Market Focus: All eyes on US Jobs Data and RBA Rate Statement

April 3, 2023

This week marks the start of the second quarter of 2023, and it’s lined up with some major economic events. Keep your eyes on news from the Reserve Bank of Australia and the Reserve Bank of New Zealand on their imminent interest rate announcements. Also, the eagerly-anticipated US jobs report is set to be released this week. It’s a big week all around, with headlines and developments that you won’t want to miss. 

Here are key events to watch out for:

Switzerland Consumer Price Index | 3 April 2023 

Switzerland CPI increased by 0.70% in February 2023 from the previous month.

For March, analysts expect the reading to increase by 0.5%.

US ISM Manufacturing PMI | 3 April 2023 

The US ISM Manufacturing PMI edged higher to 47.7 in February 2023 from 47.4 in January.

For March, analysts expect it to increase to 49.

Reserve Bank of Australia Rate Statement | 4 April 2023 

RBA raised its cash rate by 25bps to 3.60% at its March 2023 meeting, the tenth rate hike since May last year.

Analysts expect the central bank to raise another 25bps to 3.85% at this month’s meeting. 

Reserve Bank of New Zealand Rate Statement | 5 April 2023 

RBNZ raised its official cash rate during its first meeting of the year by 50bps to 4.75%, the highest since January 2009.

For this month, analysts expect RBNZ to increase its interest rates by 25bps to 5%. 

US ADP Non-farm Employment Change | 5 April 2023 

US private businesses unexpectedly created 242,000 jobs in February 2023, well above an upwardly revised 119,000 in January.

For March 2023, analysts expect that ADP Non-Farm Employment Change will add 200,000 jobs.  

US ISM Services PMI | 5 April 2023 

The US ISM Services PMI was at 55.1 in February 2023, slightly lower from 55.2 in January.

For March, analysts expect the index to be at 54. 

Canada Employment Change | 6 April 2023 

The Canadian economy created 21,800 jobs in February 2023, while the unemployment rate stood at 5%. This was close to the record-low of 4.9% observed in June and July 2022.

For March 2023, analysts expect that Canada will add 10,000 jobs, while the unemployment rate is expected at 5.4%

US Employment Change | 7 April 2023 

The US economy unexpectedly created 311,000 jobs in February 2023, following a downwardly revised 504,000 in January. The country’s unemployment rate edged up to 3.6% in February 2023, up from a 50-year low of 3.4% seen in January 2023.

For March 2023, analysts expect the US to add 240,000 jobs, while the unemployment rate will remain at 3.6%.