Monday, 2nd December
- USD – ISM Manufacturing PMI – 3:00pm GMT: The ISM Manufacturing PMI is expected to tick higher to 4 from last month’s 46.5, though it remains below the critical 50 mark, indicating contraction. As manufacturing continues to face challenges from global economic headwinds and a sluggish domestic sector, this update could affect the USD and U.S. stock indices. Traders will watch for any signs of improvement or deterioration in this forward-looking indicator.
Tuesday, 3rd December
- CHF – CPI (Inflation) Data – 7:30am GMT: Swiss inflation is forecasted to remain unchanged at -0.1% m/m. Last month’s negative CPI print heightened concerns about disinflationary pressures in the Swiss economy. A weaker-than-expected release could increase speculation of further policy easing by the Swiss National Bank, impacting the CHF.
- USD – JOLTS Job Openings – 3:00pm GMT: This key indicator is expected to show an increase to 74 million from 7.51 million. As the U.S. labor market remains a cornerstone of economic resilience, this data will set the tone for other employment releases this week, including ADP, Initial Jobless Claims, and Non-Farm Payrolls on Friday.
Wednesday, 4th December
- AUD – Gross Domestic Product (GDP) – 12:30am GMT: Australia’s economy is forecasted to grow by 3% q/q, a slight slowdown from the prior quarter’s 0.5%. With domestic demand under pressure, any deviation from expectations could trigger volatility in the AUDUSD pair and Australian equity markets.
- EUR – ECB President Lagarde Speech – 1:30pm GMT: Christine Lagarde’s remarks at the European Parliament could provide clues about the ECB’s next policy move. Markets will focus on her views on inflation and growth, especially with a rate decision less than two weeks away.
- USD – ISM Services PMI – 3:00pm GMT: This key economic indicator is expected to decline to 1 from 56.0, signaling slower growth in the U.S. services sector, which has been the primary driver of economic activity. A weaker-than-expected release could weigh on U.S. stocks and the dollar.
- USD – Fed Chair Powell Speech – 6:45pm GMT: In a moderated discussion, Jerome Powell is likely to address market expectations around the Fed’s December meeting. Any signals regarding the future path of interest rates could significantly influence financial markets.
Thursday, 5th December
- GBP – Construction PMI – 9:30am GMT: The PMI is expected to rise to 2, indicating an improvement in U.K. construction activity. Positive data could support the GBP, especially as the Bank of England navigates a complex economic landscape.
- USD – Unemployment Claims – 1:30pm GMT: Initial jobless claims are forecasted at 224K, marginally higher than the previous 215K. With the labor market under close scrutiny, any deviation from expectations could influence market sentiment heading into Friday’s Non-Farm Payrolls.
- All – OPEC+ Meeting – All Day: The highly anticipated OPEC+ meeting could lead to an extension of current production cuts. Energy markets will be on edge for any decisions that might influence crude oil prices heading into 2025.
Friday, 6th December
- USD – Non-Farm Payrolls – 1:30pm GMT: The U.S. economy is expected to add 218K jobs in November, a sharp rebound from October’s 12K, which was impacted by strikes and hurricanes. Traders will also scrutinize the unemployment rate (forecasted at 1%) and average hourly earnings (0.3% m/m) for insights into labor market health. This release could be the week’s most market-moving event.
- CAD – Employment Data – 1:30pm GMT: Canada’s employment change is projected at 7K, with the unemployment rate ticking up to 6.6%. This data could significantly influence the CAD’s direction, particularly against the USD.
- USD – Preliminary Michigan Consumer Sentiment – 3:00pm GMT: Consumer sentiment is expected to rise to 3 from 71.8, reflecting improving economic confidence. This could support U.S. equity markets as the year-end approaches.
This week’s calendar is packed with high-impact events that could shape market sentiment, including pivotal U.S. labor data, Fed Chair Powell’s speech, and the OPEC+ meeting. Keep an eye on these developments as they unfold!
