ECB meeting is on the agenda. Will the EUR get weaker?
The market awaits NFP
The level of non-farm payrolls (NFP), also known as non-farm employment change will be published on September 6, at 15:30 MT time.
NFP shows the change in the number of employed people during the previous month (without farmers). The indicator is followed by the releases of average hourly earnings and unemployment rate. All of them are important as the Fed usually take them into account while considering its future rate decisions. Moreover, the US dollar tends to get volatile after the release. Last time, non-farm payrolls came out in line with the forecast of 164 thousand. At the same time, the level of average hourly earnings beat the estimates with an increase by +0.3%, but unemployment rate disappointed with a rise to 3.7%. The USD was supported in a short term, but bulls could not hold their positions. This time we may see a different outcome.
• If NFP is higher than the forecasts, the USD will rise;
• If NFP is lower than the forecasts, the USD will fall.
The news that opposition lawmakers plan to stop Boris Johnson to leave the European Union without a deal increased the political uncertainties in the UK.
The Bank of Canada (BOC) will release its statement and publish the official rate on September 4, at 17:00 MT time.
The retail sales for the US in focus today
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
The USA will publish the level of retail sales and core retail sales on September 13, at 15:30 MT time.