Highlights
Before the European and US markets open, the Reserve Bank of India is expected to announce its monetary policy decision at 10 a.m. in Mumbai Friday (0:30 a.m. EDT/0430 GMT). The RBI is expected to hold rates steady for a seventh straight meeting. The bank's Monetary Policy Committee decided in a 5-to-1 vote to leave its policy rate unchanged at 6.50 percent in February (one member called for a 25-basis point cut and changing the stance to neutral), following a series of rate hikes through February 2023. At around 5 percent, India's inflation rate is steady but is easing gradually toward the mid-point of the Reserve Bank of India's target range of 2.0 percent to 6.0 percent.
German manufacturing orders are expected to increase a monthly 0.8 percent in February versus January's 11.3 percent plunge and December's 12.0 percent surge in swings tied to major orders.
The UK Halifax house price index is expected to rise 0.3 percent on the month in March after a 0.4 percent gain in February.
In France, industrial production is expected to increase 0.6 percent in February after falling a much sharper-than-expected 1.1 percent in January, a month-over-month fall that was likely exaggerated by seasonal adjustment issues in December.
The UK construction purchasing managers' Index (PMI) is expected to move up from 49.7 in February to match the 50-expansion threshold in March.
Eurozone retail sales volumes in February are expected to fall 0.2 percent on the month in February after edging 0.1 percent higher in January that left intact a subdued trend.
The US jobs data is forecast to show a solid 200,000 rise in nonfarm payrolls in March, following a 275,000 increase in February, which was higher than expected but included a sharp downward revision to a still strong 229,000 in January.
Average hourly earnings in March are expected to rise 0.3 percent on the month for a year-over-year rate of 4.1 percent; these would compare with February's rates of 0.1 percent on the month and 4.3 percent on the year. The Federal Reserve would need a further easing in wage pressures to consider an interest rate cut. March's unemployment rate is expected to hold unchanged at February's 3.9 percent, which was higher than expected.
Canada's employment report is also expected to indicate cooling but resilient labor market conditions. Employment in March is expected to rise 25,000 after February's 40,700, which well exceeded Econoday's consensus for a second month in a row. March's unemployment rate is expected to edge a tenth higher to 5.9 percent. The Bank of Canada is monitoring whether wage pressures will continue easing.
US consumer credit is expected to increase $17.3 billion in February versus a higher-than-expected increase of $19.5 billion in January.
Boston Federal Reserve Bank President Susan Collins will give welcome remarks before the virtual Conference on the Financial Stability Implications of Stablecoins hosted by the Federal Reserve Bank of Boston at 8:30 a.m. EDT (1230 GMT).
Richmond Federal Reserve Bank President Thomas Barkin will speak before the Greater Baltimore Committee"Pulse Check: The Scorecard Summit 2024 at 9:15 a.m. EDT (1315 GMT).
Dallas Federal Reserve Bank President Lorie Logan will speak before an event hosted by the Duke University Department of Economics at 11 a.m. EDT (1500 GMT).
Federal Reserve Board Governor Michelle Bowman will speak on"Risks and Uncertainty in Monetary Policy: Current & Past Considerations" before the Shadow Open Market Committee Spring Meeting at 12:15 p.m. EDT (1615 GMT).
German manufacturing orders are expected to increase a monthly 0.8 percent in February versus January's 11.3 percent plunge and December's 12.0 percent surge in swings tied to major orders.
The UK Halifax house price index is expected to rise 0.3 percent on the month in March after a 0.4 percent gain in February.
In France, industrial production is expected to increase 0.6 percent in February after falling a much sharper-than-expected 1.1 percent in January, a month-over-month fall that was likely exaggerated by seasonal adjustment issues in December.
The UK construction purchasing managers' Index (PMI) is expected to move up from 49.7 in February to match the 50-expansion threshold in March.
Eurozone retail sales volumes in February are expected to fall 0.2 percent on the month in February after edging 0.1 percent higher in January that left intact a subdued trend.
The US jobs data is forecast to show a solid 200,000 rise in nonfarm payrolls in March, following a 275,000 increase in February, which was higher than expected but included a sharp downward revision to a still strong 229,000 in January.
Average hourly earnings in March are expected to rise 0.3 percent on the month for a year-over-year rate of 4.1 percent; these would compare with February's rates of 0.1 percent on the month and 4.3 percent on the year. The Federal Reserve would need a further easing in wage pressures to consider an interest rate cut. March's unemployment rate is expected to hold unchanged at February's 3.9 percent, which was higher than expected.
Canada's employment report is also expected to indicate cooling but resilient labor market conditions. Employment in March is expected to rise 25,000 after February's 40,700, which well exceeded Econoday's consensus for a second month in a row. March's unemployment rate is expected to edge a tenth higher to 5.9 percent. The Bank of Canada is monitoring whether wage pressures will continue easing.
US consumer credit is expected to increase $17.3 billion in February versus a higher-than-expected increase of $19.5 billion in January.
Boston Federal Reserve Bank President Susan Collins will give welcome remarks before the virtual Conference on the Financial Stability Implications of Stablecoins hosted by the Federal Reserve Bank of Boston at 8:30 a.m. EDT (1230 GMT).
Richmond Federal Reserve Bank President Thomas Barkin will speak before the Greater Baltimore Committee"Pulse Check: The Scorecard Summit 2024 at 9:15 a.m. EDT (1315 GMT).
Dallas Federal Reserve Bank President Lorie Logan will speak before an event hosted by the Duke University Department of Economics at 11 a.m. EDT (1500 GMT).
Federal Reserve Board Governor Michelle Bowman will speak on"Risks and Uncertainty in Monetary Policy: Current & Past Considerations" before the Shadow Open Market Committee Spring Meeting at 12:15 p.m. EDT (1615 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.
