Dollar Awaits Wage Costs Wednesday, September 13, 2006
08:30AM US Q2 unit labor costs (exp 3.8%, prev 4.2%) US Q2 non-farm productivity (exp 1.5%, prev 1.1%) 09:00AM Canada Bank of Canada Monetary Policy Decision (exp 4.25%, prev 4.25%) 10:00AM US August non-manufacturing ISM (exp 55.0, prev 54.8) 02:00PM US Fed’s Beige Book 09:30PM Australia Q2 GDP y/y (exp 2.8%, prev 3.1%) Australia August Unemployment Rate (exp 4.8%, prev 4.8%) Australia August Employment Change (exp 10.0k, prev 50.7k)
The dollar is little changed against the euro before the US data release. The US unit labor costs are expected to decline from 4.2% to 3.8% in the second quarter. However, there is some concern that this figure may show a rise in wage costs which will boost the speculation of another rate hike by the Fed.
Other US economic data to be released later today are not likely to shake the market expectations of the Fed’s next move. The non-farm productivity is expected to rise from 1.1% to 1.5% in the second quarter. The non-manufacturing ISM is forecasted to rose slightly in August to 55.0 from 54.8 in the previous month. Also worth nothing is the Fed’s Beige Book due this afternoon. This report may confirm the slow down in US economy.
The dollar is little changed against the euro before the US data release. The US unit labor costs are expected to decline from 4.2% to 3.8% in the second quarter. However, there is some concern that this figure may show a rise in wage costs which will boost the speculation of another rate hike by the Fed.
Other US economic data to be released later today are not likely to shake the market expectations of the Fed’s next move. The non-farm productivity is expected to rise from 1.1% to 1.5% in the second quarter. The non-manufacturing ISM is forecasted to rose slightly in August to 55.0 from 54.8 in the previous month. Also worth nothing is the Fed’s Beige Book due this afternoon. This report may confirm the slow down in US economy.
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