Week's main events (February 27 – March 3)

This week does not promise to be too volatile. But there are still a few economic events worth looking out for. Firstly, it's inflation data in the Eurozone and Australia. Both are expected to see a decrease in inflationary pressures, but there may be surprises. There will also be a lot of manufacturing and service sector PMI statistics for the major economies released this week. This data is important for estimating the economy's health at a time of high-interest rates. Wednesday will also be the release of China PMI data which will show how China's economic recovery is going, which is affecting the Asia region. Investors should also keep an eye on quarterly GDP data for Canada, Switzerland, and India.

Monday, February 27
Data on Durable Goods Orders will be the main economic event on Monday. Therefore, volatility in the European session is expected to be low.
Main events of the day:
  • – US Durable Goods Orders (m/m) at 15:30 (GMT+2);
  • – US Pending Home Sales (m/m) at 17:00 (GMT+2).
Tuesday, February 28
Tuesday will bring various statistics for many countries. The main data will be quarterly GDP reports from Canada, Switzerland, and India. There could be surprises. Also noteworthy for investors is the speech by the newly appointed Governor of the Bank of Japan, Kazuo Ueda.
Main events of the day:
  • – Japan Retail Sales (m/m) at 01:50 (GMT+2);
  • – Japan Industrial Production (m/m) at 01:50 (GMT+2);
  • – Australia Retail Sales (m/m) at 02:30 (GMT+2);
  • – Japan BOJ Gov-Designate Ueda Speaks at 06:10 (GMT+2);
  • – Switzerland KOF Leading Indicators (m/m) at 10:00 (GMT+2);
  • – Switzerland GDP (q/q) at 10:00 (GMT+2);
  • – Indian GDP (q/q) at 14:00 (GMT+2);
  • – Canada GDP (q/q) at 15:30 (GMT+2);
  • – US Richmond Manufacturing Index (m/m) at 17:00 (GMT+2);
  • – US CB Consumer Confidence (m/m) at 17:00 (GMT+2).
Wednesday, March 01
The Australian inflation data will be the most important event on Wednesday. Analysts forecast that inflation in Australia will fall from a record 8.4% to 8.1% in annual terms. But there may be surprises, so volatility on currency pairs with the Australian dollar will be elevated during the publication of the report. Investors should also pay attention to the PMI data for China. The optimistic data may revive some enthusiasm for the Asian indices. The US Crude Oil Reserves data, which has a great impact on oil prices, should also be in focus. The volatility of WTI and BRENT prices could rise sharply.
Main events of the day:
  • – Australia GDP (q/q) at 02:30 (GMT+2);
  • – Australia Consumer Price Index (m/m) at 02:30 (GMT+2);
  • – Japan Manufacturing PMI (m/m) at 02:30 (GMT+2);
  • – China Manufacturing PMI (m/m) at 03:30 (GMT+2);
  • – China Non-Manufacturing PMI (m/m) at 03:30 (GMT+2);
  • – German Retail Sales (m/m) at 09:00 (GMT+2);
  • – Switzerland Retail Sales (m/m) at 09:30 (GMT+2);
  • – Switzerland Manufacturing PMI (m/m) at 10:30 (GMT+2);
  • – German Manufacturing PMI (m/m) at 10:55 (GMT+2);
  • – German Unemployment Rate (m/m) at 10:55 (GMT+2);
  • – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+2);
  • – UK Manufacturing PMI (m/m) at 11:30 (GMT+2);
  • – UK BoE Gov Bailey Speaks at 12:00 (GMT+2);
  • – Canada Manufacturing PMI (m/m) at 16:30 (GMT+2);
  • – US ISM Manufacturing PMI (m/m) at 17:00 (GMT+2);
  • – US Crude Oil Reserves (w/w) at 17:30 (GMT+2).
Thursday, March 02
On Thursday, traders will mainly focus on the Eurozone February inflation data and ECB Monetary Policy Statement. Analysts expect consumer prices in the region to fall from 8.6% to 8.2% year-over-year, but the main focus will be on core inflation. The decline in core inflation may be a foundation for the ECB to be less aggressive in the next meetings. Volatility on currency pairs with the euro may increase during the day. Traders should also keep to a speech by Fed spokesman Waller, who is considered the most hawkish politician.
Main events of the day:
  • – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+2);
  • – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+2);
  • – Eurozone ECB Monetary Policy Statement (m/m) at 14:30 (GMT+2);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+2);
  • – US FOMC member Waller Speaks at 23:00 (GMT+2).
Friday, March 03
On Friday, the focus of investors will be on the PMI data in the services sector in many countries. Traders will also be interested in factory inflation (PPI) in the Eurozone, which is seen as a leading indicator of consumer inflation.
Main events of the day:
  • – Japan Tokyo Core CPI (m/m) at 01:30 (GMT+2);
  • – Japan Unemployment Rate (m/m) at 01:30 (GMT+2);
  • – Japan Services PMI (m/m) at 01:30 (GMT+2);
  • – German Services PMI (m/m) at 10:55 (GMT+2);
  • – Eurozone Services PMI (m/m) at 11:00 (GMT+2);
  • – UK Services PMI (m/m) at 11:30 (GMT+2);
  • – Eurozone Producer Price Index (m/m) at 12:00 (GMT+2);
  • – Canada Building Permits (m/m) at 15:30 (GMT+2);
  • – US ISM Services PMI (m/m) at 17:00 (GMT+2).

by JustMarkets, 2023.02.27

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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