The US data and August US Nonfarm Payrolls job report Forecast, dominate the markets this week. OctaFX shared its Weekly Forex market Forecast and market insights.
28 August, OctaFX – The United States takes center stage this week, as foreign exchange traders look to a number of high-impact economic data released from the American economy, including second quarter GDP, ISM manufacturing and the Nonfarm Payrolls job report for the month of August.
Investors will also digest the outcome of the recent Jackson Hole symposium, and look to U.S politics, where the possibility of a U.S government shutdown in September may start to impact on financial markets.
Monday – Japan unemployment rate
The Japanese unemployment rate for July is expected to stay at 2.8 percent. A lower or higher reading in the unemployment rate may influences JPY’s strength and direction.
Traders should also be aware that the UK has an official summer Bank Holiday on Monday. This may lead to a reduction in trading volumes coming from London.
Tuesday – France Q2 GDP Expectations
The French economy releases gross domestic product figures for the second fiscal quarter. This data measures the total value of all goods and services produced by France. Official statistics from INSEE are expecting that the French economy is going to expand by 0.5 percent. A forecast that matches the 0.5 percent growth seen in the first fiscal quarter.
Wednesday – US Q2 GDP Forecast
The US economy releases second quarter gross domestic product figures. Analysts expect an annualized growth of 2.7 percent. GDP Annualized is a gross measure of market activity. Because it indicates the pace at which a country’s economy is growing or decreasing.
Thursday – German unemployment figures
The German economy releases the unemployment change for August, and also the official German unemployment rate for August. The unemployment change is expected to show a figure of –5,000, whilst the unemployment rate is expected to remain at 5.7 percent.
A rise in the German unemployment has negative implications for consumer spending, as there are less people working and therefore diminishes economic growth in Germany.
Friday – August US Nonfarm Payrolls job report Forecast
The Nonfarm payrolls jobs report, which presents the number of new jobs created during the previous month, in all non-agricultural business, is expected to show 185,000 jobs were created in the U.S economy.
The U.S Department of Labor also releases the official unemployment rate and monthly average earnings data. Following the U.S jobs report, the U.S ISM manufacturing PMI and ISM price paid for the month of August are released.
This article about August US Nonfarm Payrolls job report Forecast, should not be taken as advice nor substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature and other factors, all of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.