Weekly Analysis ( 06 Mar - 10 Mar 2023 )
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06 Mar – 10 Mar 2023 |
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Time(GMT) |
CRY |
Event |
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Monday |
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09:30 |
GBP |
UK Construction PMI |
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10:00 |
EUR |
ECB’s Lane Speaks |
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15:00 |
USD |
US Factory Orders |
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15:00 |
CAD |
Ivey PMI |
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Tuesday |
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00:30 |
AUD |
AUS Retail Sales |
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03:00 |
CNY |
China Exports / Imports |
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03:00 |
CNY |
Trade Balance |
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03:30 |
AUD |
RBA Interest Rate Decisions |
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15:00 |
USD |
Fed Chair Powell Testifies |
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17:00 |
USD |
EIA Short-Term Energy Outlook |
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Wednesday |
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10:00 |
EUR |
ECB President Lagarde Speaks |
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10:00 |
EUR |
Eurozone GDP |
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13:15 |
USD |
ADP Nonfarm Employment Change (Feb) |
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15:00 |
USD |
Fed Chair Powell Testifies |
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15:00 |
USD |
JOLTs Job Openings (Jan) |
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15:00 |
CAD |
BoC Interest Rate Decision |
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23:50 |
JPY |
Japan GDP |
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Thursday |
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01:30 |
CNY |
China CPI |
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01:30 |
CNY |
China PPI |
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13:30 |
USD |
Initial Jobless Claims |
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Friday |
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03:00 |
JPY |
BoJ Interest Rate Decision |
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07:00 |
GBP |
UK GDP |
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07:00 |
GBP |
Manufacturing Production |
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07:00 |
EUR |
German CPI |
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13:30 |
USD |
Nonfarm Payrolls |
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13:30 |
USD |
Unemployment Rate |
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The US jobs report for February, which will be released on Friday, is expected to provide more information on the condition of the labor market. Investors will also be paying close attention to the Congressional testimony of Federal Reserve Chairman Jerome Powell to gain new perspectives on the future direction of interest rates. Volatility is expected to continue in equity markets, and central banks in Japan, Canada, and Australia will hold meetings. Additionally, data from the UK will reveal how the economy fared at the beginning of the year. The employment report for February, which will be released on Friday, holds extra importance as it is the last report before the Federal Reserve's upcoming meeting on March 21-22. The January employment report exceeded expectations, causing investors to reassess their predictions for the future trajectory of interest rates. Therefore, the upcoming report is particularly significant as it will offer further insights into the current state of the labor market, which could influence the Fed's decision-making process regarding interest rates. This week, central banks in Japan, Australia, and Canada are all scheduled to hold monetary policy meetings. On Friday, Bank of Japan Governor Haruhiko Kuroda will chair his final meeting after a decade at the helm, overseeing super-easy monetary policy. However, no changes are expected before his successor, Kazuo Ueda, takes over on April 8th. The Reserve Bank of Australia will meet on Tuesday, and while officials had previously hinted at the possibility of further tightening at their meeting last month, recent data suggests that rates will remain on hold. The Australian economy grew at the slowest pace in a year during the fourth quarter, and January figures indicate that inflation may have peaked. Similarly, the Bank of Canada is also expected to hold rates steady when it meets on Wednesday. This will be the bank's first meeting since policymakers announced a conditional pause in January to allow the economy time to adapt to higher borrowing costs. On Friday, the U.K. is set to release GDP data that will show how the economy performed in January, after narrowly avoiding a recession in the final three months of 2022. Economists are predicting that gross domestic product increased by only 0.1% in January compared to the previous month. |
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