A look at the most important events of the past week and this week:
The markets witnessed many economic data during the sessions of the last week ending Friday, the tenth of September, led by the meetings of three central banks (the Reserve Bank of Australia – the Central Bank of Canada – the European Central Bank) in addition to many separate economic data, the latest of which was the data of the Canadian labor market, in addition to statements The scattered members of the US Federal Reserve during the week, which touched on reducing the asset purchase program from the US Federal Reserve.
Last week’s highlights:
Reserve Bank of Australia At its meeting held early last week (Tuesday, September 7), the Reserve Bank of Australia decided to keep monetary policy unchanged and maintain current interest rates at 0.10%. The Bank also decided to continue buying government securities at a rate of $4 billion per week until February next year. At least instead of next November.
The Australian Reserve extends the bond purchase program until February next year – Fayez Al-Ajmi (fayezalajmi-4x.com)
Central Bank of Canada On the other hand, the Bank of Canada kept its monetary policy unchanged at its meeting last Wednesday, on interest rates at the current levels at 0.25%, as were expectations, in addition to maintaining the bank’s quantitative easing program, which is maintained at its current pace of 2 billion dollars per week.
The Central Bank of Canada keeps its monetary policy unchanged – Fayez Al-Ajmi (fayezalajmi-4x.com)
European Central Bank
The European Central Bank kept its monetary policy and interest rates unchanged at last Thursday’s meeting at zero levels on refinancing operations and at 0.25% on lending and maintained the APP asset purchase program at a monthly pace of 20 billion euros unchanged.
On the other hand, the bank raised its inflation forecast to 2.2% this year, compared to 1.9% in June expectations, to 1.7% next year and 1.5% in 2023, and also raised its growth forecast to 5% this year, compared to 4.6 % in June estimates, to 4.6% next year, and to 2.1% in 2023.
Labor market data from Canada
The Canadian economy added about 90,000 jobs in August, according to data released at the end of last week, Friday, by Statistics Canada, compared to 94 thousand jobs added by the Canadian economy in July, exceeding expectations that the economy added about 67 thousand jobs only, in an increase for the third month in a row.
The Canadian economy is adding jobs better than expectations, and unemployment is the best since the beginning of the epidemic – Fayez Al-Ajmi (fayezalajmi-4x.com)
The US dollar was able to record gains during the past week by about 0.50% for the first time after retreating for two consecutive weeks and closing at 92.61 levels, before extending its gains this morning, and trading at 92.77 levels.
Inflation from America and Britain the most important events this week During this week’s sessions
the markets are awaiting many important economic data that will have a direct impact on currency movements despite the absence of central banks during the week.
United States of America :
The most important data of the week from the US economy is the inflation data, which will be released from the most powerful economy in the world tomorrow, Tuesday, in the American session. The CPI, which is concerned with measuring inflation, rose by 0.5% in July after rising by about 0.9% in June, while the annual index rose over the past 12 months to 5.4%, its highest level in 12 years.
Although the Fed still sees that the inflation rises are temporary and does not hinder the Fed’s move to reduce bond purchases, the importance of the index that will be released tomorrow, Tuesday, and the markets will see whether it is temporary as the Fed sees it, or whether it will continue to rise and will worry the US Fed.
Also, during this week, the US retail sales will be announced for the month of August, and expectations indicate a decline in sales at a slower pace than July to -0.8%. Canada : After last week’s labor market data, markets will also be watching inflation data from the Canadian economy which will be released next Wednesday.
United kingdom : From Britain, the markets are awaiting inflation data for the month of August, which will be released on Wednesday, after it fell in June to 2%, after it reached 2.5% in June, as the Bank of England will be happy with the decline in inflation in July.
New Zealand:
From New Zealand, growth data for the third quarter of this year will be announced on Thursday morning from the New Zealand Statistics Office, where expectations indicate a decline in growth to 1.2% after a growth of about 1.6% in the second quarter.
Australia :
From Australia, the markets are awaiting labor market data and unemployment rates for the month of August in the Asian session next Thursday, as expectations indicate a rise in unemployment rates to 4.9% in August and expectations that the economy will lose more than 80,000 jobs after the recent measures taken by Australia to control the outbreak of the new Delta strain, especially in The two largest cities in Australia are Sydney and Melbourne.
China :
Wednesday, in the Asian session, data on retail sales, industrial production, the unemployment rate and the fixed asset investment index will be announced from the second strongest economy in the world.
06/11/2024
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