FX Market Outlook: What to Expect in the Second Week of March

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Investors are gearing up for a busy week ahead with the focus primarily on the US labor market and Fed Chair Powell. The global financial markets are hoping for a 25-basis point rate hike in March while the hawks are pushing for a 50-basis point move.

Market Outlook for the Dollar

ets are hoping for a 25-basis point rate hike in March, while the hawks are pushing for a 50-basis point move.

Market Outlook for the Dollar

Investors will be keeping a close eye on the ADP nonfarm payrolls and JOLTs job openings data on Wednesday. The ADP numbers will have a significant impact on the markets, and the quit rates from the JOLTs job openings will give us a clue about the current labor market conditions.

Friday’s February jobs report will be the talk of the town. Economists are predicting that the US unemployment rate will rise from 3.4% to 3.5%. Another jump in nonfarm payrolls and an unexpected fall in unemployment would create chaos in the markets.

Fed Chair Powell will testify on Tuesday and Wednesday, and the markets are hoping for a 25-basis-point rate hike in March. However, the hawks are pushing for a 50-basis point move, which would test the risk appetite in the first half of the week.

Outlook for the EUR

 

The German economy will be under the microscope, with factory orders drawing interest on Tuesday, followed by retail sales and industrial production numbers on Wednesday.

The euro area GDP numbers for Q4 will also be out on Wednesday, but the finalized numbers are not expected to make much of an impact on the EUR and the European equity markets.

Other stats include euro area retail sales (Mon) and finalized German inflation figures (Fri), but let’s be honest, we all know they’re not going to be the most exciting news of the week.

Outlook for the Pound

It’s a big week ahead for the pound, with GDP, industrial and manufacturing production, and trade data in focus. The markets are hoping for better-than-expected numbers to deliver pound support after the better-than-expected private sector PMI numbers for February.

However, investors will have to wait until Friday for the key statistics of the week, and the pound is expected to remain volatile until then. Get ready for a wild ride, folks!

In summary, the global financial markets are in for a hectic week ahead, with the US labor market and Fed Chair Powell taking center stage. The German economy will also be under the microscope, while the pound is expected to remain unpredictable. Let’s buckle up and see where this economic rollercoaster takes us!