Next Week Preview: US Employment Data Takes the Lead, Reserve Bank of New Zealand and Bank of Canada Rate Decisions in Focus

1. The global market will usher in a series of key events next week. The US August employment report, interest rate decisions by the Reserve Bank of New Zealand and the Bank of Canada, and the latest developments in the Iran situation will be major factors driving market trends. In addition, the G20 meeting of Finance Ministers and Central Bank Governors held in North Carolina, US will also attract significant attention.2. In terms of monetary policy, the Reserve Bank of New Zealand is expected to raise rates by 25 basis points to 2.75% on Wednesday, while the market generally expects the Bank of Canada to keep its benchmark rate unchanged at 2.25%. US Treasury Secretary Yellen has stated that global economic growth will be the top agenda item at the G20 meeting. The market will closely watch any possible meeting between Yellen and the Bank of Japan Governor Kazuo Ueda for clues regarding the outlook for Japanese interest rates.3. The US has a packed economic data schedule: Next week will see the release of August ISM and S&P PMI, July JOLTS job openings, trade data, factory orders, the ADP employment report, and initial jobless claims. Friday's August non-farm payrolls report will be the highlight; the market expects an increase of 45,000 jobs and a slight rise in the unemployment rate to 4.2%. The Federal Reserve will release the Beige Book on Wednesday, and speeches will be delivered by Cleveland Fed President Loretta Mester and Fed Governor Christopher Waller.4. For the Eurozone, the August final PMI, HICP flash estimate, July unemployment rate, PPI, and retail sales data will be released in succession. Germany will publish the August inflation rate, final PMI, and July factory orders. In the UK, attention will be on July consumer credit data and the August final PMI, and Bank of England Governor Andrew Bailey will deliver a speech on Friday.5. Japan's data focus includes July industrial production, retail sales, household spending, and the August final PMI. Bank of Japan Policy Board member Hajime Takata will deliver a speech on Wednesday. China will release the August official PMI on Monday, followed by the private-sector PMI. For commodity currencies, Australia will publish building permits, current account, second-quarter GDP, and trade data; New Zealand and Canada will also release trade figures, and Canada’s August employment report will come out on Friday.