Markets are monitoring the US-Canada talks this week after a deal failed on Friday, and US markets will be closed on Monday for Labor Day. The NAFTA negotiations are expected to continue this week, with Trump threatening to remove Canada from the deal and warning Congress not to interfere in the negotiations, or to end the NAFTA agreement altogether.
The following are the most important economic data and events:
RBA Rate Decision and Australian Growth Data
The Reserve Bank of Australia is expected to keep interest rates unchanged at 1.50% as it has done over the last two years. The Australian economy is performing well despite risks to growth due to trade tensions, and growth data is expected to be seen in the second quarter Growth of 0.8% on a quarterly basis after recording a 1% growth in Q1.
BoC Rate Decision
The US-Canada trade relationship remains tense, so the Bank of Canada is expected to keep interest rates unchanged at 1.50%. The bank has raised rates twice this year in January and May amid good economic performance, and there are still some differences over Next interest rate hike.
US Employment Data
The markets are waiting for the US Non-Farm Payrolls report for August, especially wage figures. The economy is expected to add about 190,000 jobs after adding 157,000 jobs in July, while unemployment could drop to 3.8%. On a monthly basis, wages are expected to slow to 0.2% and rise by 2.7% on yearly basis, the same as in July.
