Global monetary policy and North American employment will be the week’s two major and perhaps uncertain themes. The Reserve Bank of Australia, facing stubborn Covid effects, will make a policy announcement on Tuesday, as will the Reserve Bank of India which is also facing Covid effects and which makes its announcement on Friday. One central bank that is seeing easing effects is the Bank of England whose Thursday announcement, and whether policy is tightened or left steady, may be up in the air. The week’s employment data come on Friday from both Canada and the US where July’s results, coming off strength for both in June, is expected to ease for the former but not for the latter where Econoday’s consensus is calling for a 900,000 rise in nonfarm payrolls. Manufacturing news will also make headlines: ISM from the US on Monday then manufacturers’ orders from Germany on Thursday. Inflation news will be very light but will include a consumer price update from Switzerland on Monday.
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