Highlights
Before the European and US markets open, the Reserve Bank of Australia is scheduled to announce its latest monetary policy decision at 2:30 p.m. AEDT (0430 GMT) Tuesday, which is 0:30 a.m. EDT Tuesday. (Note Australia moves back to the standard time from the daylight saving time on the first Sunday of April.)
With inflation moderating and retail sales slowing, the RBA is expected to hold rates steady, although there are outside expectations for a sixth straight 25 basis point rate hike for a total of 11 rate increases during the current tightening cycle that began in May 2022.
At its latest policy meeting on March 7, the RBA board decided to increase the cash rate target by 25 basis points to 3.60 percent, noting that further tightening of monetary policy will be needed to ensure that inflation returns to target and that this period of high inflation is only temporary. But the minutes of the meeting also said, Members agreed to reconsider the case for a pause at the following meeting, recognising that pausing would allow additional time to reassess the outlook for the economy.
Germany's goods balance is expected to narrow to a €15.3 billion surplus in February versus a €16.7 billion surplus in January, which was well above expectations.
In the Eurozone, producer prices are expected to edge 0.1 percent lower on the month in February after a sharp 2.8 percent drop in January. The annual rate is seen slowing to 13.7 percent from 15.0 percent.
US factory orders are expected to fall 0.4 percent on the month in February versus January's 1.6 percent fall. Durable goods orders for February, which have already been released and are one of two major components of this report, fell 1.0 percent in the month.
In the Labor Department's JOLTS report, job openings have been strong and, at 10.824 million in January, beat Econoday's consensus for a third straight month. Forecasters see February openings falling to a still very plentiful 10.4 million.
Unit vehicle sales in March are expected to hold unchanged at February's 14.9 million annualized rate.
Cleveland Federal Reserve Bank President Loretta Mester will speak before the Money Marketeers of New York University Inc. at 6:45 p.m. EDT (2245 GMT).
With inflation moderating and retail sales slowing, the RBA is expected to hold rates steady, although there are outside expectations for a sixth straight 25 basis point rate hike for a total of 11 rate increases during the current tightening cycle that began in May 2022.
At its latest policy meeting on March 7, the RBA board decided to increase the cash rate target by 25 basis points to 3.60 percent, noting that further tightening of monetary policy will be needed to ensure that inflation returns to target and that this period of high inflation is only temporary. But the minutes of the meeting also said, Members agreed to reconsider the case for a pause at the following meeting, recognising that pausing would allow additional time to reassess the outlook for the economy.
Germany's goods balance is expected to narrow to a €15.3 billion surplus in February versus a €16.7 billion surplus in January, which was well above expectations.
In the Eurozone, producer prices are expected to edge 0.1 percent lower on the month in February after a sharp 2.8 percent drop in January. The annual rate is seen slowing to 13.7 percent from 15.0 percent.
US factory orders are expected to fall 0.4 percent on the month in February versus January's 1.6 percent fall. Durable goods orders for February, which have already been released and are one of two major components of this report, fell 1.0 percent in the month.
In the Labor Department's JOLTS report, job openings have been strong and, at 10.824 million in January, beat Econoday's consensus for a third straight month. Forecasters see February openings falling to a still very plentiful 10.4 million.
Unit vehicle sales in March are expected to hold unchanged at February's 14.9 million annualized rate.
Cleveland Federal Reserve Bank President Loretta Mester will speak before the Money Marketeers of New York University Inc. at 6:45 p.m. EDT (2245 GMT).
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
