The key Economic event for this week December 2-6

Category: Fundamental News

The Key Economic Events for This Week, December 2-6
1. Tuesday- AU Interest Rate @4:30am
2. Wednesday - AU GDP Growth Rate (Q/Q) @1:30am
3. Wednesday- CA Interest Rate @4:00pm
4. Thursday -- AUD Retail Sales (m/m) @ 1:30am
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 GROSS DOMESTIC PRODUCT Q/Q - The Australian GDP is scheduled to be released on Wednesday. It is expected to show the Australian economy expanded by 0.5% q/q in the last three months. We will be paying attention to the RBA during its rate decision as it’s likely to give hints on growth. A stronger than expected GDP figure could see AUD strengthens while a weaker than expected figure will weaken the Aussie.
CANADIAN INTEREST RATE DECISION - The Bank of Canada will release its interest rate on Wednesday. The BOC has not raised rates since October last year and the market expects the BOC to leave policy unchanged with the Overnight rate at 1.75%. If the Bank of Canada sounds dovish about the economic conditions, the CAD could lose ground while if the Bank of Canada sounds hawkish the CAD could gain ground.
AUSTRALIA RETAIL SALES - The Australian retail sales is scheduled to be released on Thursday. It is expected to show the Australian economy expanded by 0.3% m/m for the month of October. A better than projected estimate would be positive for the Aussie while a worse than projected estimate would be negative for Aussie.
US CHANGE IN NONFARM PAYROLLS - The US Nonfarm Payrolls is scheduled to be released on Friday. The US economy is projected to have created 180k jobs in November, which would be anupsurge from the prior 128k in October. The average hourly earnings areexpected 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: 2019-12-02 05:00:27