Weekly Market Report & Important Economic News 'March 5th - 9th'
Banks and Euro-wide Politics to Dominate Week, Jobs Report Eagerly Awaited.
Last week Fed Chair Powell’s testimony added to volatility as he talked twice making both bullish and bearish remarks.
Mid-week the US Dollar tumbled following Trump’s announcement on import tariffs on aluminium and steel, driving equities as well as the currency down to fresh lows.
This coming week is full of politics in Eurozone as markets delivered Italy’s a hung parliament and Germany’s approval of the SPD-CDU coalition.
In addition, ECB, BoC, RBA and BoJ will dominate the week as banks will announce their interest rate decisions.
Finally, in the US, the jobs report will close this coming week. United States need a soaring sentiment to support its domestic currency.
March 5th, Monday
UK and US PMIs first up in the calendar, volatility to mark the week ahead.
The UK Services PMI and the US ISM Non-Manufacturing PMI figures at 09:30 and 15:00 GMT respectively will guide the markets.
FOMC Quarles speech on foreign bank regulation could rise inflation anxiety, at 18:15 GMT.
March 6th, Tuesday
RBA to keep interest rates unchanged ahead of GDP, Aussie traders busy.
RBA is widely expected to keep its cash rate unchanged in the Tuesday release amid a softness in inflation and wages while market participants will be looking for the GDP data which are due on Tuesday.
UK’s Haldane and Australia’s Lowe likely to set the tone for the closing of the trading session.
March 7th, Wednesday
BoC in focus, data from AU and US to dominate before Canada’s release.
Volatility in the session will kick-in early in the Asian session with the Australian GDP.
At 13:15 ADP will release its monthly NFP figures while Canada will follow with its Trade Balance fifteen minutes later.
BoC to keep rates unchanged as growth expectations are lower following the last GDP numbers. EIA to release crude stocks at 15:00 GMT.
March 8th, Thursday
ECB to deliver own rate statement, eyes also on Draghi’s press conference.
Investors will dive into the global market early as Australia’s Trade Balance is due at 00:30 GMT.
With ECB dominating the session, markets are likely to experience significant moves as focus will fall onto Draghi’s speech following the release as clues of forwarding guidance on monetary easing are to be provided.
At 16:00 BoC’s Poloz at the unveiling of the new $10 banknote.
March 9th, Friday
A heavy session with Jobs reports from US and Canada eyed following BoJ’s policy rate.
The closing of the week will provide investors opportunities to market players as BoJ will be also holding its policy meeting and is not expected to raise.
While the US will take center stage given the recent market turbulence, Canada’s report will take on particular importance too.
Events on at 13:30 GMT.