The major eco report next Monday will be the index of activity in the manufacturing sector in China, which is also an indicator of demand in the global economy. The activity is expected to rise slightly from 51.4 to 51.5 points and help buyers of risky assets to stay relaxed.
On Tuesday, it makes sense to take a closer look at the report on consumer inflation in the Euro area, the index of manufacturing activity from the ISM in the US and the decision of the Australian Central Bank on the interest rate. Central banks have taken a course to wind down further easing of monetary policy programs and the RBA will likely support this trend. Given the risk-on wave, which is likely to resume next week, the RBA's decision could be a convenient excuse to take additional longs on the Australian currency.
On Wednesday, the main focus will be on the ADP labor market monthly update and the report on US crude oil inventories. ADP is expected to report a 420K rise in jobs in November, after rising 365K in October.
The ISM Non-Manufacturing Activity Index in the US and initial jobless claims in the US due on next Thursday will help to understand how much the economic momentum in the US has remained.
Markets will brace for the NFP report on next Friday, which is expected to support the medium-term risk-on with a 500K gain in jobs despite challenging times.
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