7 Important Economic Data News Market Focus This Week (July 3-7, 2023)

<p>&nbsp;Here are some of the important economic data that will decorate the market throughout this week.</p><p><br /></p><p>US Manufacturing PMI ISM Survey (Monday 10.00 PM): The survey data for the manufacturing sector in America is seen to be the initial driver of market movements at the opening of July. Although expected to increase, the latest forecast reading is still below the 50.0 point level, indicating a continued contraction situation.</p><p><br /></p><p>RBA Policy Meeting (Tuesday 12.30 Noon): After some important economic data is scrutinized, Australia's central bank is expected to keep interest rates at the latest level of 4.10%. However, the market is braced for another shock like the previous meeting with an unexpected interest rate hike.</p><p><br /></p><p>FOMC Meeting Minutes (Thursday 2.00 PM): The market will expect a positive impact still remaining for the US dollar as the details of the FOMC meeting minutes are examined this week. Fed Chairman Jerome Powell last week reiterated his stance on further interest rate hikes.</p><p><br /></p><p><br /></p><p>US ADP Employment Data (Thursday 8.15 PM): Will provide an early indication for the labor sector in America, private sector employment growth for June is predicted to be slightly lower than the previous month.</p><p><br /></p><p>US Services PMI ISM Survey (Thursday 10.00 PM): US services survey data will follow towards the end of the week with expected numbers still stable above the 50.0 point level.</p><p><br /></p><p>Canadian Jobs Data (Friday 8.30pm): The Canadian economy is expected to register an increase of around 22,000 jobs in June after losing 17,300 jobs in the previous month. The unemployment rate is projected to remain at 5.2% after increasing previously.</p><p><br /></p><p>US NFP Jobs Data (Friday 8.30pm): Preliminary forecasts for US NFP in June were somewhat mixed with the job growth rate slightly lower at 222,000 after recording a jump of 339,000 in May. The unemployment rate is expected to slightly decrease again from 3.7% to 3.6%.</p>