Forex, Market Reports

Forex MarketWatch Weekly Outlook for September 3rd, 2019

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Graphic for MW Outlooks

EDITORS-IN-CHIEF:

Jay and Julie Hawk

FIND OUT MORE:

www.thefxperts.com

ECONOMIC SUMMARY

This week’s economic calendar is relatively busy and begins with Monday’s release of UK Manufacturing PMI and Australian Company Operating Profits. The United States and Canada both observe bank holidays.

Tuesday’s highlights include Australian Retail Sales and the Current Account, the RBA’s Cash Rate and Rate Statement, and U.S. ISM Manufacturing PMI. On Wednesday, key releases include Australian GDP, UK Services PMI and Inflation Report Hearings, the BOC’s Overnight Rate and Rate Statement, and the Canadian Trade Balance.

Thursday will feature U.S. ADP Non-Farm Employment Change, the Australian Trade Balance and a speech by SNB Chairman Thomas Jordan. The week concludes on Friday with U.S. Non-Farm Payrolls and the Unemployment Rate, the Canadian Employment Change and Unemployment Rate, and a speech by Fed Chair Jerome Powell.

ECONOMIC OUTLOOK

The following table contains significant upcoming data and events for each of the major economies, as well as the market’s consensus expectation and last result for each data release.

Date GMT Time Currency   Event    Actual Consensus Previous  
SunSep 1 11:30pm AUD AIG Manufacturing Index 53.1 51.3
11:45pm NZD Overseas Trade Index q/q 1.6% 1.0% 1.0%
MonSep 2 12:50am JPY Capital Spending q/y 1.9% 1.8% 6.1%
1:30am JPY Final Manufacturing PMI 49.3 49.5 49.5
2:00am AUD MI Inflation Gauge m/m 0.0% 0.3%
2:30am AUD Company Operating Profits q/q 4.5% 2.1% 1.7%
AUD ANZ Job Advertisements m/m -2.8% 0.8%
2:45am CNY Caixin Manufacturing PMI 50.4 49.8 49.9
7:30am AUD Commodity Prices y/y 6.2% 15.0%
CHF Retail Sales y/y 1.4% 0.9% 0.7%
8:15am EUR Spanish Manufacturing PMI 48.8 48.6 48.2
8:30am CHF Manufacturing PMI 47.2 45.6 44.7
8:45am EUR Italian Manufacturing PMI 48.7 48.6 48.5
8:50am EUR French Final Manufacturing PMI 51.1 51.0 51.0
8:55am EUR German Final Manufacturing PMI 43.5 43.6 43.6
9:00am EUR Final Manufacturing PMI 47.0 47.0 47.0
9:30am GBP Manufacturing PMI 47.4 48.0 48.0
All Day CAD Bank Holiday
All Day USD Bank Holiday
TueSep 3 12:01am GBP BRC Retail Sales Monitor y/y -0.5% 0.1%
12:50am JPY Monetary Base y/y 2.8% 2.9% 3.7%
2:30am AUD Retail Sales m/m -0.1% 0.2% 0.4%
AUD Current Account 5.9B 1.5B -1.1B
4:35am JPY 10-y Bond Auction -0.27|3.6 -0.15|3.8
5:30am AUD Cash Rate 1.00% 1.00% 1.00%
AUD RBA Rate Statement
7:30am CHF CPI m/m 0.0% -0.1% -0.5%
8:00am EUR Spanish Unemployment Change 54.4K 35.8K -4.3K
9:30am GBP Construction PMI 45.0 46.7 45.3
10:00am EUR PPI m/m 0.2% 0.3% -0.6%
 2:30pm CAD Manufacturing PMI 50.2
2:45pm USD Final Manufacturing PMI 50.0 49.9
3:00pm USD ISM Manufacturing PMI 51.2 51.2
USD Construction Spending m/m 0.3% -1.3%
USD ISM Manufacturing Prices 47.6 45.1
Tentative USD IBD/TIPP Economic Optimism 55.4 55.1
Tentative NZD GDT Price Index -0.2%
10:00pm USD FOMC Member Rosengren Speaks
11:30pm AUD AIG Services Index 43.9
WedSep 4 2:00am NZD ANZ Commodity Prices m/m -1.4%
2:30am AUD GDP q/q 0.5% 0.4%
2:45am CNY Caixin Services PMI 51.7 51.6
8:15am EUR Spanish Services PMI 53.0 52.9
8:45am EUR Italian Services PMI 51.5 51.7
8:50am EUR French Final Services PMI 53.3 53.3
8:55am EUR German Final Services PMI 54.4 54.4
9:00am EUR Final Services PMI 53.4 53.4
9:30am GBP Services PMI 51.0 51.4
10:00am EUR Retail Sales m/m -0.6% 1.1%
1:30pm CAD Trade Balance 0.2B 0.1B
CAD Labor Productivity q/q 0.1% 0.3%
USD Trade Balance -54.2B -55.2B
2:15pm GBP Inflation Report Hearings
2:25pm USD FOMC Member Williams Speaks
3:00pm CAD BOC Rate Statement
CAD Overnight Rate 1.75% 1.75%
All Day USD Wards Total Vehicle Sales 16.8M 16.8M
5:30pm USD FOMC Member Bullard Speaks
7:00pm USD Beige Book
8:15pm USD FOMC Member Evans Speaks
ThuSep 5 2:30am AUD Trade Balance 7.20B 8.04B
4:35am JPY 30-y Bond Auction 0.29|3.5
6:45am CHF GDP q/q 0.2% 0.6%
7:00am EUR German Factory Orders m/m -1.5% 2.5%
Tentative EUR Spanish 10-y Bond Auction 0.30|1.4
Tentative EUR French 10-y Bond Auction -0.10|2.5
12:30pm USD Challenger Job Cuts y/y 43.2%
1:15pm USD ADP Non-Farm Employment Change 148K 156K
1:30pm USD Revised Nonfarm Productivity q/q 2.2% 2.3%
USD Revised Unit Labor Costs q/q 2.5% 2.4%
USD Unemployment Claims 215K 215K
2:45pm USD Final Services PMI 51.0 50.9
3:00pm USD ISM Non-Manufacturing PMI 54.0 53.7
USD Factory Orders m/m 1.0% 0.6%
3:30pm GBP MPC Member Tenreyro Speaks
USD Natural Gas Storage 60B
4:00pm USD Crude Oil Inventories -10.0M
4:45pm CAD Gov Council Member Schembri Speaks
5:00pm CHF SNB Chairman Jordan Speaks
11:30pm AUD AIG Construction Index 39.1
FriSep 6 12:30am JPY Average Cash Earnings y/y 0.1% 0.4%
JPY Household Spending y/y 0.9% 2.7%
6:00am JPY Leading Indicators 93.2% 93.3%
7:00am EUR German Industrial Production m/m 0.4% -1.5%
7:45am EUR French Trade Balance -4.40B -5.19B
8:00am CHF Foreign Currency Reserves 768B
8:30am GBP Halifax HPI m/m 0.2% -0.2%
9:00am EUR Italian Retail Sales m/m 0.4% 1.9%
9:30am GBP Consumer Inflation Expectations 3.1%
10:00am EUR Final Employment Change q/q 0.2% 0.2%
EUR Revised GDP q/q 0.2% 0.2%
1:30pm CAD Employment Change 18.9K -24.2K
CAD Unemployment Rate 5.7% 5.7%
USD Average Hourly Earnings m/m 0.3% 0.3%
USD Non-Farm Employment Change 160K 164K
USD Unemployment Rate 3.7% 3.7%
3:00pm CAD Ivey PMI 55.2 54.2
5:30pm USD Fed Chair Powell Speaks


T
ECHNICAL OUTLOOK

The table below contains a directional forecast for the coming week, the current spot rate, and key support and resistance levels for each of the major currency pairs.

EUR/USD Higher Resistance: 1.1027/1.1249 1.1273/1.1570 1.1791/1.1852
Spot: 1.0955 Support: 1.0873/1.0952 1.0808/19 1.0462/1.0523
           
USD/JPY Mildly Lower Resistance: 106.68/109.31 110.37/112.56 113.38/114.21
Spot: 106.11 Support: 105.05/92 104.32/64 101.20
         
GBP/USD Mildly Higher Resistance: 1.2064/1.2110 1.2188/1.2294 1.2382
Spot: 1.2023 Support: 1.1940/1.2023 1.1884/1.1910 1.1765
         
AUD/USD Higher Resistance: 0.6740/0.6866 0.6903/0.7246 0.6909/0.7393
Spot: 0.6735 Support: 0.6677/0.6735 0.6248 0.6008
           
USD/CAD Lower Resistance: 1.3382/1.3403 1.3422/1.3598 1.3660
Spot: 1.3365 Support: 1.3018/1.3357 1.2970 1.2916/27
           
NZD/USD Higher Resistance: 0.6342/0.6424 0.6498/0.6586 0.6626/0.6980
Spot: 0.6290 Support: 0.6279 0.6098 0.5914/92

Disclaimer:

TheFXperts’ Forex MarketWatch Reports are provided strictly for educational purposes and represent the opinions of the authors. No recommendation or endorsement for specific financial trading or investment purposes is offered. Subscribers are advised to seek financial, business and legal guidance from licensed professionals.

Visit TheFXperts’ official website at www.TheFXperts.com.  You can also view and purchase Jay and Julie Hawk’s six financial books at Jay’s Amazon author page here: amazon.com/author/Jayhawk

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