During the upcoming  trading week the release of the US Non-farm payrolls job report, and interest rate decisions from the Reserve Bank of Australia and the Bank of England headline the economic calendar. The July monthly jobs report from the United States economy is expected to show a solid increase in the new US jobs, and a reduction to the Unemployment rate. The British pound and Australian dollar are also expected to be see increased volatility during and after the RBA and BOE rate decisions.

This week traders also look to Manufacturing data from the United States, United Kingdom, and European Union economy. Traders and investors will also be closely observing the monthly jobs report from the Canadian economy, and the ongoing wrangling in US congress over the next round of coronavirus checks.

Monday 3rd August, UK Manufacturing PMI

The UK Manufacturing Purchasing Managers Index is released by both the Markit Economics and the Chartered Institute of Purchasing and Supply. The PMI Index measures the activity level of purchasing managers in the manufacturing sector. A reading above 50.0 indicates expansion in the sector and below 50.0 indicates contraction. The Manufacturing PMI is based on a survey of purchasing managers in the manufacturing sector.

• The GBPUSD pair is only bullish while trading above the 1.3060 level, further upside towards the 1.3170 and 1.3200 resistance levels seems possible.
• If the GBPUSD pair trades below the 1.3060 level, sellers are likely to test towards the 1.2960 and 1.2800 support levels.

Tuesday 4th August, RBA Interest Rate Decision

The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to keep interest rates on hold at this meeting, following recent rate cuts. RBA policymakers are also tipped to strike a dovish tone towards the economy and monetary policy.

• The AUDUSD pair is only bearish while trading below the 0.6960 level, key support is found at the 0.6870 and 0.6750 levels.
• If the AUDUSD pair moves above the 0.6960 level, buyers may test towards the 0.7205 and 0.7280 levels.

Wednesday 5th August, Japan GDP

The Gross Domestic Product of Japan is released by the Cabinet Office and represents the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is considered a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the Japanese yen currency, while a low reading is negative for the Japanese yen currency.

• The USDJPY pair is only bearish while trading below the 106.00 level, further downside towards the 105.30 and 104.30 support levels seems possible.
• If the USDJPY pair trades above the 106.00 level, buyers are likely test towards the 106.50 and 106.80 resistance levels.

Thursday 6th August, US Continuing Jobless Claims

US Continuing Jobless Claims is released by the United States Department of Labor measure the number of individuals who are unemployed and are currently receiving unemployment benefits. It presents the strength in the labor market. A rise in this indicator has negative implications for consumer spending which discourage economic growth.

• The EURUSD pair is only bullish while trading above the 1.1770 level, key resistance is found at the 1.1840 and 1.1960 levels.
• If the EURUSD pair trades below the 1.1770 level, sellers may test towards the 117.00 1.1650 levels.

Friday 7th August, US Nonfarm Payrolls Job Report

The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. The Non-farm payrolls job report is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.

• The USDCAD pair is bearish while trading below the 1.3400 level, further losses towards the 1.3350 and 1.3300 levels remains possible.
• If the USDCAD pair trades above the 1.3400 level, buyers are likely to test the 1.3470 and 1.3530 resistance levels.