Today’s trading session is promising to be quiet in regards of economic releases. Nevertheless, investors are awaiting some important events this week.
On Friday, the US Bureau of Labour Statistics will deliver the employment set of data which will highlight the current labour market conditions. This time, the market consensus expects the number of employed people during the previous month to increase to 195.000 from 151.000 of January.
Average Hourly Earnings data though is predicted to slide lower to 0.2% this month in comparison to 0.5% of the last release. Lastly, the Unemployment rate is forecasted to remain unaltered at 4.9%.
Tomorrow’s session is promising to be quite busy with the economic forecasts. Firstly, the data on Chinese Manufacturing Sector will be released by the China Federation of Logistics and Purchasing. The official PMI data is not expected to change and remain at 48.4 level, whereas Caixin survey, later on, is awaiting a slight drop to 48.2 from 48.4 of a month ago.
Following that, the Reserve Bank of Australia data will capture the attention of traders. The majority of economists do not expect any changes in the monetary policy of the institution. However, the rate statement will likely to give some hints regarding the future economic outlook together with the commentary regarding the current economic conditions.
This Tuesday afternoon, the major data event is the US ISM Purchasing Manager’s Index release. The data is expected to improve to 48.6 this time, nevertheless remaining in the contraction zone below 50.0 level.