Trading Week Ahead: New Year, New Narrative?

A high-stakes week is shaping up as markets turn their attention to key US macro data. ISM Services PMI, JOLTS Job Openings, and Nonfarm Payrolls will offer crucial insight into the strength of the economy and the Fed’s likely path. With soft-landing hopes in the balance, this week could set the tone for Q1 volatility.

👉 ISM Services PMI
The index is forecast to edge lower to 52.2 from 52.6, remaining in expansion territory. A stronger print could lift yields and the dollar. A downside miss would fuel dovish sentiment and support risk-on assets.

👉 JOLTS Job Openings
November openings are expected to ease slightly to 7.65 million from 7.67 million. Even a small decline reinforces the trend of softening labour demand, potentially pressuring the dollar and boosting rate-cut odds.

👉 Nonfarm Payrolls
The headline figure is projected at 57K, down from October’s 64K. A weak report may encourage dovish repricing and lift equities. A stronger-than-expected print could delay cuts and support USD strength.

Date	Time	Instrument	Event
Monday, Jan. 5	4:00 PM	USD	ISM Manufacturing PMI, Prices
Tuesday, Jan. 6	2:00 PM	EUR	German CPI
Wednesday, Jan. 7	11:00 AM	EUR	CPI
	2:15 PM	USD	ADP Non-Farm Employment Change
	4:00 PM	USD	ISM Services PMI
		USD	JOLTS Job Openings
Friday, Jan. 9	2:30 PM	USD	Average Hourly Earnings
		USD	Nonfarm Payrolls
		USD	Unemployment Rate
	4:00 PM	USD	Prelim UoM Consumer, Inflation Expectations

*All times in the table are in GMT+1