Economic calendar: NFP labor report in the spotlight 📌

Today is filled with significant macroeconomic reports. Investors' focus will primarily be on the U.S. labor market report — NFP. However, following the labor market data, we will also see PMI and ISM readings for the U.S. manufacturing sector.

Unquestionably, the most important release of the week will be today’s NFP report, which will show the change in employment in the U.S. for October. After a strong ADP reading on Wednesday, the market expects an equally strong NFP figure. However, in the past, we have often observed significant discrepancies between these reports. These data will be closely monitored by FOMC members, particularly in the context of the upcoming Fed decision next week. We may experience heightened market volatility at the time of the release.

After the NFP report, investors' attention will shift to the PMI and ISM reports for the manufacturing sector. Both are expected to show slight improvement compared to the September reports, though the readings are still anticipated to remain below the 50-point threshold.

Detailed schedule for the day:

08:30 AM BST, Switzerland - Inflation Data for October:

• CPI: actual -0.1% MoM; forecast 0.0% MoM; previous -0.3% MoM;
• CPI: actual 0.6% YoY; forecast 0.8% YoY; previous 0.8% YoY;

08:30 AM BST, Switzerland - Retail Sales Data for September:

• Retail Sales: actual 2.2% YoY; forecast 2.5% YoY; previous 2.7% YoY;

09:30 AM BST, Switzerland - PMI Data for October:

• procure.ch PMI: forecast 49.5; previous 49.9;

10:30 AM BST, United Kingdom - PMI Data for October:

• S&P Global/CIPS UK Manufacturing PMI: forecast 50.3; previous 51.5;

01:30 PM BST, United States - Employment Data for October:

• Private Nonfarm Payrolls: forecast 90K; previous 223K;
• Nonfarm Payrolls: forecast 106K; previous 254K;
• Participation Rate: previous 62.7%;
• Average Hourly Earnings: forecast 4.0% YoY; previous 4.0% YoY;
• Unemployment Rate: forecast 4.1%; previous 4.1%;
• Average Hourly Earnings: forecast 0.3% MoM; previous 0.4% MoM;

02:45 PM BST, United States - PMI Data for October:

• S&P Global US Manufacturing PMI: forecast 47.8; previous 47.8;

03:00 PM BST, United States - ISM Data for October:

• ISM Manufacturing PMI: forecast 47.6; previous 47.2;
• ISM Manufacturing Prices: forecast 49.9; previous 48.3;
• ISM Manufacturing Employment: previous 43.9;
• ISM Manufacturing New Orders Index: previous 46.1;