Markets, in general, were very volatile for Q3, and traders will be happy to get the month of September out of the way. Traditionally, September ends up being a difficult month, and that, of course, did play out this year as well. The focus will be on inflation, supply chain issues, and the energy markets this week. OPEC’s meeting on Monday will be an essential focus of the week, and we are expecting that another 400,000 BPD will be produced for November, regardless of crude reaching $80 last week.
Central banks this week will be, as usual, in the mind of investors, with the RBA announcing their rate decision on Tuesday, although we expect no change to their interest rates. Anything other than this will bring volatility to AUD pairs. Then on Wednesday, we have the employment reading from the US, which will lead us to the event of the month for many investors, the NFP.
All-day OPEC meeting
5:30 AM RBA rate decision
8:50 AM – 9:30 AM French, German, eurozone, UK PMIs
3:00 PM US ISM non-mfg PMI (September)
1:15 PM US ADP employment report (September)
3:30 PM US crude oil inventories
1:30 PM US initial jobless claims
1:30 PM US non-farm payrolls (September)