As March 10 approaches, global markets brace for a series of significant economic releases and influential speeches. Key data points such as the Average Cash Earnings, Current Account, Bank Lending, the preliminary Coincident Index, and the Leading Economic Index are set for release. In addition, the Eco Watchers Survey will provide insight into economic perceptions. These events are poised to offer a window into economic trends and consumer sentiment.
Germany takes center stage with its decision to loosen fiscal policies, marking a shift from its traditional approach of austerity and reliance on monetary policy. This move could have widespread implications, potentially stimulating growth across Europe. The continent has long been associated with sluggish growth and stringent fiscal measures, making Germany's fiscal expansion noteworthy.
In the United States, the release of the Nonfarm Payrolls and Unemployment Rate will captivate market attention. These indicators are crucial for assessing labor market health and economic momentum. Meanwhile, investors keep a watchful eye on WTI crude oil prices, which have shown volatility around the $66.00 mark per barrel. The fluctuations come amid OPEC+ strategies, uncertainty surrounding US tariffs, and rising US crude oil supplies.
The European Central Bank's President Christine Lagarde and Executive Board Member Isabel Schnabel are scheduled to speak, potentially providing insights into the ECB's policy stance. Similarly, Federal Reserve officials including Jerome Powell, Kugler, Raphael Bostic, Michelle Bowman, and John Williams are also expected to address the public, contributing to market sentiment.
The AUD/USD currency pair demonstrated upward movement, reaching multi-day highs near 0.6360 before losing some momentum. Meanwhile, GBP/USD touched new four-month highs above 1.2900 but concluded the day with minimal change from Wednesday's close. Market participants look forward to the Westpac Consumer Confidence Index release in Australia on March 11 for further directional cues.
The euro area anticipates another estimate of Q4 GDP Growth Rate alongside quarterly Employment Change figures and Germany’s Factory Orders. These releases will be integral in assessing economic recovery within the region.
The EUR/USD advanced past the 1.0800 barrier on Thursday, driven by a significant decline in the US Dollar. Meanwhile, gold prices consolidated around $2,900 for the second consecutive day while remaining vigilant of the all-time high at $2,956. Silver prices continued their upward trend reaching two-week highs at $32.70.
In the UK, the Halifax House Price Index and the BBA Mortgage Rate are slated for release. These will be followed by speeches from Bank of England's Catherine Mann, potentially influencing monetary policy expectations.