Below are the most important global events likely to affect FX and bond markets in the week starting August 31.

Focus will turn to U.S. jobs data as investors assess the health of the economy and the likely timing of when the Federal Reserve could raise interest rates.

An interest-rate decision is due in Canada, while in Europe, eurozone inflation data will be in focus.

In Asia, investors await a busy run of manufacturing and services surveys, including official and private gauges from China, Bank of Japan commentary and Australia's growth data. Central banks in Malaysia and New Zealand are due to announce policy decisions.

U.S.

Focus returns to the health of the U.S. labor market in the coming week, in particular nonfarm payrolls figures for August, which are due Friday.

These will provide clues on how well employment is holding up and whether high inflation is feeding through into wages, as investors assess the likelihood of a rate increase from the Federal Reserve as early as September.

Fed Chairman Kevin Warsh stressed that inflation was a key concern for policymakers in a speech at the Federal Reserve Bank of Kansas City's annual symposium in Wyoming and gave some suggestion that interest rates might have to rise in the coming months.

"We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," he said.

He also said that the potential for substantially higher growth was on the rise.

U.S. money markets assigned a 57% probability of a 25 basis-point rate increase in September and fully priced one for December, LSEG data showed.

"The jobs report is the big event of the week and will be a key determinant of whether the Fed hikes rates on September 16," ING economist James Knightley said in a note.

"We expect a modest recovery of perhaps 65,000 in August, but the low-hire, low-fire narrative persists. Tariff-related caution and higher borrowing costs are likely to keep that in place for the rest of the year," he said.

Ahead of Friday's data, further clues on the U.S. labor market will be provided, with JOLTS job openings data for July due Tuesday, ADP private payrolls numbers for August on Wednesday, and weekly jobless claims numbers on Thursday.

Other key data on the state of current economic activity will come with the ISM manufacturing index for August on Tuesday and the equivalent measure for services on Thursday. Factory orders for July are due Wednesday.

Canada

The Bank of Canada announces an interest-rate decision on Wednesday, when it is expected to leave its key policy rate unchanged at 2.25%.

Investors will be looking for any comments on the risks to the economy stemming from a recent escalation in trade tensions between the U.S. and Canada, with Canada announcing retaliatory tariffs in response to U.S. President Trump announcing high tariffs on Canadian goods.

The central bank will likely acknowledge the strength in the economy prior to the recent trade tensions with the U.S. and Canada, but that will mean little given the fresh layer of uncertainty now hovering over the country's businesses, said Karl Schamotta, chief market strategist at global-payments firm Corpay.

Canadian jobs data for August are due on Friday.

Eurozone

Provisional inflation data for August will be the key focus in the eurozone in the coming week.

Flash estimate August inflation data for Germany on Monday then for Italy and the eurozone on Tuesday will kick off the week's data releases, giving an important pointer about the impact of energy prices.

RBC Capital Markets analysts expect a pickup in inflation in August to 3.6% from 2.9% in July, "largely on account of another strong rise in fuel prices for consumers."

"We do not expect most of the impact from higher natural gas prices will yet be felt since this feeds through into the economy with longer lags," they said in a note.

The most important element for the European Central Bank will be services inflation, because this is where second-round inflation impacts are most likely to be seen, RBC Capital Markets analysts said.

"So far we do not find strong evidence of a pick up in underlying inflation pressures, but the ECB will be very sensitive to any changes in this outlook."

Eurozone purchasing price data for July are scheduled for Thursday.

Manufacturing PMI and services PMI data for August for Spain, Italy, France, Germany and the eurozone are scheduled for Tuesday and Thursday, respectively.

July unemployment data for Italy and the eurozone are due Tuesday. Spain's unemployment data for August are due Wednesday.

Italy's second-quarter GDP figures are scheduled for Tuesday, while Germany will publish manufacturing orders data for July on Friday.

Bond auctions will include Germany tapping October 2031-dated federal notes, or Bobls, on Tuesday. Spain, France and Ireland will hold auctions on Thursday.

U.K.

The U.K. has a fairly light data calendar in the coming week, with financial markets closed on Monday for a public holiday.

Consumer and mortgage lending data for July are released by the Bank of England on Tuesday, as well as the British Retail Consortium's shop price index survey for August.

The final manufacturing purchasing managers' index for August is due to be published on Tuesday, followed by final services PMI on Thursday. The Bank of England will publish the monthly decision maker panel data for August on Friday.

In addition, Prime Minister Andy Burnham will face his first Prime Minister's Questions session in parliament on Wednesday.

The U.K. will sell September 2049 index-linked gilts on Thursday.

Scandinavia

Denmark, Sweden and Norway will hold bond auctions on Wednesday.

Japan

Bank of Japan policy board member Hajime Takata is slated to speak to business leaders in Hokkaido on Wednesday. Takata, one of the BOJ's most hawkish board members, proposed raising the policy rate to 1.25% at the central bank's July meeting, but his proposal was rejected by a majority vote.

Market expectations for a rate hike at the BOJ's next meeting have been on the rise as a weak yen and inflationary pressure back the case for tightening.

In a recent speech, BOJ Deputy Gov. Ryozo Himino did not actively signal a September move, but his overall tone was quite hawkish, Barclays economists said. They also noted the absence of pushback against market pricing of an 85% probability of a September rate increase. Barclays's base case is for a hike in September, followed by two more in January and July 2027, bringing the terminal rate to 1.75%.

Japan is scheduled to release industrial production and retail sales data for July on Monday. Auto sales for August are due Tuesday, providing another gauge of consumer spending.

The Ministry of Finance is scheduled to auction about 2.6 trillion yen of 10-year sovereign debt on Tuesday and around 600 billion yen of 30-year JGBs on Thursday. The new 30-year JGB will reopen the July 2026 issue.

China

China's official manufacturing PMI on Monday is expected to signal little improvement in August, remaining below the 50-line separating expansion from contraction. A Wall Street Journal poll predicts a reading of 49.5 for August versus 49.2 in July.

That would mark a second consecutive month in contraction territory, as heavy summer rains exacerbated a seasonal slowdown in manufacturing.

ING economists see a similar reading from the non-manufacturing PMI. "Strong external demand, combined with continued implementation of existing investment and industrial-upgrading policies, may support manufacturing activity. But persistently weak domestic demand is likely to keep both indices below the 50 threshold."

On Tuesday and Wednesday, private gauges of manufacturing and services complete the PMI picture for China.

Nomura economists expect the RatingDog manufacturing PMI, which surveys smaller enterprises and exporters, to stay above the 50-mark thanks to the global AI boom, but moderate from 50.9 to 50.4. "The negative impact from frequent typhoons in July is likely to subside in August, while domestic demand remains on the weak side."

Australia / New Zealand

Australia reports second-quarter GDP data on Wednesday, which could add to speculation that the Reserve Bank of Australia will raise interest rates in September. Some economists are even expecting another hike in November.

Recent data on consumer spending and inflation have pointed to persistent price pressures, while senior RBA officials have warned that further tightening is "quite possible." With productivity growth still weak, an upside surprise in economic activity could reinforce the RBA's concerns that demand remains too strong.

Monday will also bring an update on Australian house prices from property research group Cotality. House prices have been falling sharply since May as higher interest rates weigh on demand and changes to taxes on investment properties affect investors. A further decline in prices could add to concerns about economic activity, while stronger housing demand could reinforce the case for tighter policy if inflation remains elevated.

In New Zealand, a central bank meeting on Wednesday will be the key focus, with policymakers likely to stay zeroed in on inflation despite unemployment rising to its highest level in more than a decade.

Economists at Nomura are pretty confident that the Reserve Bank of New Zealand will deliver another 25-basis-point rate hike, taking the cash rate to 2.75%. "This does not seem to be a controversial view," they said, noting that about 23 basis points of tightening are currently priced in, and the economic recovery has been patchy.

Asia PMIs

Purchasing Managers' Indexes are back in the spotlight as markets look for signs of how manufacturers are coping with economic headwinds related to the Middle East conflict.