By TraderVox.com
Tradervox.com (Dublin) – As the global economic growth seems to falter, investors are seeking safety, which has forced safe haven currencies such as the yen and the dollar to strengthen. The last quarter favored commodity related currencies but as global central banks makes efforts to avert a global recession, safe haven currency will gain in the fourth quarter. Here are some of the events that will affect the market this week.
Monday 1
At 1400hrs GMT, the US ISM Manufacturing PMI will be released. The index has dropped for the last three months coming at 49.6 in August. The market is expecting an increase to 50.0 for September. Another major report on this day will be the speech from Fed Chairman Ben Bernanke. He will be talking about the QE3 and the market is waiting to get a way forward.
Tuesday 2
The Australian rate decision is the major event on this day. The Reserve Bank of Australia has kept the rates unchanged at 3.5 percent and it is expected to maintain this level.
Wednesday 3
There are three major events on this day; the US ADP Non-Farm Employment Change, US ISM Non-Manufacturing PMI, and the US POMC Meeting Minutes. At 1215hrs GMT, the US ADP Non-Farm Employment Change report will be released. Economists are expecting a gain of 141,000 jobs lower than the previous gain of 173,000. The US ISM Non-Manufacturing PMI is expected to decline to 53.3 after it rose to 53.7 in August. The US FOMC Meeting Minutes report will be released at 1800hrs GMT where the market will get more insight on how the important decision was made.
Thursday 4
Three major reports will be released on this day. The UK rate decision, which will be known at 1100hrs, is expected to indicate no change in the current monetary policy. The Euro Zone rate decision will follow forty five minutes later, where the ECB may announce a cut in main lending rate by 0.25 percent. The US unemployment claims at 1230hrs GMT will be the last major event of the day. The market is expecting a rise to 371,000.
Friday 5
There are four major reports on this day; the first one being the Bank of Japan Rate Decision which is expected to be unchanged after the bank decided to add 10trillion yen to its bond buying fund. The other major report is the Canadian employment data. The Canadian dollar increased against the dollar in the last quarter and good performance in the job market may move the currency higher. The market expects an additional 15,300 jobs this time round.
From the US, the official US Non-Farm Employment change will be released at 1230hrs GMT. There was disappointment in August with an addition of only 96,000 jobs which pushed the Fed of the cliff to accepting another round of quantitative easing. The market is predicting an addition of 112,000 jobs this in September. This report will be released together with the US Unemployment rate which is expected to remain above 8 percent.
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