7 Important Economic Data News Market Focus This Week (March 6-10, 2023)


 Here are some of the important economic data that will be the focus of the market throughout this week.

Australian Central Bank Policy Meeting (Tuesday 11.30 AM): The second meeting of the year, the Reserve Bank of Australia (RBA) is expected to maintain interest rate increases of 25 basis points to 3.60%. Investors will be watching to see if Governor Philip Lowe's statements will remain hawkish or change at the latest meeting.

US ADP Employment Data (Wednesday 9.15pm): Measuring private sector employment in America, the growth figure for February is forecast to be better than previously. This is likely to give positive initial expectations for the NFP report.

Central Bank of Canada Policy Meeting (Wednesday 11.00 PM): The market is now awaiting the interest rate decision by the Bank of Canada (BOC) which is predicted to not increase or decrease. The interest rate will remain at 4.50%.

Bank of Japan Policy Meeting (Friday): As the market will continue to expect, the Bank of Japan (BOJ) will continue to keep interest rates low at -0.10%. The central bank's follow-up statement will be watched and drive the movement of the Yen.

UK GDP data (Friday 3.00pm): After contracting in the previous month, UK economic growth for January is forecast to recover slightly.

Canadian Employment Data (Friday 9.30pm): Forecasts show the Canadian labor sector will be more gloomy for the February reading. Job growth is expected to slow to around 6,000 while the unemployment rate is forecast to rise to 5.1% from 5.0%.

US NFP Employment Data (Friday 9.30 PM): Being the main focus and curtain-raiser for the week, the US employment data report will provide an early indication of the Federal Reserve's (Fed) monetary policy. The data reading will also drive the movement of the USD currency heading into the next week's trading.