By CountingPips.com
Last Week’s Recap & Notable Data Points:
Last week, the market continued to see the US dollar decline against most of the other major currencies. A softer US GDP number for the 4th quarter (+2.4%), lower consumer confidence and lower durable goods orders as well as a better than expected CPI number from the Eurozone helped to sink the dollar (particularly against the European currencies) later in the week. Overall, the dollar fell against the euro, British pound sterling, Japanese yen, Swiss franc, Canadian dollar and the New Zealand dollar while gaining some ground against the Australian dollar.
Here are the major economic results from last week:
- Eurozone CPI rose 0.8% year-over-year in January / core CPI rose 1.0%
- US consumer confidence fell to 78.1 in February from 79.4 in January
- United Kingdom GDP rose 2.7% year-over-year in the fourth quarter
- Switzerland GDP rose 1.7% year-over-year in the fourth quarter
- German employment fell by 14,000 workers in February
- US durable goods orders fell 1.0% in January
- Japan national CPI rose 1.4% year-over-year in January
- Canada GDP rose 2.9% year-over-year in fourth quarter
- US GDP revised to 2.4% annualized fourth quarter from 3.2% previous
- Chinese manufacturing PMI fell to 50.2 from 50.5 in February
This Week’s Outlook: GDP Reports, Interest Rate Decisions, US Non-Farm Payroll Report
This week we have a very busy schedule of economic releases with GDP reports, the central bank interest rate decisions and the US job report all on the docket. Early in the week, we will see the US ISM manufacturing report as well as the Chinese non-manufacturing PMI report, both due out on Monday.
Tuesday, the economic calendar is highlighted by the Reserve Bank of Australia interest rate decision with expectations of the interest rate remaining unchanged at 2.5%. The bank’s commentary will be closely watched for any comments on the Aussie’s current trading level. Wednesday we will see the Australian GDP report, the Eurozone GDP report, the Bank of Canada’s interest rate decision as well as the US ISM non-manufacturing data point. Thursday will see two interest rate decisions, one from the Bank of England and the other from the European central bank.
Friday will be the employment reports out of the US and from Canada. The US report will be especially important for direction of the US economy (following two disappointing jobs report) with market expectations of 150,000 workers to be added for February.
Here’s a quick rundown of this week’s major economic highlights:
Monday, March 3
United States — ISM manufacturing
Tuesday, March 4
Australia — interest rate decision
Wednesday, March 5
Australia — GDP report
Eurozone — GDP report
Canada — interest rate decision
United States — ISM nonmanufacturing report
Thursday, March 6
United Kingdom — interest rate decision
Eurozone — interest rate decision
Friday, March 7
United States — non-farm payrolls jobs report
United States — unemployment rate
Canada — unemployment rate/employment change
Please see our full calendar for a complete listing of economic events.
