Starting from Monday, we're bracing for a string of potent economic revelations. On the roster are key indicators like the US ISM Manufacturing PMI, a vital measure of the manufacturing sector's pulse, and the closely-watched JOLTS Job Openings that shine a light on the intricacies of the US labor market.
Midweek, the spotlight swings to the Eurozone with the Retail Sales m/m data, offering insights into consumer spending patterns, while the US ISM Non-Manufacturing PMI provides a broader look into the services sector.
We'll also be keenly attuned to Canada's Ivey PMI, a barometer of its private sector's economic health, before rounding off the week with the always impactful US Nonfarm Payrolls.
Each of these data points not only provide a snapshot of the respective economies but also hold immense potential to significantly recalibrate global market dynamics.
🇺🇸 US ISM Manufacturing PMI
We kick off the week with the US ISM Manufacturing PMI at 17:00 GMT+3. Expected at 47.0, slightly under its prior 47.6, this PMI (Purchasing Managers' Index) is a composite index derived from five major indicators including new orders, production, employment, supplier deliveries, and inventory levels. It gives investors a comprehensive peek into the manufacturing sector's health. A strong reading can indicate economic growth, influencing both the US Dollar and especially industrial stocks.
🇺🇸 US JOLTS Job Openings
Our gaze then shifts to the US JOLTS Job Openings on October 3, 17:00 GMT+3. The JOLTS, or Job Openings and Labor Turnover Summary, is a monthly report that provides a detailed look at job openings, hires, and separations in the US. A rising trend can indicate positive momentum in the labor market. With forecasts signaling a rise to 9.272 M from a preceding 8.827 M, any unexpected shifts can sway the US Dollar and securities anchored to employment trends.
🇪🇺 Eurozone Retail Sales m/m
Midweek, the Eurozone Retail Sales m/m data unfurls at 12:00 GMT+3. Expected to manifest a 0.2% growth from a previous drop of 0.2%, this metric showcases monthly changes in goods sold by retailers. It’s a direct lens into consumer sentiment and spending habits, with implications for the EUR/USD and European retail stocks.
🇺🇸 ISM Non-Manufacturing PMI
Later in the day, the US returns to the fore with the ISM Non-Manufacturing PMI at 17:00 GMT+3. Pegged at 53.6, down from a previous 54.5, this index doesn’t just focus on manufacturing but captures the service sector's health. Covering industries from entertainment to real estate, its reading can pivot the direction of the US Dollar and the broader stock market.
🇨🇦 Canadian Ivey PMI
As the week progresses, we tune into the Canadian Ivey PMI on October 5, 17:00 GMT+3. Anticipated at 51.8, a dip from 53.5, this index emanates from the Ivey Business School and is a key gauge of Canada's economic health, amalgamating data from supply chain managers across industries. Fluctuations can particularly impact the $CADUSD pair and Canadian stock indices.
🇺🇸 US Nonfarm Payrolls
Concluding our week is the much-anticipated US Nonfarm Payrolls on October 6, 15:30 GMT+3. Previously tabbed at 187K, this data enumerates the number of jobs added or lost in the economy, excluding the agriculture sector. It's a high-potency release, often dictating market sentiment about the US economy's health. Given its weight, it resonates across the US Dollar, stocks (Dow Jones, Nasdaq, SPX500), and even the gold market ($XAUUSD).
That's it for this week! 👋
