The new trading week will likely start off quietly as the economic calendar is light and also it is a holiday in the United States so markets will be closed because of the 4th of July Independence Day holiday.
However, the market’s focus will quickly shift to some major events in the US. On Wednesday the FOMC will release policy meeting minutes of the latest meeting.
Also on Wednesday, before the FOMC minutes, the ISM no manufacturing PMI data will be published. These figures are important to watch as the services sector in the US is quite a large part of the economy.
Staying in the US, jobless claims and the private ADP payrolls report are out on Thursday, while the all important nonfarm payrolls will be published on Friday and are expected to have quite an impact on the US dollar. The June number comes after a dismal report in May which showed only 38,000 jobs were added to the US economy.
Aside from the US, another country that will be in focus next week will be Australia, where the central bank is due to announce its rate decision on Tuesday. The current rate is at a record low 1.75 percent.
Focus will also be on the results of the general elections that will be held on Sunday. Expectations are that the results will be too close to call and may lead to a hung parliament and this uncertainty could weigh on the Australian dollar, which has already suffered from the Brexit referendum in the UK.
Source:: Nonfarm payrolls in focus