Highlights
German manufacturing orders are expected to fall a monthly 6.0 percent in January versus December's unexpected 8.9 percent surge tied to major orders for transport machinery. Annual contraction is seen at 3.6 percent versus December expansion of 2.1 percent.
Taiwan's CPI data, due at 3 a.m. EST (0800 GMT), is expected to show consumer inflation accelerated to a 2.50 percent annual rate in February from 1.79 percent in January, which was much lower than the 2.20 percent consensus.
At 8:15 a.m. EST (1415 CET/1315 GMT), the European Central Bank will release its monetary policy decision. The ECB is widely expected to stand pat, leaving the refi rate at 4.50 percent and the deposit rate at 4.00 percent. The main focus will be on the bank's updated inflation forecast where any downward revision would be seen as boosting the chances of a cut in key rates next quarter.
ECB President Christine Lagarde will hold a post-meeting news conference at 8:45 a.m. EST (1445 CET/1345 GMT).
Among US data, a deficit of $63.7 billion is expected in January for total goods and services trade, which would compare with a $62.2 billion deficit in December. Advance data on the goods side of January's report showed a $3.3 billion deepening in the deficit.
New jobless claims for the March 2 week are expected to come in unchanged at 215,000.
The second-estimate for fourth-quarter nonfarm productivity is an increase 3.1 percent rise versus 3.2 percent in the first estimate. Unit labor costs, which rose 0.5 percent in the first estimate, are expected to rise 0.7 percent.
Consumer credit is expected to increase $9.3 billion in January versus a lower-than-expected increase of $1.6 billion in December.
In Canada, January's trade balance is seen in surplus of C$300 million versus December's deficit of C$312 million that saw exports fall 1.9 percent on the month tied in part to partial shutdowns of vehicle production.
Federal Reserve Chairman Jerome Powell will deliver semiannual monetary policy testimony before the Senate Banking Committee at 10 a.m. EST (1500 GMT). It follows his remarks at the House Financial Services Committee on Wednesday that the economic outlook is uncertain and that ongoing progress toward the Fed's 2 percent inflation target is not assured. The Fed will carefully assess the incoming data and try to avoid both a premature rate cut and falling behind the curve.
Cleveland Federal Reserve Bank President Loretta Mester will speak virtually on the economic outlook as part of the European Economics and Financial Centre's Distinguished Speaker Series at 11:30 a.m. EST (1630 GMT).
Japan's real household spending is forecast to post its 11th straight drop on the year in January, down 4.3 percent, after falling 2.5 percent in December, as consumers seek discounts on goods and services amid high costs for daily necessities and falling real wages while the Covid-era necessity has simplified ceremonies and lowered their costs. On the month, expenditures are forecast to rise 0.5 percent for the first increase in four months after a 0.9 percent dip in December, when relatively mild weather dampened demand for winter clothing and heaters.
Taiwan's CPI data, due at 3 a.m. EST (0800 GMT), is expected to show consumer inflation accelerated to a 2.50 percent annual rate in February from 1.79 percent in January, which was much lower than the 2.20 percent consensus.
At 8:15 a.m. EST (1415 CET/1315 GMT), the European Central Bank will release its monetary policy decision. The ECB is widely expected to stand pat, leaving the refi rate at 4.50 percent and the deposit rate at 4.00 percent. The main focus will be on the bank's updated inflation forecast where any downward revision would be seen as boosting the chances of a cut in key rates next quarter.
ECB President Christine Lagarde will hold a post-meeting news conference at 8:45 a.m. EST (1445 CET/1345 GMT).
Among US data, a deficit of $63.7 billion is expected in January for total goods and services trade, which would compare with a $62.2 billion deficit in December. Advance data on the goods side of January's report showed a $3.3 billion deepening in the deficit.
New jobless claims for the March 2 week are expected to come in unchanged at 215,000.
The second-estimate for fourth-quarter nonfarm productivity is an increase 3.1 percent rise versus 3.2 percent in the first estimate. Unit labor costs, which rose 0.5 percent in the first estimate, are expected to rise 0.7 percent.
Consumer credit is expected to increase $9.3 billion in January versus a lower-than-expected increase of $1.6 billion in December.
In Canada, January's trade balance is seen in surplus of C$300 million versus December's deficit of C$312 million that saw exports fall 1.9 percent on the month tied in part to partial shutdowns of vehicle production.
Federal Reserve Chairman Jerome Powell will deliver semiannual monetary policy testimony before the Senate Banking Committee at 10 a.m. EST (1500 GMT). It follows his remarks at the House Financial Services Committee on Wednesday that the economic outlook is uncertain and that ongoing progress toward the Fed's 2 percent inflation target is not assured. The Fed will carefully assess the incoming data and try to avoid both a premature rate cut and falling behind the curve.
Cleveland Federal Reserve Bank President Loretta Mester will speak virtually on the economic outlook as part of the European Economics and Financial Centre's Distinguished Speaker Series at 11:30 a.m. EST (1630 GMT).
Japan's real household spending is forecast to post its 11th straight drop on the year in January, down 4.3 percent, after falling 2.5 percent in December, as consumers seek discounts on goods and services amid high costs for daily necessities and falling real wages while the Covid-era necessity has simplified ceremonies and lowered their costs. On the month, expenditures are forecast to rise 0.5 percent for the first increase in four months after a 0.9 percent dip in December, when relatively mild weather dampened demand for winter clothing and heaters.
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.
