Economic Calendar: US Labour Market and ISM Manufacturing PMI Data, RBA and OPEC+ Meetings

The start of October brings plenty of macro data for traders to analyse as high inflation and low growth continue to weigh heavily on central bankers' and politicians' minds.

ISM Manufacturing PMI (17:00 GMT+3) from the States gets the ball rolling on Monday. It has been below 50 (signalling a contraction) for almost a year now, but the last couple of months have been better than expected. 47.7 is the analysts' estimate for this month, so anything above this could be bullish for the US dollar.

The Reserve Bank of Australia (Tuesday 06:30 GMT+3) has kept interest rates at 4.1% since June, and with inflation ticking down to 5.9%, analysts are not expecting a rise this month. However, the RBA does have a habit of surprising the market and has not ruled out further increases.

The volatility in the oil market shows no sign of abating, with Brent hitting a 2023 high of $95 last week. OPEC+ has a meeting on Wednesday where the cartel is expected to continue with its current output levels, which have ramped up prices by 30% since June.

Non-farm Payrolls and Unemployment data are released at 15:30 GMT+3 on Friday, where 160K and 3.7% are the analysts' expectations. However, with the Fed on hold, a strong number could well induce another rate hike later in the year, which would add more pressure to the equity markets, which have been in decline for the last two months.

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