As we are entering the last quarter of the year, We have major news releases like RBA, RBNZ interest rate decision and the USD’s Non Farm Payroll
Major Economic events
RBA’s policy decision (Oct 3, 11:30 pm GMT)
The RBA may increase rates by a another 50 basis points. Or, with a 25bps rate hike, will members let off the gas and decelerate down?
A 25 basis point rate hike could spark speculation about the end of an aggressive tightening cycle, which would likely support the AUD, particularly in a risk-on market environment.
RBNZ’s policy announcement (Oct 4, 9:00 pm GMT)
Like the RBA, the Reserve Bank of New Zealand (RBNZ) is expected to raise interest rates again in October.
OPEC+ meetings (Oct 5)
Crude oil prices are rising today on speculation that OPEC and its allies will cut monthly oil production in order to stabilise oil prices.
Last week, OPEC+ watchers floated the idea of a 1 million bpd cut, so anything much lower could cancel out some of the bullish effects of the output cut decision.
Canada’s labor market data (Oct 7, 8:30 am GMT)
Following three months of net job losses, markets expect Canada to post a net job gain of 22.5K in September, while the unemployment rate remains at 5.4%.
Another net job loss could remind traders that recent inflation figures have eased and that the Bank of Canada (BOC) may have some leeway in its interest rate hikes.
U.S. NFP reports (Oct 7, 8:30 am GMT)
Following a higher-than-expected inflation gauge last Friday, traders will be looking closely at Uncle Sam’s labor market data for clues on how much the Fed can still tighten its monetary policies.
Markets anticipate that job growth will slow from 315K to 250K in September, even as the unemployment rate remains stable at 3.7%. Hourly earnings growth, which affects inflation, is expected to maintain its 0.3% monthly increase