Huge week for data for both AU/US markets, with AU GDP & US NFP headlining this week.
AU GDP expected +0.2%, NFP expected +164K job change & 4.2% unemployment rate.
Expect the AUDUSD to continue its consolidation this week, pivoting between 0.6736 & 0.6809.
US data is heavy this week, which will drive the AUDUSD.
The FOMC meeting is likely to begin its quantitative tightening cycle with 25bps locked in, with a potential 50bps on offer at the September meeting.
AUDUSD will likely fall back towards the 67c handle should USD data meet expectations.
RBA Gov Bullock to speak, so potential hints on rate cut information following the US beginning its cycle this month.
US NFP is expected to be the most volatile event this week, with +164 K in a job change and an unemployment rate drop of -0.1% to 4.2%, which is negative for the AUD.
The market is currently pricing in 33pts of rate cuts, still undecided whether 25pts or 50pts.
AUDUSD to continue consolidation this week.
| Economic Calendar: Mon 2nd September 2024 – Fri 6th September 2024 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Mon | All Day | Bank Holiday | US | N/A | N/A |
| Wed | 12:00am | ISM Manufacturing PMI | AU | 47.5 | 46.8 |
| 11:30am | GDP q/q | US | 0.2% | 0.1% | |
| Thur | 12:00am | JOLTS Job Openings | US | 8.00M | 8.18M |
| 12:00pm | RBA Gov Bullock Speaks | AU | N/A | N/A | |
| 10:15pm | ADP Non-Farm Employment Change | US | 136K | 122K | |
| 10:30pm | Unemployment Claims | US | 229K | 231K | |
| Fri | 12:00am | ISM Services PMI | US | 50.9 | 51.4 |
| 10:30pm | Non-Farm Employment Change | US | 164K | 114K | |
| 10:30pm | Unemployment Rate | US | 4.2% | 4.3% | |
Source: forexfactory.com