The upcoming week in the forex market is packed with significant economic indicators across major economies, which are likely to influence currency valuations and trading strategies.

Monday, April 29

The week kicks off with the German Preliminary CPI, which is expected at 0.6% for the month, up from the previous 0.4%. At noon, attention shifts to Spain with the release of the Spanish Flash CPI year-over-year, anticipated to increase slightly to 3.4% from 3.2%.

Tuesday, April 30

Early in the morning, New Zealand will report ANZ Business Confidence, previously at 22.9. This is followed by Australian Retail Sales at 6:30 AM, projected at 0.2% month-over-month, slightly down from 0.3%. China will release its Manufacturing PMI and Non-Manufacturing PMI at the same time, expected at 50.3 and 52.2, respectively.

Later in the day, Europe will disclose its Core CPI Flash Estimate year-over-year at 2.6%, a decrease from 2.9%, and the CPI Flash Estimate at 2.4%.

Canada and the U.S. will then report GDP and the Employment Cost Index, respectively, with the U.S. also releasing the S&P/CS Composite-20 HPI and the Chicago PMI, wrapping up with the CB Consumer Confidence at 7:00 PM.

Wednesday, May 1

New Zealand will provide updates on its labor market with the Employment Change and Unemployment Rate early in the morning.

Noteworthy for U.S. markets will be the ADP Non-Farm Employment Change at 5:15 PM, followed by the Final Manufacturing PMI, ISM Manufacturing PMI, JOLTS Job Openings, and ISM Manufacturing Prices.

The day will culminate in the highly anticipated Federal Funds Rate announcement and the FOMC Statement at 11:00 PM, with a press conference to follow at 11:30 PM.

Thursday, May 2

The Bank of Canada’s Governor Macklem is scheduled to speak twice, with significant implications for the CAD. Switzerland will also report its monthly CPI, expected to be a modest 0.1%.

Friday, May 3

The week concludes with critical U.S. labor market data, offering a deep dive into the country’s economic health. Average Hourly Earnings are expected to show a growth of 0.3% month-over-month, matching the previous month’s figure.

The Non-Farm Employment Change is anticipated to come in at 243,000, a significant decrease from the previous 303,000, highlighting shifts in job creation. The Unemployment Rate is projected to hold steady at 3.8%.

The day also features the release of the Final Services PMI, expected to remain unchanged at 50.9, and the ISM Services PMI, predicted to rise slightly to 52.0 from 51.4, reflecting the state of the services sector.

Highlights of the Week:

• Key data releases: German CPI, U.S. employment reports, Canadian GDP, and more.
• Central bank insights: Speeches from BOC Gov Macklem.
• FOMC updates: rate decision and subsequent press conference.

These events are expected to drive substantial volatility in the forex markets, providing multiple trading opportunities for informed investors. As always, participants are advised to consider these forecasts in the context of recent market trends and global economic conditions.