Several key economic releases are expected to impact the financial markets this week. Notably, attention will be on the US Jobs Report, the rate statement from the Reserve Bank of Australia (RBA), and the rate statement from the Reserve Bank of New Zealand (RBNZ). Given the potential for heightened market volatility, we advise traders to approach their trading activities with caution.
Here are some of the notable market highlights for this week:
Reserve Bank of Australia Rate Statement (3 October 2023)
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its final meeting under Governor Philip Lowe in September 2023, extending the rate pause for the third successive month.
Under the new Governor Michele Bullock, analysts predict that the RBA will keep its cash rate at 4.1% following its next meeting on 3 October.
Reserve Bank of New Zealand Rate Statement (4 October 2023)
The Reserve Bank of New Zealand (RBNZ) maintained its official cash rate (OCR) at 5.5% during its August 2023 meeting, extending its rate pause for the second consecutive month.
Analysts expect the OCR to remain at 5.5% following the central bank’s upcoming meeting on 4 October.
US ISM Services PMI (4 October 2023)
The US Institute of Supply Management (ISM) Services PMI jumped from 52.7 in July 2023 to 54.5 in August 2023, the largest growth in the services sector in six months.
Updated data will be released on 4 October, with analysts expecting the index to be lowered to 53.6.
Canada Employment Change (6 October 2023)
39,900 jobs were added to the Canadian economy in August 2023. Meanwhile, the unemployment rate held steady at 5.5%, maintaining its level from the previous month.
The figures for September are scheduled for release on 6 October, with analysts anticipating the addition of 17,000 new jobs. However, the unemployment rate is expected to rise slightly to 5.6%.
US Jobs Report (6 October 2023)
187,000 jobs were added to the US economy in August 2023. However, the unemployment rate rose to 3.8%, the highest level since February 2022.
The figures for September 2023 are set to be released on 6 October. Analysts anticipate the addition of 163,000 jobs. Additionally, the unemployment rate is expected to decrease slightly to 3.7%.
