Week's main events (March 7 – March 11)

Last week, investors' attention was focused on the war in Ukraine. Now it is a major geopolitical and economic tragedy. Western countries have imposed tough sanctions against Russia for its invasion of Ukraine. The world's largest companies have ceased cooperation with the Russian market. Russia has lost international support, investors are trying to withdraw their investments from the country, but the Russian government has already introduced laws prohibiting or restricting currency withdrawal. The Moscow Stock Exchange was closed last week, and Russian securities fell by 70-100% on international exchanges. This week, investors will also focus on war and geopolitics. As for economic events, traders and investors should pay attention to the consumer price index (inflation rate) in the US on Thursday, as well as to the ECB interest rates meeting. Analysts expect another jump in inflation in the US, and the ECB is unlikely to change its monetary policy because of the war in Ukraine.

Monday, March 7
There will be no important economic events on this day, so the focus will be on the next round of negotiations between Russia and Ukraine.
Main events of the day:
  • – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+2);
  • – German Retail Sales (m/m) at 09:00 (GMT+2).
Tuesday, March 8
On Tuesday, traders will be keeping a close eye on the quarterly EU GDP report. No surprises are expected. But analysts expect German industrial production levels to rise from the previous month.
Main events of the day:
  • – German Industrial Production (m/m) at 09:00 (GMT+2);
  • – Eurozone GDP (q/q) at 12:00 (GMT+2).
Wednesday, March 9
The most important Wednesday's release for investors will be inflation rates in China, both consumer and producer. Analysts expect to see a decline in producer inflation in China. Also, traders should not miss the US Crude Oil Inventories data, significantly affecting oil prices. The White House said on Friday that the Biden administration is considering cutting Russian oil imports as the Senate accelerates consideration of a bill to ban energy imports from Russia completely.
Main events of the day:
  • – Australia RBA Lowe’s Speech at 00:15 (GMT+2);
  • – Japan GDP (q/q) at 01:50 (GMT+2);
  • – China Consumer Price Index (m/m) at 03:30 (GMT+2);
  • – China Producer Price Index (m/m) at 03:30 (GMT+2);
  • – US JOLTS Job Openings (m/m) at 17:00 (GMT+2);
  • – US Crude Oil Reserves (w/w) at 17:30 (GMT+2).
Thursday, March 10
Thursday will bring various statistics for many countries. The most important release for investors will be the Consumer Price Index in the United States. Investors should also pay attention to the ECB's Interest Rate Decision. No surprises are expected, but the volatility on currency pairs with the euro will increase sharply.
Main events of the day:
  • – Japan Producer Price Index (m/m) at 01:50 (GMT+2);
  • – Eurozone ECB Monetary Policy Statement at 14:45 (GMT+2);
  • – Eurozone ECB Interest Rate Decision at 14:45 (GMT+2);
  • – US Consumer Price Index (m/m) at 15:30 (GMT+2);
  • – US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
  • – US Natural Gas Storage (w/w) at 17:30 (GMT+2).
Friday, March 11
On Friday, traders will closely watch the monthly UK GDP report and German CPI data. Inflation in Germany is expected to remain at the same level. Investors should also keep a close eye on the preliminary Consumer Sentiment from the University of Michigan. This data will show how households are coping with rising price pressures.
Main events of the day:
  • – Australia RBA Lowe’s Speech at 00:15 (GMT+2);
  • – UK GDP (m/m) at 09:00 (GMT+2);
  • – UK Industrial Production (m/m) at 09:00 (GMT+2);
  • – UK Manufacturing Production (m/m) at 09:00 (GMT+2);
  • – German Consumer Price Index (m/m) at 09:00 (GMT+2);
  • – Canada Unemployment Rate (m/m) at 15:30 (GMT+2);
  • – US Michigan Consumer Sentiment (m/m) at 17:00 (GMT+2).

by Justforex, 2022.03.07

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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