Forex

PA Market Report: Overview (Aug 30 – Sep 03) & Upcoming Events September’21

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Aug 30

US Pending Home Sales Wane 1.8% In July (USA)

Pending home sales dipped modestly in July, noting two consecutive months of declines, according to the National Association of Realtors®. Only the West region registered a month-over-month gain in contract activity, while the other three major U.S. regions reported drops. All four regions saw transactions decrease year-over-year. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, declined 1.8% to 110.7 in July.

Aug 31

Holzmann: ECB In Position To Think About Reducing Pandemic Aid (Euro Zone)

#ECB *HOLZMANN: ECB IN POSITION TO THINK ABOUT REDUCING PANDEMIC AID – BBG
*HOLZMANN: WOULD ADVOCATE FOR SLOWDOWN OF PEPP PURCHASES IN 4Q
*HOLZMANN: ECB SHOULD DE-LINK GUIDANCE ON RATES, APP BOND-BUYING
*HOLZMANN: APP DOESN’T NEED SAME KIND OF FLEXIBILITY AS PEPP

Gross domestic product by industry, June 2021 (Canada)

Real gross domestic product (GDP) expanded 0.7% in June, following two consecutive monthly declines, placing total economic activity 1.5% below February 2020’s pre-pandemic level. Overall, 15 of 20 industrial sectors were up as both services-producing (+0.7%) and goods-producing industries (+0.9%) rose. Preliminary information indicates an approximate 0.4% decrease in real GDP for July giving back about half of June’s gain. The main decreases were in manufacturing, construction and retail trade.

Knot: Outlook may allow slower ECB stimulus, PEPP end in March (Euro Zone)

*KNOT: CAN REDUCE PEPP PACE AS FINANCING CONDITIONS FAVORABLE
*KNOT: MUST BE CAREFUL IN APPLYING PEPP FLEXIBILITY TO NORMAL QE
*KNOT: ECB’S PANDEMIC PROGRAM IS CLOSE TO FULFILLING ITS PURPOSE
*KNOT: TLTRO SUBSIDY SHOULD END WHEN CRISIS IMPACT REPAIRED

Sep 1

Australian National Accounts: National Income, Expenditure and Product (Australia)

Key statistics: • The Australian economy rose 0.7% in seasonally adjusted chain volume measures GDP rose 1.4% in 2020-21 • The terms of trade rose 7.0% • Household saving ratio decreased to 9.7% from 11.6% Australian economy rose 0.7% in June quarter: Gross Domestic Product (GDP) rose 0.7% this quarter, reflecting the continued easing of COVID-19 restrictions and the recovery in the labour market. Lockdowns had minimal impact on activity overall, with fewer lockdown days and the more prolonged stay-at-home orders in NSW only commencing in the last week of June.

OPEC+ JTC Experts Re-Evaluate 2022 Oil Demand Increase To 4.2 Million BPD (Global)

OPEC+ JTC EXPERTS RE-EVALUATE 2022 OIL DEMAND INCREASE TO 4.2 MILLION BPD, UP FROM 3.28 MILLION BPD PREVIOUSLY – 2 OPEC+ SOURCES

ADP National Employment Report (USA)

Private sector employment increased by 374,000 jobs from July to August according to the August ADP® National Employment ReportTM. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.

US Manufacturing PMI at 59.9%; August 2021 Manufacturing ISM Report On Business
OPEC+ quotas (USA)

Economic activity in the manufacturing sector grew in August, with the overall economy notching a 15th consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. “The August Manufacturing PMI® registered 59.9 percent, an increase of 0.4 percentage point from the July reading of 59.5 percent.

Sep 3

Japanese PM Suga will not run in the LDP leadership race, according to NHK

Japan’s Prime Minister Suga Yoshihide has said he will not run in the upcoming leadership election for the main ruling Liberal Democratic Party, effectively giving up the premiership.

The Employment Situation — August 2021 (USA)

Total nonfarm payroll employment rose by 235,000 in August, and the unemployment rate declined by 0.2 percentage point to 5.2 percent, the U.S. Bureau of Labor Statistics reported today. So far this year, monthly job growth has averaged 586,000. In August, notable job gains occurred in professional and business services, transportation and warehousing, private education, manufacturing, and other services.

US Services PMI at 61.7%; August 2021 Services ISM Report On Business (USA)

Economic activity in the services sector grew in August for the 15th month in a row, say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: “The Services PMI® registered 61.7 percent, 2.4 percentage points lower than the all-time high reading of 64.1 in July.