Economic Calendar of the week 29Apr24 - Fed interest rate decision and many other data

KYHBKO
04-28

Public Holidays

There are no holidays in America for the coming week.

Singapore and Hong Kong celebrate Labor Day on 1st May 2024.

China celebrates Labor Day from 1st to 3rd May 2024.

Economic Calendar (29 Apr 2024)

Notable Highlights

  • China will review its manufacturing PMI in the coming week. This will be a good indicator of the growth of its manufacturing sector.

  • US will be releasing its Chicago PMI data. This will be an important indicator of how the Chicago market is growing or shrinking.

  • CB consumer confidence data will also be released in the coming week. The forecast stands at 104.5 which indicates growing confidence.

  • The US will share its ADP non-farm employment change in the coming week. This is good data coming to employment and one that the Federal Reserve will consider as part of its calming interest rate decisions.

  • The US will also be sharing a few important manufacturing data. This includes S&P global US manufacturing PMI, ISM manufacturing PMI and ISM manufacturing prices. These will provide a good insight into the growth or shrinkage in US manufacturing and the inflationary prices that they face.

  • JOLTs job opening will be an important job data that the Federal Reserve will use.

  • The most important macro data for the coming week will be the Federal Reserve interest rate decision on the 2nd of May 2024. The Federal Reserve opened in 2024 with the hope of several rate cuts. With the recent CPI and PCE data, it seems unlikely that the Federal Reserve can start cutting interest rates. Some have suggested interest rates can increase should the inflation trend continue away from the 2% target.

  • Other important job data will include the unemployment rate, average hourly earnings and the non-farm payrolls. The Federal Reserve has a tough job of balancing inflation with employment using the only tool they have which is the interest rate.

  • The week will close with Services-related data. S&P Global Services PMI, ISM non-manufacturing PMI and ISM non-manufacturing prices will be released. These will reveal the growth in the services sector and any inflationary pressures that they face.

  • Initial jobless claims will also be a key macro data that the Federal Reserve will look into as they ponder the next interest rate decision

  • Crude Oil Inventories can be seen as forward indicators of market demand and consumption. If the trend of excess inventories continues, demand erosion can lead to reduced production & weakening consumer spending.

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