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02 May 2021
3 min read

Economic Calendar Updates – 02/05

Economic Calendar Updates

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

  • Central banks of Australia and the UK to announce interest rate decisions
  • The US will report nonfarm payrolls and unemployment rate for April

The week starting Monday, May 3, is looking to bring a string of significant economic data, particularly from Europe and the US. To kickstart the scheduled weekly events, on Monday, Germany releases the manufacturing PMI numbers for April. The report is set to arrive at 03:55 am EST. Later, at 10:00 am EST, the US brings its manufacturing PMI data, also for April.

Australia kicks off Tuesday’s economic data. At 00:30 am EST, the Reserve Bank of Australia will present the interest rate decision for May. The central bank is expected to leave the interest rate unchanged at 0.10%. The UK comes next with its manufacturing PMI data for April. The report is scheduled for 04:30 am EST. At 06:45 pm EST, New Zealand will release its employment change report for the first quarter.

On Wednesday, the US presents the ADP nonfarm employment report for April at 08:15 am EST. At 10:00 am EST, the US will announce its non-manufacturing PMI figures, also for April. Thursday has mostly UK economic updates. UK’s PMI data set of composite PMI and services PMI for April is expected to arrive at 04:30 am EST. At 07:00 am EST, the Bank of England will announce its interest rate decision for May. The UK’s central bank is expected to keep the rate unchanged at 0.10%.

Key Data Releases Close Off the Week

Friday kicks off with the UK reporting its construction PMI data for April at 04:30 am EST. Friday also brings the most important indicator for the economic health of the largest economy in the world, the US nonfarm payrolls.

The NFPs and the unemployment rate of the US are scheduled to arrive at 08:30 am EST. Traders and investors will be looking to find out if the economy will continue to grow at the fastest rate since the 1980s. Last month, the nonfarm payroll employment increased by 916,000.

Most of the new jobs were created in the leisure sector, hospitality, and reconstruction, underscoring the gradual reopening of the US economy and the receding pandemic in the US. Unemployment in the US is expected to drop further. For the previous month, it landed at 6.0%.

Canada also reports its employment change for April at 08:30 am EST.

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