Economic Calendar for the Week: Key Events to Watch

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Economic Calendar for the Week: Key Events to Watch

Monday, February 27

• US: S&P Global Manufacturing PMI (February) (09:45 ET): Forecast 47.8 (Previous 47.8)

The S&P Global Manufacturing PMI is a closely watched indicator of manufacturing activity in the United States. A reading below 50 indicates contraction, while a reading above 50 indicates expansion. A weaker-than-expected reading could weigh on the US dollar and boost risk appetite.

• US: ISM Manufacturing PMI (February) (10:00 ET): Forecast 47.9 (Previous 47.4)

The ISM Manufacturing PMI is another key indicator of manufacturing activity in the United States. A reading below 50 indicates contraction, while a reading above 50 indicates expansion. A stronger-than-expected reading could support the US dollar and dampen risk appetite.

Tuesday, February 28

• Eurozone: Consumer Confidence (February) (05:00 ET): Forecast -19.0 (Previous -20.9)

Consumer confidence in the Eurozone has been improving in recent months, but remains well below pre-pandemic levels. A better-than-expected reading could boost the euro and support risk appetite.

• US: JOLTs Job Openings (January) (10:00 ET): Forecast 11.0 million (Previous 11.2 million)

JOLTs Job Openings measure the number of job openings in the United States. A higher-than-expected reading could indicate a tight labor market and support the Federal Reserve’s hawkish stance. This could boost the US dollar and dampen risk appetite.

Wednesday, March 1

• US: ADP Employment Change (February) (08:15 ET): Forecast 200,000 (Previous 106,000)

ADP Employment Change is a private sector employment report that provides a preview of the official nonfarm payrolls report. A stronger-than-expected reading could boost the US dollar and dampen risk appetite.

• US: FOMC Meeting Minutes (January) (14:00 ET)

The Federal Open Market Committee (FOMC) meeting minutes will provide insights into the Fed’s latest discussions on monetary policy. Hawkish comments could support the US dollar and dampen risk appetite, while dovish comments could weaken the dollar and boost risk appetite.

Thursday, March 2

• Eurozone: Retail Sales (January) (05:00 ET): Forecast 1.8% YoY (Previous 1.9% YoY)

Retail sales in the Eurozone have been slowing in recent months, reflecting the impact of high inflation and rising interest rates. A weaker-than-expected reading could weigh on the euro and dampen risk appetite.

• US: Nonfarm Payrolls (February) (08:30 ET): Forecast 200,000 (Previous 517,000)

Nonfarm Payrolls is the most important employment report in the United States. A stronger-than-expected reading could boost the US dollar and dampen risk appetite, as it would indicate a tight labor market and support the Fed’s hawkish stance.

• US: Unemployment Rate (February) (08:30 ET): Forecast 3.4% (Previous 3.4%)

The unemployment rate is a measure of the percentage of the labor force that is unemployed. A lower-than-expected reading could boost the US dollar and dampen risk appetite, as it would indicate a tight labor market and support the Fed’s hawkish stance.

Friday, March 3

• US: ISM Services PMI (February) (10:00 ET): Forecast 55.1 (Previous 55.2)

The ISM Services PMI is a closely watched indicator of activity in the US services sector. A reading below 50 indicates contraction, while a reading above 50 indicates expansion. A weaker-than-expected reading could weigh on the US dollar and boost risk appetite.

Key Themes to Watch

• Inflation: Inflation remains a key concern for central banks around the world. The release of inflation data this week will be closely watched for signs of moderating price pressures.
• Labor Market: The labor market in the United States remains tight, with a low unemployment rate and high levels of job openings. The release of employment data this week will be scrutinized for signs of any softening in the labor market.
• Fed Policy: The Federal Reserve is expected to continue raising interest rates this year in an effort to combat inflation. The release of the FOMC meeting minutes this week will be closely watched for any hints about the Fed’s future policy path.
• Economic Growth: Economic growth is slowing in many parts of the world, as high inflation and rising interest rates weigh on consumer spending and business investment. The release of economic data this week will be closely watched for signs of a further slowdown in growth.

Market Implications

• US Dollar: A stronger-than-expected economic data could support the US dollar, as it would indicate a tight labor market and support the Fed’s hawkish stance. Conversely, a weaker-than-expected data could weaken the dollar and boost risk appetite.
• Risk Appetite: A positive economic outlook could boost risk appetite, as investors become more confident about the prospects for economic growth. Conversely, a negative economic outlook could dampen risk appetite, as investors become more cautious about the future.

Disclaimer: The information provided in this economic calendar is for informational purposes only and should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions.

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