A number of key reports from the U.S. economy and, in particular, the U.S. labor market will be published during the current week. The most important of these will be Friday's NFP report. However, some action may also be present in the EUR and CAD markets, as the ECB and Bank of Canada are expected to make their first interest rate cuts this week. Be sure to watch USDCAD, US500 and EURCAD this week!
USDCAD
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Open account Try demo Download mobile app Download mobile appUSDCAD is expected to become more volatile on Friday in the early afternoon. This is because US NFP report for May and Canadian jobs report for May will be released simultaneously at 1:30 pm BST. As usual, US report will draw more attention. Market expects US non-farm payrolls to increase 185k in May, more than 175k in the previous month. Traders will also watch US wages data, after earnings growth slowed below 4% YoY in April for the first time since mid-2021.
US500
While NFP report is a key US macro release of the week, it is not the only noteworthy report scheduled. Traders will be offered other reports from US jobs market, including JOLTS report for April (Tuesday, 3:00 pm BST), ADP report for May (Wednesday, 1:15 pm BST) and Challenger report for May (Thursday, 12:30 pm BST). Apart from those, US indices, like US500, may also move on release of ISM data - manufacturing index on Monday, 3:00 pm BST and services index on Wednesday, 3:00 pm BST.
EURCAD
Canadian jobs report on Friday is not the only event that can move CAD this week. Bank of Canada rate decision on Wednesday, 2:45 pm BST and the Bank is expected to deliver this first 25 basis point rate cut. The first 25 basis point rate cut is also expected from ECB on Thursday, when it announces monetary policy decision at 1:15 pm BST. Those two events will ensure volatility on EURCAD currency pair on Wednesday-Thursday this week.
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