Week's main events (March 27 – March 31)

On the economic calendar, this week will be much calmer than the previous one, with Friday's main event being the PCE core price index, the Fed's favorite measure of inflation. It accelerated in January, raising fears about the prospect of a more hawkish Fed policy. But the situation in the banking sector has changed the mood of policymakers, and so far, the situation has not fully stabilized. Quarterly US GDP data will be released Thursday, showing how the economy is doing during a period of high rates. On Friday, the Eurozone will release inflation data, and on Wednesday, consumer price data from Australia will be released. Business data in China will also be closely watched as market watchers try to gauge the strength of the recovery in the world's second-largest economy after pandemic restrictions were lifted.

Monday, March 27
On Monday, the main event will be a forecast of the business climate in Germany by the Ifo Institute. Also, investors' attention will be focused on the speech of the Governor of the Bank of England, Andrew Bailey. The Bank of England is in a difficult position, and the economic situation is extremely unstable, so any hints regarding further monetary policy could be important.
Main events of the day:
  • – German Ifo Business Climate (m/m) at 11:00 (GMT+2);
  • – UK BoE Gov Bailey's Speech at 20:00 (GMT+2).
Tuesday, March 28
March consumer confidence data are due out Tuesday and are likely to show the impact of stress on the financial system. Also, on Tuesday, traders should be attentive to the speeches of the heads of the central banks of England and Japan.
Main events of the day:
  • – Australia Retail Sales (m/m) at 03:30 (GMT+2);
  • – Japan BoJ Governor Kuroda Speaks at 07:00 (GMT+2);
  • – UK BoE Gov Bailey's Speech atv11:45 (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 29
Inflation data in Australia will be released on Wednesday. Consumer prices are expected to fall from 7.4% to 7.1%, but there may be surprises. Volatility may increase on currency pairs with the Australian dollar. Investors should also keep a close eye on the US Crude Oil Reserves. The situation in the energy market is complicated now.
Main events of the day:
  • – Australia Consumer Price Index (m/m) at 03:30 (GMT+2);
  • – US Pending Home Sales (m/m) at 17:00 (GMT+2);
  • – US Crude Oil Reserves (w/w) at 17:30 (GMT+2).
Thursday, March 30
The US GDP data for the quarter will be the main event on Thursday. Analysts expect to see a growth of 2.7%. Volatility on currency pairs with the US dollar may increase at the time of publication. In Europe, Germany and Spain will publish data on consumer prices, where inflationary pressures are expected to decrease.
Main events of the day:
  • – Switzerland KOF Leading Indicators (m/m) at 10:00 (GMT+2);
  • – Spanish Consumer Price Index (m/m) at 10:00 (GMT+2);
  • – German Consumer Price Index (m/m) at 15:00 (GMT+2);
  • – US GDP (q/q) at 15:30 (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 Treasury Sec Yellen Speaks at 22:45 (GMT+2).
Friday, March 31
Friday will be full of news. In the United States, the PCE report will be published, which is included in the list of inflation indicators by the Fed. Europe will have its own inflation report, and the focus will be on the core consumer price report. There might be surprises, so the euro will be volatile. Also, on Friday, there will be a lot of macro statistical data from Japan. The most important report will be the Tokyo inflation data, which is considered a leading indicator of overall inflation in the country. Traders should also pay attention to the PMI data in China and GDP data in the United Kingdom and Canada.
Main events of the day:
  • – Japan Tokyo Core CPI (m/m) at 02:30 (GMT+2);
  • – Japan Unemployment Rate (m/m) at 02:30 (GMT+2);
  • – Japan Industrial Production (m/m) at 02:50 (GMT+2);
  • – Japan Retail Sales (m/m) at 02:50 (GMT+2);
  • – China Manufacturing PMI (m/m) at 04:30 (GMT+2);
  • – China Non-Manufacturing PMI (m/m) at 04:30 (GMT+2);
  • – UK GDP (q/q) at 09:00 (GMT+2);
  • – German Retail Sales at 09:00 (GMT+2);
  • – Switzerland Retail Sales at 09:30 (GMT+2);
  • – French Consumer Price Index (m/m) at 09:45 (GMT+2);
  • – German Unemployment Rate (m/m) at 10:55 (GMT+2);
  • – Italian Consumer Price Index (m/m) at 12:00 (GMT+2);
  • – Eurozone Consumer Price Index (m/m) at 12:00 (GMT+2);
  • – Eurozone Unemployment Rate (m/m) at 12:00 (GMT+2);
  • – Canada GDP (m/m) at 15:30 (GMT+2);
  • – US Core PCE Price Index (m/m) at 15:30 (GMT+2);
  • – US Chicago PMI (m/m) at 16:45 (GMT+2);
  • – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2).

by JustMarkets, 2023.03.27

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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