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The week ahead 04.03.2019

04/03/2019

As far as economic data goes, Monday is already a bust with Australian Building Permits (released today at 00:30 GMT) having been and gone, and nothing else appearing in the calendar until tomorrow. Tuesday though, more than makes up for it by being a fairly heavy day with PMI data coming out right, left and centre. First up is Chinese PMI  (01:45 – all times GMT), with the Eurozone following on at 09:00, UK PMI at 09:30 and US PMI at 14:45, swiftly followed by US New Home Sales at 15:00. Before that we also have European Retail Sales at 10:00, and by the time the RBA Governor gets to make his speech around 22:00 there will surely be no-one who cares about why the RBA didn’t change rates when their decision was announced earlier in the day.  The next two days bring us a little more respite with just a Canadian interest rate non-decision at 15:00 Wednesday and the Eurozone at 12:45 Thursday with no change expected there either. Finally we round the week up on Friday with the big one – the delayed February US Non Farm Payroll data at 13:30. This is likely to be the cause of far more nerves in the market than anything else and particular attention will be paid to any recalculation of last months data, published rather promptly on February 1st, and therefore slightly more suspect in terms of revision. Canada also publishes Labour Market data at 13:30 but this is at least one set of numbers that can be safely ignored.

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