Two central banks and the US Non-Farms – Weekly Big Picture 2nd September
We have two central banks meeting this week and the US non-Farm Payrolls. Neither the BoC or RBA are expected to cut rates although the latter may need to sooner rather than later. Either way it may be down to what is said rather than what is done on this occasion.
The non-farms have been lacking any real surprises and thus volatility of late. They key number will be the average earnings which is expected to come in at 0.3%. Unless there is a large miss to the downside with this or the employment change I don’t expect too much again this time.