Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Economic Calendar | March 6 – 10


March, 06 2023
watermark Economic news

Monday, March 6


As a rule, the macroeconomic calendar on Mondays is absolutely empty, but this time at the beginning of the week, retail sales data in the eurozone are published, which will inevitably have a significant impact on the foreign exchange market. The fact is that the growth rate was 0.3% on a monthly basis, which indicates that the European economy is beginning to recover. Even though the actual data turned out to be worse than analysts' forecasts (an increase of 1%).


Thus, the euro will start to grow on Monday, and the dollar, on the contrary, will lose some of its positions. Moreover, in the United States itself, factory orders are expected to decline by 3.7%, which will put even more pressure on the US currency.


Tuesday, March 7


The main event of Tuesday is the meeting of the Board of the Reserve Bank of Australia, during which the refinancing rate should be raised from 3.35% to 3.60%. And since an increase in interest rates always has a beneficial effect on the corresponding currency, the Australian dollar will show some growth during the day. 


Wednesday, March 8


The eurozone GDP data published on Wednesday will be ignored, since we are talking about the third assessment, which should only confirm the first two.


The focus of attention in the middle of the week will be the meeting of the Board of the Bank of Canada – according to its results, the refinancing rate should remain unchanged. Thus, the Bank of Canada will become the first significant central bank to stop the process of tightening monetary policy. And this fact will inevitably put significant pressure on the Canadian dollar, which will surely lose its positions. 


At the same time, employment data will be published in the United States, but they will have virtually no effect on the market due to the insignificance of changes. 


Thursday, March 9


On Thursday, you should pay attention to Japan's GDP data. However, the final data are published, and investors have long put preliminary estimates into the current quotes, which should confirm the final data. 


You can also pay attention to applications for unemployment benefits in the United States, but the changes will be more symbolic. Thus, Thursday will be the quietest and calmest trading day.


Friday, March 10


The main event of not only Friday, but the whole week, will be the publication of the report of the United States Department of Labor. The main issue is the number of new jobs created outside agriculture. In the previous month, 517 thousand were created. This time there may be only 210 thousand of them.


And although this indicator is sufficient to maintain the stability of the labor market, such a significant slowdown in the pace of job creation will be regarded as a clear deterioration in the labor market situation, which will lead to a noticeable weakening of the US dollar.


Against this background, all other publications on Friday may be ignored, since all the attention of market participants will be focused on the American labor market.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.