of the pound’s buyers. Source: xStation5

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