Non farm payrolls report in focus

The US nonfarm payrolls report out next Friday will certainly be the highlight of the week. The most closely watched jobs report is expected to show that the US economy created more than 200,000 jobs in April. This would show strength in the US labor market and would be a boost for the US dollar.

On Monday, the US ISM manufacturing PMI data will be in focus. It is expected to show that the economy expanded at a slower pace in April. Meanwhile, Markit’s manufacturing PMI reports for the Eurozone and the US will also attract attention.

Also on Monday, it would be interesting to watch European Central Bank President Mario Draghi speak in Frankfurt.
On Tuesday, markets will watch out for the Reserve Bank of Australia’s policy announcement. Equally important will be China’s Caixin manufacturing PMI data.

From the UK on Tuesday, manufacturing PMI will be released.

On Wednesday, Eurozone services PMI and the US ISM non-manufacturing PMI report will be published. Then the US ADP employment report will be important to watch, as it may give an indication of how the nonfarm payrolls report will be like.

On Thursday, Australian retail sales ad trade balance data are due. Later in the day, the UK services PMI report will be important to watch as it comprises a large part of the UK economy.

Later in the US, initial jobless claims are due.

On Friday, Canada released its jobs report, at the same time at the US nonfarm payrolls report.

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