Focus on Fed Rate Decisions And US Nonfarm Payrolls This Week

Focus on Fed Rate Decisions And US Nonfarm Payrolls This Week

Last week, US Gross domestic product increased at a 2.0% annualized rate last quarter, the Commerce Department said in its advance GDP estimate on Thursday. That was the slowest since the second quarter of 2020 when the economy suffered a historic contraction in the wake of stringent mandatory measures to contain the first wave of coronavirus cases

Moreover, The ECB left policy unchanged, as widely expected, holding fire before a set of crucial decisions in December on ending pandemic emergency stimulus and returning policy to a more normal setting 

The euro was propelled after comments by European Central Bank President Christine Lagarde were interpreted in some quarters as not going far enough in affirming the central bank dovish stance

Looking ahead, watch out for on the Fed Monetary Policy Meeting this week. The Federal Reserve is expected to leave its benchmark interest rate unchanged. The meeting will give markets new guidance about monetary policy outlook. 

All eyes will be on Powell’s comments and the press conference that follows is what his current view on inflation is, after the debates over whether it is transitory or persistent

The US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise 413K in September from 194K in the previous month. The Unemployment Rate is expected to drop to 4.7% from 4.8%. Average hourly earnings are expected to come out 4.9%, year on a year basis.

In addition to that, this week calendar also features U.S. data on Services PMI, ISM Non-Manufacturing PMI, as well as Factory Orders.

01 Nov 21 (Mon)

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