- The US dollar is holding steady, gaining for a fourth day ahead of a flurry of US data releases in the coming days as investors seek further clues on the size and timing of interest rate cuts from the Federal Reserve. Markets will likely take a breather today with the US out for the Labor Day holiday, but the data kicks off tomorrow with the ISM Manufacturing PMI report, which is likely to be a grim reading, showing a continued contraction in manufacturing activity in August. Employment data towards the end of the week will be the main event with the releases likely to show a fast-cooling labor market. Wednesday’s JOLTs report is expected to show that job openings inched higher with workers suggesting that jobs are less plentiful and harder to get. Markets will also pay close attention to the Fed’s Beige Book which is released on Wednesday with most districts expected to maintain their assessment of a slight to modest growth in economic activity. Initial Jobless Claims and the ISM Service Index are both out Thursday, with claims expected to remain relatively unchanged. The focus of the week will be Friday’s Non-farm Payroll report which is expected to post a gain of around 150k, a slight improvement of July’s disappointing 114k print. The unemployment rate will be closely monitored after unexpectedly gaining last month.
- It is a very subdued week for both EU and UK data with very little on the docket. German Industrial Production data is pretty much the only major release in an otherwise quiet week where most currencies will likely be influenced by events in the US.
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