This week, markets await the release of key economic data from major players, including the U.S., Canada, Europe, and China. Let’s take a closer look at what awaits traders in the week ahead.
U.S.
ISM Services PMI in the U.S. is set to be released by the Institute for Supply Management on Tuesday, March 5, 2024, at 7:00 PM, GMT+4 (Dubai Time). The market anticipates a decline, indicating a weaker U.S. services sector.
On Wednesday, March 6, 2024, the ADP Non-Farm Employment Change is scheduled to be released by Automatic Data Processing Inc. at 5:15 PM, GMT+4 (Dubai Time). The market forecasts a rise, indicating an increase in employment growth.
The Bureau of Labor Statistics is set to release the JOLTS Job Openings figure on Wednesday, March 6, 2024, at 7:00 PM, GMT+4 (Dubai Time). The market anticipates a decline, signaling weaker job openings in the U.S.
Fed Chair Powell is due to testify on Wednesday, March 6, 2024, and Thursday, March 7, 2024, at 7:00 PM, GMT+4 (Dubai time). Powell will likely provide further insights regarding future monetary policy.
On Friday, March 8, 2024, the Non-Farm Employment Change is set to be released by the Bureau of Labor Statistics at 5:30 PM, GMT+4 (Dubai Time). The market anticipates the figure to drop significantly, indicating a weaker level of employment.
Canada
The Bank of Canada is scheduled to release its Overnight Rate on Wednesday at 6:45 PM, GMT+4 (Dubai Time). Markets expect the rate to remain at 5.00%.
Europe
On Thursday, March 7, 2024, the European Central Bank is set to release its Main Refinancing Rate at 5:15 PM, GMT+4 (Dubai Time), with markets expecting the rate to remain at 4.50%.
The European Central Bank Press Conference will occur on Thursday, March 7, 2024, at 5:45 PM, GMT+4 (Dubai Time). The press conference will provide insights into their interest rate decisions and future policies.
China
Both the Consumer Price Index (CPI) y/y and the Producer Price Index (PPI) y/y are scheduled for release by the National Bureau of Statistics of China on Saturday, March 9, 2024, at 5:30 AM, GMT+4 (Dubai Time). Markets strongly expect year-on-year CPI to rise, moving from a previous -0.8% to a projected 0.2%. Meanwhile, CPI y/y is predicted to decline slightly, from -2.5% to -2.6%.
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