TC Economic Insight - The Week Ahead (Mar 4 - 8)


Kim Ming Lam


March 2, 2024



Min Read

TC Economic Insight - The Week Ahead (Mar 4 - 8)

Using Trading Central's "Economic Insight" investors can check out up-coming major economic data.

We are looking into the trading week of March 4 - 8:

We can select economic data of "High", "Medium" or "Low" importance, or any combination of such filters:

We can select which economies to focus on:

U.S. Federal Reserve Chairman Jerome Powell will make his semiannual monetary policy report to Congress in the coming week.

He will testify before the House on March 6 (Wednesday) and the Senate on March 7 (Thursday).

Investors will certainly focus on Powell’s tone (hawkish or dovish?) to gauge the timing of the Federal Reserve’s first rate cut. Currently they widely expect the central bank to start cutting rates in June.

In the past 4 times when Powell testified in Congress, EUR/USD fell in 75% of times (3 out of 4 events) within one hour from the report’s release, marking a trading range of 59.25 pips on average.

Forecasts of Key Economic Data:

Monday (March 4)

AU Building Permits (JAN) +3.6% MoM

Tuesday (March 5)

JP Tokyo Core Consumer Prices (FEB) +2.4% YoY

CN Caixin Services PMI (FEB) to rise to 53.4

FR Industrial Production (JAN) +0.4% MoM


EA Producer Prices (JAN) -7.4% YoY

US Factory Orders (JAN) -4.9% MoM

US ISM Services PMI (FEB) to decline to 52.9

Wednesday (March 6)

AU GDP (Q4) +1.5% YoY

DE Trade Surplus (JAN) to rise to 22.6 billion euros

EA Retail Sales (JAN) +0.3% MoM

US ADP Employment Change (FEB) +90,000

US Fed Chairman Jerome Powell to Testify Before U.S. House

CA Bank of Canada expected to keep key rate unchanged at 5.00%

CA Ivey PMI (FEB) may ease to 56.0

Thursday (March 7) 

AU Trade Surplus (JAN) may rise to A$11.9 billion

CN Trade Surplus (JAN-FEB) may rise to $106.0 billion

CN Exports (JAN-FEB) +3.0% YoY

GB Halifax House Price Index (FEB) +1.0% MoM

EA European Central Bank expected to keep key rate unchanged at 4.5%

US Fed Chairman Jerome Powell to Testify Before U.S. Senate

US Initial Jobless Claims (MAR/02) to increase to 217,000

US Trade Deficit (JAN) may widen to $64.5 billion

CA Trade Deficit (JAN) may widen to C$700 million

Friday (March 8)

JP Household Spending (JAN) -3.9% YoY

DE Industrial Production (JAN) +0.8% MoM 

DE Producer Prices (JAN) -7.3% YoY

US Non Farm Payrolls (FEB) +195,000

US Unemployment Rate (FEB) may remain at 3.7%

US Average Hourly Earnings (FEB) +0.3% MoM

Happy Trading!

Source: Trading Central Economic Insight

Kim Ming Lam

Head of APAC Research
Ming graduated from Hong Kong University with a Bachelor's degree in mechanical engineering. He has been working in the financial services sector for over 10 years. He is currently tasked with providing clients with technical analysis views on forex and Asian stock indexes.
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