The first week of March was marked by several significant economic events, including the European Central Bank (ECB) meeting, the release of labor market reports from both the United States and Canada, and heightened anticipation of remarks from Federal Reserve Chair Jerome Powell.
Eurozone:
● 10:00 a.m. GMT – The February inflation report was published.
● The Core Consumer Price Index (CPI) saw a slight decline, easing from 2.7% to 2.6% year-over-year, reflecting a modest slowdown in underlying inflation.
● Meanwhile, the Headline CPI also edged lower, falling from 2.5% to 2.4% on an annual basis. However, on a month-over-month basis, consumer prices saw an uptick, rising from 0.3% to 0.5%.
United States:
● 2:45 p.m. GMT – The manufacturing PMI showed an improvement, climbing to 52.7 from the previous reading of 51.2.
● 3:00 p.m. GMT – The ISM manufacturing PMI, however, experienced a slight decline, slipping from 50.9 to 50.3.
Australia:
● 12:30 a.m. GMT – The Reserve Bank of Australia (RBA) published the minutes from its latest monetary policy meeting.
● 12:30 a.m. GMT – Retail sales in Australia recorded a 0.3% increase in January, marking a recovery from the previous month’s 0.1% decline.
Australia:
● 12:30 a.m. GMT – Australia’s Q4 GDP expanded by 0.6% quarter-over-quarter, up from 0.3% in the previous quarter. Year-over-year growth reached 1.3%, improving from 0.8%.
Germany:
● 8:55 a.m. GMT – The services PMI registered a decline, falling to 51.1 from the previous reading of 52.5.
Eurozone:
● 9:00 a.m. GMT – The services PMI dropped to 50.6 from 51.3. earlier.
Great Britain:
● 9:30 a.m. GMT – The services PMI stood at 51.0, slightly down from 50.8.
United States:
● 1:15 p.m. GMT – The ADP nonfarm payroll report showed an increase of 77,000 jobs, a significant drop from the 186,000 recorded in January.
● 2:45 p.m. GMT – The Services PMI declined to 51.0 in the latest reading, down from 52.9 in January, indicating a slowdown in service sector activity.
● 3:00 p.m. GMT – The ISM Services PMI edged up to 53.5 from 52.8 in January, reflecting a modest improvement in business conditions within the services sector.
● 3:30 p.m. GMT – US crude oil inventories increased by 3.614 million barrels over the past week, surpassing the previous week's rise of 2.332 million barrels.
Eurozone:
● 1:15 p.m. GMT – The European Central Bank (ECB) lowered its key interest rate from 2.90% to 2.65%, in line with market expectations. Along with the rate decision, the central bank also released a statement outlining its monetary policy stance.
● 1:45 p.m. GMT – The ECB held a press conference, providing further insights into its policy decision and economic outlook.
United States:
● 1:30 p.m. GMT – The latest report on initial jobless claims showed an increase to 221,000, compared to 242,000 in the previous week, indicating a slight decline in the number of people filing for unemployment benefits..
Eurozone:
● 10:00 a.m. GMT – The release of the Eurozone's fourth-quarter GDP report is anticipated, with economists projecting a year-on-year growth rate of 0.9% and a quarter-on-quarter expansion of 0.1%, reflecting a modest pace of economic activity.
Canada :
● 1:30 p.m. GMT – The February labor market report is set for release, with forecasts indicating a rise in the unemployment rate to 6.7% from 6.6%. Employment change is expected to show an increase of 19.7k jobs, a sharp decline from the 76k recorded in the previous period.
United States:
● 1:30 p.m. GMT – The February employment report is scheduled for release, with projections indicating a 0.3% increase in average hourly earnings, slowing from the previous 0.5% rise. The unemployment rate is expected to hold steady at 4.0%, while nonfarm payrolls are anticipated to reach 159,000, up from 143,000 in January.
● 4:00 p.m. GMT – The Federal Reserve is expected to release its monetary policy report, providing insights into its economic outlook and policy stance.
● 5:30 p.m. GMT – Fed Chair Jerome Powell is scheduled to deliver a speech, which markets will closely watch for any signals on future monetary policy.
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