Today\u2019s macroeconomic calendar is focused primarily on Canadian labour market data, which will be released at 14:30. The consensus expects employment to increase by 8K following a sharp decline of 41.7K in the previous month, while the unemployment rate is forecast to rise to 6.5% from 6.4%. The figures could provide further insight into the health of the Canadian economy and influence expectations for the Bank of Canada\u2019s future monetary policy decisions.<\/p>\n
Key Releases from the Asian Session<\/p>\n
\n\tJapanese household spending fell by 3.1% year-on-year in August, coming in above market expectations of a 3.5% decline (previously -3.6% y\/y).
<\/p>\n
Macroeconomic Calendar<\/p>\n
\n\t08:00 \u2013 Norway: CPI inflation y\/y for September. Consensus: 3.6%. Previous: 3.3%.
\n\t08:00 \u2013 Norway: Core CPI inflation y\/y for September. Consensus: 3.1%. Previous: 3.0%.
\n\t08:00 \u2013 Norway: PPI inflation y\/y for September. Previous: 30.1%.
\n\t08:00 \u2013 Sweden: Industrial production, seasonally adjusted, y\/y for August. Previous: 0.2%.
\n\t08:00 \u2013 Romania: Final GDP, not seasonally adjusted, y\/y for Q2. Consensus: -0.4%. Previous: -1.2%.
\n\t09:00 \u2013 Turkey: Industrial production y\/y for August. Previous: -0.3%.
\n\t09:00 \u2013 Slovakia: Foreign trade balance for August. Previous: EUR 14M.
\n\t09:00 \u2013 Slovakia: Industrial production y\/y for August. Consensus: 2.1%. Previous: 2.4%.
\n\t10:00 \u2013 Italy: Industrial production m\/m for August. Consensus: 0.0%. Previous: 0.7%.
\n\t12:15 \u2013 Eurozone: Speech by ECB Executive Board member Piero Cipollone.
\n\t14:30 \u2013 Canada: Unemployment rate for September. Consensus: 6.5%. Previous: 6.4%.
\n\t14:30 \u2013 Canada: Employment change for September. Consensus: +8K. Previous: -41.7K.
\n\t14:30 \u2013 Canada: Full-time employment change for September. Previous: -35.9K.
\n\t14:30 \u2013 Canada: Part-time employment change for September. Previous: -5.8K.
\n\t15:35 \u2013 Eurozone: Speech by ECB Executive Board member Isabel Schnabel.
\n\t16:00 \u2013 US: Preliminary University of Michigan Consumer Sentiment Index for October. Consensus: 47.7. Previous: 48.1.
\n\t16:00 \u2013 US: Preliminary short-term inflation expectations for October. Previous: 4.6%.
\n\t16:00 \u2013 US: Preliminary long-term inflation expectations for October. Previous: 3.4%.
\n\t19:00 \u2013 US: Baker Hughes oil rig count. Previous: 457.
\n\t22:00 \u2013 US: Speech by Boston Fed President Susan Collins.
<\/p>\n
Three Markets to Watch<\/p>\n
\n\tCAD\/USD \u2013 Canadian Dollar: The Canadian labour market report at 14:30, particularly the unemployment rate and employment change, could trigger a direct reaction in CAD-related currency pairs and shape expectations for the Bank of Canada\u2019s interest rate policy.
\n\tS&P 500 The University of Michigan report at 16:00, alongside inflation expectations, could influence risk sentiment on Wall Street and the US dollar heading into the end of Friday\u2019s session.
\n\tOil Markets: Changes in oil prices remain relevant for broader market sentiment and the Canadian dollar, given Canada\u2019s role as a major energy exporter. Investors will also monitor the US oil rig count at 19:00 for additional insight into activity in the energy sector.
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