Upcoming economic events 3 December 2024

Time(GMT+0/UTC+0)	State	Importance	Event	Forecast	Previous
00:30		2 points	Current Account (Q3)	-10.3B	-10.7B
03:35		2 points	10-Year JGB Auction	———	1.000%
15:00		3 points	JOLTS Job Openings (Oct)	7.490M	7.443M
21:30		2 points	API Weekly Crude Oil Stock	———	-5.935M

Summary of Upcoming Economic Events on December 3, 2024

1. Australia Current Account (Q3) (00:30 UTC):
   • Forecast: -10.3B, Previous: -10.7B.
     Measures the difference between exports and imports of goods, services, income, and transfers. A narrower deficit would signal improved trade dynamics, supporting the AUD. A larger deficit could weigh on the currency by highlighting economic imbalances.
2. Japan 10-Year JGB Auction (03:35 UTC):
   • Previous Yield: 1.000%.
     The yield reflects investor demand for Japanese government bonds. Rising yields suggest higher inflation expectations or risk premiums, supporting the JPY. Stable or falling yields indicate steady investor confidence but could weigh on the currency.
3. US JOLTS Job Openings (Oct) (15:00 UTC):
   • Forecast: 7.490M, Previous: 7.443M.
     Measures the number of job openings in the US. An increase would indicate continued labor market strength, supporting the USD. A decline could signal a cooling job market, potentially weighing on the currency.
4. US API Weekly Crude Oil Stock (21:30 UTC):
   • Previous: -5.935M.
     Tracks weekly changes in US crude oil inventories. A drawdown suggests strong demand, supporting oil prices and commodity-linked currencies. An inventory build signals weaker demand, pressuring prices.

Market Impact Analysis

• Australia Current Account:
  A narrowing deficit would support the AUD by indicating improved trade or income flows. A widening deficit could raise concerns about external vulnerabilities, weighing on the currency.
• Japan 10-Year JGB Auction:
  Higher yields would support the JPY by signaling increasing inflation expectations or reduced demand for bond purchases by the BoJ. Stable yields indicate continuity, with limited market impact.
• US JOLTS Job Openings:
  An increase in job openings would signal labor market resilience, reinforcing expectations of economic strength and supporting the USD. A decline might soften the USD by suggesting cooling labor demand.
• US API Crude Oil Stock:
  A significant drawdown would signal tightening supply or strong demand, supporting oil prices and commodity-linked currencies like the CAD and AUD. A build would indicate weak demand, pressuring oil prices.

Overall Impact

Volatility:
Moderate, with a focus on US labor market data and crude oil inventories shaping currency and commodity markets.

Impact Score: 6/10, driven by labor market resilience (JOLTS), oil inventory trends, and bond yield dynamics in Japan influencing short-term sentiment.