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Rate Cut Hopes on the Line: NFP Set to Steal the Spotlight!

PU Prime | 2024-06-28 13:58

Abstract：The US ISM Manufacturing PMI came in at 48.7 for May, below the forecast of 49.8 and the previous reading of 49.2. The main reasons for this stagnant reading are ongoing weak demand, which affects supplier orders, inventories, capital investments, and employment. In May, ADP Nonfarm Employment Change have increased 152,000 jobs, which was below the forecast of 173,000 and down from the previous month's 188,000. The US ISM Non-Manufacturing PMI for May exceeded expectations, registering 53.8...

The Week Ahead: Week of 1July(GMT+2)

Rate Cut Hopes on the Line: NFP Set to Steal the Spotlight!

Monday, 1 July2024, 17:00

US ISM Manufacturing PMI (Jun)

The US ISM Manufacturing PMI came in at 48.7 for May, below the forecast of 49.8 and the previous reading of 49.2. The main reasons for this stagnant reading are ongoing weak demand, which affects supplier orders, inventories, capital investments, and employment. Specific areas of concern include a significant drop in the Employment Index to 48.1, reflecting increased layoffs as companies adjust to lower demand. Given the current economic environment characterized by sluggish demand, persistent inflation, and labor market challenges, it is likely that the PMI will continue to hover around contraction territory (below 50).

Wednesday, 3 July2024, 15:15

US ADP Nonfarm Employment Change (Jun)

In May, ADP Nonfarm Employment Change have increased 152,000 jobs, which was below the forecast of 173,000 and down from the previous month's 188,000. This slower job growth was influenced by significant declines in manufacturing and softer hiring in the leisure and hospitality sectors. The overall private labor market remains solid, but there are noticeable weaknesses tied to both producers and consumers. Therefore, expectations for the June report will likely be tempered by the recent trends.

Wednesday,3 July2024, 17:00

US ISM Non-Manufacturing PMI (Jun)

The US ISM Non-Manufacturing PMI for May exceeded expectations, registering 53.8 compared to the forecasted 51.0, and notably up from the previous month's 49.4. This suggests growth in the non-manufacturing sector, bolstered by increased business activity and new orders. Sectors like arts, entertainment, and recreation have experienced rising consumer demand contributing to this uptick. In the upcoming release, market expects that the PMI to remain above 50, signaling continued expansion.

Friday,5July2024, 15:30

U.S Nonfarm Payrolls (Jun)

The latest U.S. Non-Farm Payroll (NFP) data for May, revealed a notable increase of 272,000 jobs in May, surpassing both expectations of 182K and the average monthly gain of 232,000 over the past year. Significant growth was observed in sectors such as healthcare, government, leisure and hospitality, and professional, scientific, and technical services. Despite concerns about economic slowdown, the job market remained resilient, buoyed by robust employment gains in essential services and government roles. Given the strong performance in May, forecasts for the upcoming NFP report lean towards cautious optimism. However, as the ADP report serves as an early indicator for the Non-Farm Payrolls (NFP), the market is anticipated to await the ADP data release for initial signals.

Rate Cut NFP

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PU Prime

Company name：PU Prime Ltd

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2.40

Website：https://www.puprime.com/

5-10 years | Regulated in Seychelles | Regulated in South Africa | Retail Forex License

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2.40

Fed Rate Cut Calls, Would NFP Tilt The Odds?

The latest data for the U.S. ISM Manufacturing PMI, released on August 1, 2024, shows a decline to 46.8, down from 48.5 in June. This marks the sixth consecutive month of contraction (a reading below 50) and remains well below the historical average of 52.88. On July, the Bank of Canada (BoC) announced a 25-basis-point cut in its benchmark interest rate, reducing it to 4.5%. This was the second consecutive rate cut, following a similar move in June. The latest ADP Nonfarm Employment Change for..

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Last Friday's U.S. Nonfarm Payroll (NFP) report rattled financial markets with a significantly higher-than-expected reading, far surpassing both market expectations and the previous month's figures. The robust job data dashed hopes for an early rate hike from the Federal Reserve, as a tight labour market could potentially spur higher inflation, prompting a more hawkish approach from the Fed regarding monetary policy.

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Yen Drop on Japan FX Officials Comment

The U.S. equity market continued its upward trajectory, buoyed by growing optimism surrounding potential interest rate cuts by the Federal Reserve later this year, following the release of softer-than-expected nonfarm payroll data last Friday, indicating a slowdown in economic performance.

News 2024-05-07 13:26

Job Growth Reduced Chances of the Fed’s Rate Cut

Statistics from the US Department of Labour show that US Nonfarm Payroll increased by 225,000 in January, 2020, exceeding the market’s estimation of 165,000 and December’s 147,000 after revision while being significantly higher than the 175,000 of the same period last year.

Original 2020-02-10 16:30