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Market Opportunities : Week 04-03-2024 - 08-03-2024
USDIDX: ISM United States Services Purchasing Managers Index (PMI) report for February is the most important economic event in the March 4 – 8 week. The Institute for Supply Management will release the report on March 5. In case the Manufacturing PMI rises for February - it will be bullish for US Dollar index.
EURUSD: European Central Bank interest rate decision is an important event for forex market. European Central Bank will hold its conference on March 7. While inflation is subsiding in the euro zone, recent comments by ECB president Christine Lagarde that “ the Governing Council needs to be confident that it will lead us sustainably to our 2% target” indicate ECB policy makers want more disinflation proof before they change central bank’s restrictive stance. It is widely expected that ECB will stand pat on March 7 but a hawkish statement against the backdrop of receding inflation in euro zone will be bullish for EURUSD.
EURUSD: European Central Bank interest rate decision is an important event for forex market. European Central Bank will hold its conference on March 7. While inflation is subsiding in the euro zone, recent comments by ECB president Christine Lagarde that “ the Governing Council needs to be confident that it will lead us sustainably to our 2% target” indicate ECB policy makers want more disinflation proof before they change central bank’s restrictive stance. It is widely expected that ECB will stand pat on March 7 but a hawkish statement against the backdrop of receding inflation in euro zone will be bullish for EURUSD.
Key Events to Watch
| Date | Country | Event | Forecast | Previous |
|---|---|---|---|---|
| 2024-03-05 | KRW | South Korea Gross Domestic Product (GDP) q/q | 0.6% | 0.6% |
| 2024-03-05 | USD | ISM United States Non-Manufacturing Purchasing Managers Index (PMI) | 52.3 | 53.4 |
| 2024-03-06 | AUD | Australia Gross Domestic Product (GDP) q/q | 0.7% | 0.2% |
| 2024-03-06 | GBP | nited Kingdom Spring Forecast Statement | ||
| 2024-03-06 | EUR | European Union Retail Sales m/m | 0.1% | -1.1% |
| 2024-03-06 | USD | ADP United States Nonfarm Employment Change | 84 K | 107 K |
| 2024-03-06 | CAD | Bank of Canada (BoC) Interest Rate Decision | 5.00% | |
| 2024-03-06 | CAD | Ivey Canada Purchasing Managers Index (PMI) | 56.4 | 56.5 |
| 2024-03-06 | USD | United States JOLTS Job Openings | 8.511 M | 9.026 M |
| 2024-03-06 | USD | EIA United States Crude Oil Stocks Change | ||
| 2024-03-07 | EUR | European Central Bank (ECB) Deposit Facility Rate Decision | 4.00% | |
| 2024-03-07 | EUR | European Central Bank (ECB) Interest Rate Decision | 4.50% | |
| 2024-03-07 | EUR | European Central Bank (ECB) Marginal Lending Facility Rate Decision | 4.75% | |
| 2024-03-07 | EUR | European Central Bank (ECB) Monetary Policy Press Conference | ||
| 2024-03-08 | EUR | European Union Employment Change q/q | 0.3% | 0.3% |
| 2024-03-08 | EUR | European Union Gross Domestic Product (GDP) q/q | 0.0% | 0.0% |
| 2024-03-08 | CAD | Canada Employment Change | 33.3 K | 37.3 K |
| 2024-03-08 | USD | United States Nonfarm Payrolls | 220 K | 353 K |
