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Weekly Market Preview
Friday, 30 August 2024
This week, market participants are closely watching the upcoming U.S. jobs report for August, which will offer crucial insights into the health of the U.S. labor market. This follows a disappointing July report that highlighted a significant weakening of the labor market and a rise in unemployment rates, sparking fears of a potential economic recession in the United States and triggering a substantial sell-off in the stock market.
Bloomberg forecasts suggest that the U.S. economy could add 155,000 jobs in August, with unemployment expected to drop slightly from 4.3% to 4.2%. If the data falls short of expectations, it may further underscore weaknesses in the labor market, potentially increasing the likelihood of a larger-than-anticipated interest rate cut by the Federal Reserve, possibly by 50 basis points instead of the 25 points currently priced in by markets. Such a move could boost risk appetite among investors.
In parallel, the Canadian interest rate decision is also in focus, with expectations of a 25-basis point reduction from 4.5% to 4.25%, driven by declining inflation levels that are approaching the central bank’s 2% target. The Bank of Canada’s press conference will be pivotal, as any indications from the Governor about halting rate cuts before year-end could bolster the Canadian dollar against other major currencies.
Monday, 2nd of September
Tuesday, 3rd of September
Wednesday, 4th of September
Thursday, 5th of September
Friday, 6th of September
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