Here are some of the important economic data that will be the focus of the market throughout the week.
UK Employment Data Report (Tuesday 2.00pm): Wage growth was still good in the UK when the data report for January was published at 4.8% and expectations for February slightly eased to 4.7%. Unemployment claims jumped 86,600 in February and are expected to decline to around 24,500 for March.
UK Inflation Data (Wednesday 2.00pm): With movement restriction orders increasingly eased in the UK, inflation rates are expected to rise higher. Inflation is expected to rise to 0.8% for March from 0.4% previously.
Central Bank of Canada Monetary Policy Meeting (Wednesday 10.00pm): Focus will be on the Bank of Canada (BOC) policy meeting on Wednesday with interest rates expected to remain at 0.25%. A good economic recovery in Canada expects the BOC to reduce government bond purchases. If that happens, Canada will be the first G-7 country to implement policy tightening since the pandemic.
European Central Bank Monetary Policy Meeting (Thursday 7.45pm): The European Central Bank (ECB) is expected to maintain current policy and investors will pay close attention to the central bank's follow -up statement on inflation and the pandemic emergency program.
European Manufacturing and Services PMI data (Friday 4.00pm): The European session over the weekend will see readings of manufacturing and services sector data starting in France, Germany before following up with readings for the European zone. The rising figures will give an indication of still good economic health and will support the movement of the Euro currency in the market.
UK Manufacturing and Services PMI Data (Friday 4.30pm): Next will be the reading of manufacturing and services sector data in the UK. The reading remains good after the figure soared above the 50.0 level since June 2020.
US Manufacturing and Services PMI Data (Friday 9.45pm): And in the New York session, readings of services and manufacturing data in the United States will be the focus before this week’s trading ends. The US economic sector is expected to continue to show positive readings while economic assistance programs in the US continue to be monitored by investors.
