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Following the US Federal Reserve announcing another big interest rate hike recently, here comes another big week full of major economic releases.
Why is this week important for traders?
The US Federal Open Market Committee recently announced another rate hike, increasing the federal funds rate by 75 basis points to a range of 3%-3.25%. The Fed officials also signalled further rate increases in the coming months.
The US is scheduled to release several major economic reports this week, with the non-farm payrolls (NFP) report being one of the most important. This report impacts traders worldwide because it not only affects the US dollar but also several stocks and commodities.
The US economy added 315,000 non-farm payrolls in August versus a revised 526,000 increase in the previous month. The country is expected to have added another 300,000 jobs in September, with the unemployment rate likely to remain unchanged at 3.7% during the month. Any deviation from the expectations is likely to move the markets.
What other reports are due this week?
In addition to the NFP report, the US is scheduled to release data on initial jobless claims, the ISM Non-Manufacturing PMI, S&P Global Services PMI, S&P Global Manufacturing PMI, Balance of Trade, ADP Employment Change, Factory Orders, Construction Spending and the ISM Manufacturing PMI.
The services PMI is expected to have risen in September, although it might remain in the contraction zone. Analysts expect the S&P Global Manufacturing PMI to have also risen slightly to 51.8 in September.
Dow Jones Prospects
The Dow Jones has remained under pressure following the recent rate hike announcement by the US Fed. The 30-stock index, which fell below the major 30,000 level in the recent period, might receive some support from upbeat economic reports this week.
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Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares.
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