Presidential debate and US job report headline the economic docket
During the upcoming trading week the release of the September US Non-farm payrolls job report, and the first US Presidential debate headline the economic calendar. The Non-farm payrolls jobs report from the US economy is expected to show a decrease in the number of new jobs being created from the previous month and a rise in the US unemployment rate. Financial markets participants will also look to take direction from the first US Presidential debate, which could prompt extreme volatility in the equity markets and the US dollar.
Traders and investors also look to GDP, Inflation, Housing and Manufacturing data from the United States economy. This week we also see the release of Australian Retail Sales, UK Quarterly Gross Domestic Product, and German monthly HCIP inflation numbers.
Monday 28th September, Dallas FED Manufacturing Survey
The Texas Manufacturing Outlook Survey is a monthly survey, where The Dallas Federal Reserve asks firms about output, employment, orders, prices and other indicators increased, decreased or remained unchanged over the previous month. Based on the responses received, an index is calculated for each indicator. The indexes are calculated subtracting the percentage of respondents reporting a decrease from the percentage reporting an increase.
- The USDJPY pair is only bullish while trading above the 105.00 level, further upside towards the 106.30 and 108.00 resistance levels seems possible.
- If the USDJPY pair trades below the 105.00 level, sellers are likely to test towards the 104.20 and 103.50 support levels.
Tuesday 29th September, German HCIP Index
German HICP is an index of consumer prices calculated and published by Destatis, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonized across all EU member states. HICP is a key measure of prices used by the Governing Council of the European Union to define and assess price stability inside the euro area as a whole in quantitative terms.
- The EURUSD pair is only bearish while trading below the 1.1770 level, key support is found at the 1.1600 and 1.1500 levels.
- If the EURUSD pair moves above the 1.1770 level, buyers may test towards the 1.1800 and 1.1870 levels.
Wednesday 30th September, ADP Private Sector Report
The ADP private-sector jobs report is released by the Automatic Data Processing Inc and measures the change in the number of employed people in the private sector of the United States economy. A rise of this figure stimulates economic growth and is usually seen as being bullish for the US dollar currency. A weaker-than-expected number may cause traders to sell the IS dollar currency.
- The USDCHF pair is only bearish while trading below the 0.9200 level, further downside towards the 0.9130 and 0.9080 support levels seems possible.
- If the USDCHF pair trades above the 0.9200 level, buyers are likely to test towards the 0.9300 and 0.9480 resistance levels.
Thursday 1st October, US Continuing Jobless Claims
US Continuing Jobless Claims is released by the United States Department of Labor measure the number of individuals who are unemployed and are currently receiving unemployment benefits. It presents the strength in the labour market. A rise in this indicator has negative implications for consumer spending which discourage economic growth. Traders are likely to pay attention to this release, following last weeks a large increase in jobless claims.
- The USDCAD pair is only bullish while trading above the 1.3300 level, key resistance is found at the 1.3420 and 1.3540 levels.
- If the USDCAD pair trades below the 1.3300 level, sellers may test towards the 1.3200 and 1.3120 levels.
Friday 2nd October, US Nonfarm Payrolls Job Report
The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. The Non-farm payrolls job report is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.
- The GBPUSD pair is only bearish while trading below the 1.2900 level, further losses towards the 1.2550 and 1.2400 levels remains possible.
- If the GBPUSD pair trades above the 1.2900 level, buyers are likely to test the 1.3000 and 1.3140 resistance levels.