Economic Calendar | March 6 – 10

Monday, March 6

As a rule, the macroeconomic calendar on Mondays is absolutely empty, but this time at the beginning of the week, retail sales data in the eurozone are published, which will inevitably have a significant impact on the foreign exchange market. The fact is that the growth rate was 0.3% on a monthly basis, which indicates that the European economy is beginning to recover. Even though the actual data turned out to be worse than analysts' forecasts (an increase of 1%).

Thus, the euro will start to grow on Monday, and the dollar, on the contrary, will lose some of its positions. Moreover, in the United States itself, factory orders are expected to decline by 3.7%, which will put even more pressure on the US currency.

Tuesday, March 7

The main event of Tuesday is the meeting of the Board of the Reserve Bank of Australia, during which the refinancing rate should be raised from 3.35% to 3.60%. And since an increase in interest rates always has a beneficial effect on the corresponding currency, the Australian dollar will show some growth during the day. 

Wednesday, March 8

The eurozone GDP data published on Wednesday will be ignored, since we are talking about the third assessment, which should only confirm the first two.

The focus of attention in the middle of the week will be the meeting of the Board of the Bank of Canada – according to its results, the refinancing rate should remain unchanged. Thus, the Bank of Canada will become the first significant central bank to stop the process of tightening monetary policy. And this fact will inevitably put significant pressure on the Canadian dollar, which will surely lose its positions. 

At the same time, employment data will be published in the United States, but they will have virtually no effect on the market due to the insignificance of changes. 

Thursday, March 9

On Thursday, you should pay attention to Japan's GDP data. However, the final data are published, and investors have long put preliminary estimates into the current quotes, which should confirm the final data. 

You can also pay attention to applications for unemployment benefits in the United States, but the changes will be more symbolic. Thus, Thursday will be the quietest and calmest trading day.

Friday, March 10

The main event of not only Friday, but the whole week, will be the publication of the report of the United States Department of Labor. The main issue is the number of new jobs created outside agriculture. In the previous month, 517 thousand were created. This time there may be only 210 thousand of them.

And although this indicator is sufficient to maintain the stability of the labor market, such a significant slowdown in the pace of job creation will be regarded as a clear deterioration in the labor market situation, which will lead to a noticeable weakening of the US dollar.

Against this background, all other publications on Friday may be ignored, since all the attention of market participants will be focused on the American labor market.