The key Economic Events for this week, February 3-7

Category: Fundamental News

The Key Economic Events for This Week, February 3-7
1. Tuesday- AU Interest Rate @4:30am
2. Thursday -- AUD Retail Sales (m/m) @ 1:30am
3. Friday-- CAD Employment Change @ 2:30pm
5. Friday -US Change in Nonfarm Payrolls @2:30pm

AUSTRALIA INTEREST RATE-The Bank of Australia will release its interest rate on Tuesday. The Market expectation is for RBA to maintain the benchmark rate at 0.75%. However, the market will turn its attention to the accompanying statement. A hawkish statement will strengthen the Aussie while a dovish statement will weaken Australian Dollar.
AUSTRALIA RETAIL SALES - The Australian retail sales is scheduled to be released on Thursday. It is expected to show the Australian economy declined by -0.2% m/m for the month of December. A better than projected estimate would be positive for the Aussie while a worse than projected estimate would be negative for Aussie.

CANADIAN EMPLOYMENT CHANGE - Canada will be having its employment change report on Friday. The employment report which consist of full-time and part-time employment change. This means the report can be misleading if Full-Time contrasts with the headline. The prior employment change was at –35.2k and it is expected to have added 20.5k jobs in the month of January. Also, the unemployment rate is expected to increase by 5.7%. Therefore, any significant deviation from market expectation will likely influence the CAD. A better than expected figure will strengthen CAD while a worse than expected figure will weaken the loonie.

US CHANGE IN NONFARM PAYROLLS - The US Nonfarm Payrolls is scheduled to be released on Friday. The US economy is projected to have created 161k jobs in January, which would be an upsurge from the prior 145k jobs in December. The average hourly earnings are expected to increase by 0.3% m/m. An overall positive bias in the US employment, average earnings and unemployment rate should see USD strengthen, providing a USD long opportunity. Conversely, an overall negative bias should result in USD weakness, presenting a short opportunity.

Published: 2020-02-03 05:17:37