Here are some of the important economic data that will be the focus of the market throughout the week.
European Gross Domestic Product Data (Tuesday 6.00pm): The final reading for updated European GDP growth for the last quarter of 2020 is expected to be unchanged at -0.6% as previously published.
China Inflation Data (Wednesday 9.30am): The reading for China's annual inflation rate published for February is expected to remain as weak as the previous reading. Consumer spending is an important indicator of the health of a country's economy and China as the world's second largest economy will be the focus of investors.
US Inflation Data (Wednesday 9.30pm): Inflation rates in the United States (US) are expected to increase for February in anticipation of the current economic recovery. The inflation reading is expected to increase to 0.4% from 0.3%, while the core reading is expected to increase to 0.2% from 0.0%.
Central Bank of Canada Policy Meeting (Wednesday 11.00pm): The Bank of Canada (BOC) is expected to keep interest rates at the lowest level of 0.25% which has been lowered to that level since March last year. A hawkish -toned statement by the central bank is expected to support the strengthening of the Canadian dollar in the market.
European Central Bank Policy Meeting (Thursday 8.45pm): The European Central Bank (ECB) is still maintaining its current policy while offsetting rising global bond yields. Investors expect interest rates to be maintained and the follow -up statement will be an indication of future monetary policy.
UK Gross Domestic Product Data (Friday 3.00pm): The UK monthly GDP growth data report has recorded an increase to 1.2% last December. Will the market see a further increase in readings for January anyway?
Canadian Employment Data Report (Friday 9.30pm): The Canadian labor sector has looked bleak for the past few months with job growth readings for January falling to -212,800. The unemployment rate increased significantly to 9.4% from 8.6%. The report for February is awaited by the market.
