8 Important Economic Data News Market Focus This Week (July 31 – August 4, 2023)

<p>&nbsp;Here are some of the important economic data that will be the focus of the market throughout this week.</p><p><br /></p><p>China Manufacturing &amp; Services PMI data (Monday 9.30am): The release of Chinese economic data will drive market sentiment at the start of the week. The predicted slightly lower reading will have a negative impact on global market developments.</p><p><br /></p><p>RBA Policy Meeting (Tuesday 12.30pm): Australia's central bank is expected to raise interest rates again by 25 basis points after keeping rates unchanged at the previous meeting. A hawkish follow-up statement by the governor will prompt a strengthening of the Aussie dollar.</p><p><br /></p><p>US Manufacturing ISM Survey (Tuesday 10.00 PM): The market will be expecting a good economic sector development in America after the encouraging figures in the economic growth data last week.</p><p><br /></p><p><br /></p><p>US ADP Jobs Data (Wednesday 8.15pm): Forecasts for US private sector job growth in July are expected to decline signaling investors to be cautious heading into the end of the week data.</p><p><br /></p><p>BOE Policy Meeting (Thursday 7.00 PM): An increase in interest rates of 25 basis points is expected to be implemented by the BOE at the latest meeting this week. The Pound could strengthen, but the governor's speech will drive further price movements.</p><p><br /></p><p>US Services ISM Survey (Thursday 10.00 PM): The survey of the non-manufacturing sector in the US will also be watched in assessing the current health of the economy. The US dollar will react to this published data.</p><p><br /></p><p>Canadian Jobs Data (Friday 8.30pm): The preliminary forecast for the Canadian employment sector is gloomy with job growth in July being lower than in the previous month. The unemployment rate is expected to increase to 5.5% from 5.4%.</p><p><br /></p><p>US NFP Jobs Data (Friday 8.30pm): US employment growth in July is forecast to be bleak after a decline in last June's reading. The unemployment rate is predicted to remain at 3.6%. Investors will evaluate this latest jobs reading for a picture of further policy setting by the Federal Reserve (Fed).</p>