Economic calendar in Asia Wednesday, August 7, 2024 – New Zealand jobs report, China trade

The New Zealand jobs report is expected to be a poor one, with a net loss of jobs and a leap higher for the unemployment rate. The New Zealand economy has shrunk under prolonged high interest rates from the Reserve Bank of New Zealand in its battle to drive inflation lower. The pivot from the RBNZ will be soon, with some expectations of a rate cut at the October meeting, or even the meeting next week (August 14).

The focus later in the session is the trade data from China. Both exports and imports are expected to have risien from the previous month. While the Chinese economy remains shaky the surge in value of the yen has played out in a move stronger for the yuan, which take some of the pressure off the People’s Bank of China (turning cartwheels, they are) in its month’s long battle to propr up the currency. At the margin the stronger currency reduces the risk of capital flight and should allow some loosening of policy, if the Bank chooses.

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
• I’ve noted data for New Zealand and Australia with text as the similarity of the little flags can sometimes be confusing.

This article was written by Eamonn Sheridan at www.forexlive.com.