Here are some of the important economic data that will be the focus of the market throughout this week.
TUESDAY (March 5, 2024):
US Services PMI Data ISM Survey (11.00 PM) – After the manufacturing sector survey surprised at the close of trading last week, this week the reading for the service sector survey in America will be watched. The figure that remains above the 50.0 point level shows that the sector is still growing well for February.
WEDNESDAY (March 6, 2024):
Australian GDP data (8.30am) – Australia's economic growth will be monitored by the central bank in further setting monetary policy. Growth readings for the fourth quarter of 2023 are forecast to increase slightly.
US ADP Employment Data (9.15 PM) – Expectations of an increase in private employment in America in February could support a strengthening of the US dollar. The increased number also gives an early signal for the possibility of an increase in the latest NFP reading.
BOC Policy Meeting (10.45pm) – Canada's central bank is expected to keep interest rates unchanged at 5.00% for its latest policy meeting this week. The tone of the governor's speech will drive the movement of the Canadian dollar.
US JOLTS Employment Data (11.00 PM) – The market will evaluate the number of job offers opened in America last February which will give a current picture of the health of the labor sector.
THURSDAY (March 7, 2024):
ECB Policy Meeting (9.15 PM) – Like other central banks, the European Central Bank is also forecast to keep interest rates unchanged at the previous level of 4.50%. Investors are looking for clearer clues from President Christine Lagarde's words.
FRIDAY (March 8, 2024):
Canadian Employment Data (9.30 PM) – This data, which is an important indicator for Canada's central bank, will be examined after the policy meeting takes place. The forecast is a little bleak where job growth in February will slow and the unemployment rate is expected to rise.
US NFP Jobs Data (9.30pm) – Set to shake up the market at the end of the week, the American NFP jobs report for February will have investors excited for another fresh indication of the Federal Reserve's monetary policy. The forecast for the data components for February is a little gloomy.
