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Trends & Analysis
News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

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US big banks report better-than-expected earnings

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Crude oil declines on profit taking

Trends & Analysis
News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

News

Goldman Sachs shares surge after earnings beat

News

Keep an eye on these key S&P 500 levels

News

US big banks report better-than-expected earnings

News

Crude oil declines on profit taking

Weekly Market Preview

Week Ahead Preview:

4th of March

 

Friday, Mar 1, 2024

The January data for the US Personal Spending Index has met expectations. The YoY headline index reading decreased from 2.6% in December to 2.4%, while the YoY core index reading declined from 2.9% to 2.8%. Some members of the Federal Reserve interpreted these figures as signalling the conclusion of a tight monetary policy, implying no intentions for further interest rate hikes. Nevertheless, the prevailing stance among Fed’s committee members remains one of cautious observation. They prefer acquiring more evidence supporting a sustained decline in inflation levels toward their 2% target.

Throughout the current week, markets are eagerly awaiting a busy economic schedule, along with major central bank meetings. The Bank of Canada is anticipated to keep interest rates unchanged, considering the sustained elevation in inflation levels surpassing their 2% target. Investors are especially interested in the remarks from the central bank’s governor, Mr. Macklem, during the BoC press conference, seeking insights into the possible timing of interest rate cuts, potentially taking place in the June meeting.

At the same time, the European Central Bank is set to announce its interest rates decision which expected to keep them unchanged. The bank will also unveil forecasts for the current and next year regarding growth and inflation levels. The YoY European Consumer Price Index experienced a smaller-than-expected decline, reaching 2.6% in February instead of the projected 2.5% while, the YoY core index remained above the anticipated 2.9%, registering at 3.1%. Given this data, it appears unlikely that ECB President Christine Lagarde to hint at any immediate interest rate cuts during the upcoming press conference following the interest rate decision. This increases the likelihood that any reduction in interest rates may take place in the June meeting, rather than the April meeting.

 

Economic Data Highlights (As per UAE time) 

 

Monday 4th of March
  • CHF- Inflation rates (Feb)
Tuesday 5th of March
  • JPY- Tokyo core inflation rates (Feb)
  • AUD- Services PMI (Feb)
  • CNY- Services PMI (Feb)
  • EUR- Services PMI (Feb)
  • GBP- Services PMI (Feb)
  • USD- Services PMI (Feb) & ISM non-Manufacturing PMI (Feb)
Wednesday 6th of March
  • AUD- GDP (Q4-2023)
  • USD- ADP employment change (Feb)
  • EUR- Retail sales (Jan)
  • UK spring budget 2024
  • Bank of Canada rate decision & press conference
  • US Crude oil inventories
  • Fed Daly speech
Thursday 7th of March
  • GBP- House price index (Feb)
  • ECB rate decision & press conference
  • Fed Chair Powell testifies before the US Congress
  • Fed Mester speech
Friday  8th of March
  • EUR- GDP (Q4)
  • Fed Williams speech
  • USD- Non-Farm payrolls & unemployment rates (Feb)
  • CAD- Unemployment rates (Feb)

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