Highlights
For this week, the market focus is on US jobs data on Friday. Nonfarm payroll growth is expected to remain solid in March, keeping the employment rate below 4 percent. Average hourly wage earnings are forecast to show slower wage growth but at just above 4 percent, it is unlikely to prompt the Federal Reserve to consider lowering interest rates soon. Canada's employment report is also expected to indicate cooling but resilient labor market conditions, with the jobless rate seen ticking up to 5.9 percent. The Bank of Canada is monitoring whether wage pressures will continue easing.
European markets are closed for Easter Monday. Trading in the U.S. and Canada resumes after the Good Friday holidays.
The final US manufacturing PMI for March is expected to come in at 52.5, unchanged from the mid-month flash and 3 tenths higher than February.
US manufacturing activity is expected to be in contraction territory for a 17th straight month in March, with the sector index compiled by the Institute for Supply Management (ISM) forecast at 48.3, up slightly from a much lower-than expected 47.8 in February, when the index slumped 1.3 percentage points. New orders fell in February due to unfavorable effects of annual seasonal adjustments that had pushed them up in January.
Construction spending is expected to increase 0.5 percent on the month in February versus January's 0.2 percent dip that reflected a downturn for nonresidential spending which offset a rise for residential.
The Bank of Canada's quarterly Business Outlook Survey is expected to show sentiment among companies continued improving in January-March, with the business outlook indicator seen rising from minus 3.15 in October-December, when it marked its first increase in eight quarters.
Federal Reserve Board Governor Lisa Cook will give acceptance remarks before a Lifetime Achievement Awards Ceremony hosted by the Cook Center at Duke University at 6:50 p.m. EDT (2250 GMT).
The annual inflation rate in South Korea is expected to ease only slightly to 3.0 percent in March from 3.1 in February, when it rose from 2.8 percent in January. On the month, the CPI is seen up 0.3 percent after rising 0.5 percent in February.
The Bank of Korea will continue monitoring the slowing trend of inflation toward its 2 percent target. The bank maintained its policy rate at a restrictive level of 3.5 percent for a ninth straight meeting in February. It last raised the Base Rate by 25 basis points to the current level in January 2023. The next meeting is scheduled for April 12.
The Reserve Bank of Australia will release the minutes of its March 19 meeting at 11:30 a.m. AEDT Tuesday (8:30 p.m. EDT Monday/0030 GMT Tuesday). At the meeting, the RBA left its policy rate at 4.35 percent for a third straight meeting, as expected, after raising it by 25 basis points to 4.35 percent from 4.10 percent in November and having left rates on hold at its previous four meetings. Recent data indicate that inflation is easing but it remains high, the RBA said.
European markets are closed for Easter Monday. Trading in the U.S. and Canada resumes after the Good Friday holidays.
The final US manufacturing PMI for March is expected to come in at 52.5, unchanged from the mid-month flash and 3 tenths higher than February.
US manufacturing activity is expected to be in contraction territory for a 17th straight month in March, with the sector index compiled by the Institute for Supply Management (ISM) forecast at 48.3, up slightly from a much lower-than expected 47.8 in February, when the index slumped 1.3 percentage points. New orders fell in February due to unfavorable effects of annual seasonal adjustments that had pushed them up in January.
Construction spending is expected to increase 0.5 percent on the month in February versus January's 0.2 percent dip that reflected a downturn for nonresidential spending which offset a rise for residential.
The Bank of Canada's quarterly Business Outlook Survey is expected to show sentiment among companies continued improving in January-March, with the business outlook indicator seen rising from minus 3.15 in October-December, when it marked its first increase in eight quarters.
Federal Reserve Board Governor Lisa Cook will give acceptance remarks before a Lifetime Achievement Awards Ceremony hosted by the Cook Center at Duke University at 6:50 p.m. EDT (2250 GMT).
The annual inflation rate in South Korea is expected to ease only slightly to 3.0 percent in March from 3.1 in February, when it rose from 2.8 percent in January. On the month, the CPI is seen up 0.3 percent after rising 0.5 percent in February.
The Bank of Korea will continue monitoring the slowing trend of inflation toward its 2 percent target. The bank maintained its policy rate at a restrictive level of 3.5 percent for a ninth straight meeting in February. It last raised the Base Rate by 25 basis points to the current level in January 2023. The next meeting is scheduled for April 12.
The Reserve Bank of Australia will release the minutes of its March 19 meeting at 11:30 a.m. AEDT Tuesday (8:30 p.m. EDT Monday/0030 GMT Tuesday). At the meeting, the RBA left its policy rate at 4.35 percent for a third straight meeting, as expected, after raising it by 25 basis points to 4.35 percent from 4.10 percent in November and having left rates on hold at its previous four meetings. Recent data indicate that inflation is easing but it remains high, the RBA said.
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.
