The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Aussie sinks further on disappointing trade
On Thursday, the Australian dollar declined further during early Asia because the trade balance fell short of surplus hopes and Caixin reported its PMI for services in China went down as nonfarm payrolls are expected at the end of the week.
The currency pair AUD/USD demonstrated 0.7932, dipping 0.44%. The outcome of USD/JPY was 110.67, decreasing 0.02%. As for GBP/USD, this pair traded at 1.3218, losing 0.04%.
A trade balance surplus of A$856 million turned to be far below the A$1.800 billion actually expected for June in Australia. Additionally, in China the Caixin services PMI showed 51.5, which is quite below the 51.9 reading observed previously.
Overnight, the greenback declined versus a basket of global peers, after July’s private sector job creation managed to undershoot forecasts, thus lowering expectations for nonfarm payrolls news due this week.
ADP and Moody's Analytics told that American private employers generated 178,000 jobs for the month, and that’s short of expert’s forecasts of 185,000.
We prepared an outlook of major events of this week. Check it and be ready!
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
Saudi Arabia agreed to cut oil production. What will happen with the oil price now?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.