US Jobs, RBNZ and BoC Decisions Put Policy Divergence in Focus

Highlights of the week

• US jobs data (NFP) and ISM data will drive USD and Fed pricing.
• RBNZ and BoC decisions will shape NZD and CAD.
• China PMI, Australia GDP and Eurozone CPI will test global momentum.

What Now

US labor data are the week’s main USD risk after payrolls slowed from +214K in March to -23K in July, with ADP at just 44K. A weak August NFP would reinforce a Fed hold, lower yields and support gold and risk FX; stronger jobs and wages would favor USD. Elsewhere, Eurozone inflation at 2.9 percent, RBNZ policy at 2.50 percent and BoC policy at 2.25 percent keep EUR, NZD and CAD sensitive to central-bank guidance.

Market Events and Announcements (GMT+3)

Monday, August 31, 2026

• All Day – United Kingdom (GBP) – Summer Bank Holiday
• 04:30 – China (CNY) – NBS Manufacturing PMI for August, previous 49.2
• 15:00 – Germany (EUR) – CPI Preliminary for August, previous 0.8 percent MoM and 2.8 percent YoY

Tuesday, September 1, 2026

• 04:45 – China (CNY) – RatingDog Manufacturing PMI for August, previous 50.9
• 12:00 – Eurozone (EUR) – CPI YoY Preliminary for August, previous 2.9 percent
• 16:45 – United States (USD) – S&P Global Manufacturing PMI Final for August, forecast 53.2, previous 53.9
• 17:00 – United States (USD) – ISM Manufacturing PMI for August, previous 55.6
• 17:00 – United States (USD) – JOLTS Job Openings for July, previous 7.359M

Wednesday, September 2, 2026

• 04:30 – Australia (AUD) – GDP Growth Rate QoQ for Q2, previous 0.3 percent
• 05:00 – New Zealand (NZD) – RBNZ Interest Rate Decision, previous 2.50 percent
• 15:15 – United States (USD) – ADP Nonfarm Employment Change for August, previous 44K
• 16:45 – Canada (CAD) – BoC Interest Rate Decision, previous 2.25 percent

Thursday, September 3, 2026

• 04:30 – Australia (AUD) – Balance of Trade for July, previous AUD 4.296B
• 16:45 – United States (USD) – S&P Global Services PMI Final for August, previous 56.8
• 17:00 – United States (USD) – ISM Services PMI for August, previous 54.1

Friday, September 4, 2026

• 15:30 – Canada (CAD) – Unemployment Rate for August, previous 6.4 percent
• 15:30 – United States (USD) – Average Hourly Earnings MoM for August, previous 0.1 percent
• 15:30 – United States (USD) – Nonfarm Payrolls for August, previous -23K
• 15:30 – United States (USD) – Unemployment Rate for August, previous 4.1 percent
• 17:00 – Canada (CAD) – Ivey PMI s.a. for August, previous 55.1