• US high-impact data dominated this week, with US employment as the key headliner.
• US unemployment rate expected @ 4.2% (no change) & job change 144K, positive for USD.
• Expect AUDUSD to potentially rise again this week, pivoting between 0.6822 & 0.6959.
• AUD will potentially hit the 70c mark this week, the first time since Feb ’23.
• The USD will remain heavy this week as the global economic outlook starts to improve due to global rate cuts, which weigh on the USD.
• AUD will take cues from the USD this week.
• We believe the USD has somewhat peaked and is expected to begin a long-term downtrend soon.
• US NFP numbers will be the key headliner for this week.
• The unemployment rate is expected to remain the same @ 4.2%, and job change is expected to be around 144 K, a marginal increase from last month’s figures of 142 K. Of course, any material change from this forecast is likely to see a major impact on the USD.
• Watch the market for major moves on Friday night.
| Economic Calendar: Mon 30th September 2024 – Fri 4th October 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Tues | 3:55am | Fed Chair Powell Speaks | US | N/A | N/A |
| Wed | 12:00am | ISM Manufacturing PMI | US | 47.6 | 47.2 |
| JOLTS Job Openings | US | 7.64M | 7.67M | ||
| 10:15pm | ADP Non-Farm Employment Change | US | 124K | 99K | |
| Thur | 10:30pm | Unemployment Claims | US | 221K | 218K |
| Fri | 12:00am | ISM Services PMI | US | 51.6 | 51.5 |
| 10:30pm | Average Hourly Earnings m/m | US | 0.3% | 0.4% | |
| Non-Farm Employment Change | US | 144K | 142K | ||
| Unemployment Rate | US | 4.2% | 4.2% | ||
Source: forexfactory.com