• US NFP week, expect volatility Friday. AU GDP released, highlighting the economy’s direction.
• NFP expected +185K change & same unemployment (3.9%). AU economy (+0.2%) = expanding.
• Expect the AUDUSD to continue consolidating this week, ranging from 0.6603 to 0.6692.
• AUDUSD is likely to trade in a range this week per the above figures despite several key high-impact economic events.
• AU GDP is forecasted to be +0.2%, which still shows an expansionary phase but a slow annual rate of 1.1%, the slowest pace in 30 years.
• US NFP expects around 185K change in May, with the unemployment rate remaining unchanged at 3.9%.
• Although these events are both high-impact events, there must be a significant miss on the forecasts to move the needle on the AUDUSD.
• There are two other central bank meetings this week that could shape other central banks’ views, BOC & ECB, although there might be minimal impact on AUDUSD.
• Risk is to the downside this week!
| Economic Calendar: Mon 3rd June 2024 – Fri 7th 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Mon | 11:45pm | Final Manufacturing PMI | US | 50.9 | 50.9 |
| Tues | 12:00am | ISM Manufacturing PMI | US | 49.8 | 49.2 |
| Wed | 12:00am | JOLTS Job Openings | US | 8.40M | 8.49M |
| 11:30am | GDP q/q | AU | 0.2% | 0.2% | |
| 10:15pm | ADP Non-Farm Employment Change | US | 175K | 192K | |
| Thur | 12:00am | ISM Services PMI | US | 51.0 | 49.4 |
| 10:30pm | Unemployment Claims | US | 215K | 219K | |
| Fri | 10:30pm | Non-Farm Employment Change | US | 185K | 175K |
| Unemployment Rate | US | 3.9% | 3.9% | ||
Source: forexfactory.com