Next week’s highlights: The Bank of Canada and the ECB are expected to cut rates. US Jobs Report

Next week, two central banks will meet and both are expected to cut rates.

• The Bank of Canada will announce its interest rate decision on Wednesday at 9:45 a.m. They are expected to cut their rate from 5.0% to 4.75%. The last policy change was in July 2023, when they increased rates from 4.75% to 5.0%.
• The ECB is expected to cut its main funding rate from 4.5% to 4.25% at 8:15 a.m. ET. The last time the ECB changed its rates was in September 2023.

Other key events and releases next week include:

• Monday 3rd june :

  • 9:45 a.m. ET: Final manufacturing PMI in USD: forecast 50.9, previous: 50.9
  • 10 a.m. ET: ISM Manufacturing USD PMI: Forecast 49.8, Previous: 49.2

• Tuesday June 4:

  • 02:30 ET: CPI CHF m/m: forecast 0.4%, previous: 0.3%
  • 10 a.m. ET: USD JOLTS Job openings: forecast 8.40 million, previous: 8.49 million
  • 9:30 p.m. ET: GDP AUD q/q: forecast 0.2%, previous: 0.2%

• Wednesday June 5:

  • 8:15 a.m. ET USD ADP Nonfarm payroll change: forecast 175,000, previous: 192,000
  • 10 a.m. ET USD ISM Services PMI: Forecast: 51.0, Previous: 49.4

• Thu. June 6:

  • 8:30 a.m. ET: Unemployment claims in USD: forecast 215,000, previous: 219,000

• Friday June 7:

  • 8:30 a.m. ET: Employment change in Canadian dollars: previous 90.4 thousand
  • 8:30 a.m. ET: Unemployment rate in CAD: previous 6.1%
  • 8:30 a.m. ET: Average hourly earnings in USD m/m: 0.3%, previous: 0.2%
  • 8:30 a.m. ET: Nonfarm payroll forecast in USD: 185,000, previous: 175,000
  • 8:30 a.m. ET: Unemployment rate in USD: 3.9%, previous: 3.9%

This article was written by Greg Michalowski at www.forexlive.com.

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