Among the major economic indicators released from August 3 to 7, the ADP employment report, a leading indicator for US nonfarm payrolls, and the ISM non-manufacturing index are expected to set the direction for the dollar. New Zealand's April–June quarter employment report, due on the 5th, is forecast to show a 0.3% quarter-on-quarter rise in employment and an unemployment rate of 5.3%. If the labor market holds firm, buying of the New Zealand dollar could intensify. The US ADP employment report for July, also on the 5th, is expected to show a gain of 75,000, slowing from the previous month. A weak result could trigger dollar selling on expectations of earlier rate cuts, while a solid reading would support dollar buying. Canada's July employment report, due on the 7th, is forecast to show a gain of 15,000 jobs and an unemployment rate of 6.5%. As it is released simultaneously with the US employment report, the reaction in the US dollar–Canadian dollar pair could be complex.
New Zealand employment report forecast to show 0.3% QoQ rise and unemployment 5.3%; firm labor market could intensify NZD buying.
US ADP and Canada employment reports due; weak US data could trigger dollar selling, while solid reading supports dollar; reaction in USD/CAD complex.