February 26 – March 1, 2024 Economic report and policy meetings
February 25
Singapore: Industrial Production (YoY and MoM) - January
February 26
Brazil: Brazilian Central Bank (BCB) Focus Market Readout
Euro-Zone: European Central Bank (ECB) President Lagarde Speech; Germany: GfK Consumer Confidence – March, France: Consumer Confidence – February
Israel: Interest Rate Decision
Japan: Inflation Rate (YoY) – January, Core Inflation Rate (YoY) – January, Inflation Rate Ex-Food and Energy (YoY) – January
U.S.: New Home Sales (MoM) – January
February 27
Australia: Monthly CPI Indicator - January
Euro-Zone: France: Unemployment Benefit Claims – January
Japan: Coincident Index Final – December, Leading Economic Index Final – December
Mexico: Balance of Trade - January
New Zealand: Reserve Bank of New Zealand (RNBZ) Interest Rate Decision, RNBZ Press Conference
U.S.: Durable Goods Orders (MoM) – January, Durable Goods Orders Excluding Transportation (MoM) – January, House Price Index (MoM) – December, Conference Board Consumer Confidence – February, Federal Reserve’s Barr Speech
S&P CoreLogic releases its Case-Shiller Home Price Indices for December. Home prices are estimated to have jumped 6.3% year over year in 20 major metropolitan areas, according to FactSet, an acceleration from November’s 5.4% growth.
February 28
Australia: Housing Credit (MoM) – January, Retail Sales (MoM) Preliminary - January
Canada: Average Weekly Earnings (YoY) – December
Euro-Zone: Consumer Confidence Final – February, Economic Sentiment – February, Industrial Sentiment – February, Italy: Business Confidence – February, Consumer Confidence – February, Spain: Business Confidence – February, Germany: Retail Sales (YoY) – January, France: Inflation Rate (YoY) Preliminary – February, Inflation Rate (MoM) Preliminary – February
Japan: Foreign Bond Investment – February 24th, Industrial Production (YoY) Preliminary – January, Retail Sales (YoY) – January, Bank of Japan (BoJ) Hajime Speech, Housing Starts (YoY) - January
New Zealand: ANZ Business Confidence – February
Russia: Unemployment Rate – January
U.K.: Nationwide Housing Prices (YoY) – February, Bank of England (BoE) L Mann Speech
U.S.: GDP Growth Rate (QoQ) 2nd Estimate – 4th Qtr., GDP Price Index (QoQ) 2nd Estimate – 4th Qtr., Goods Trade Balance Advance – January, Retail Inventories Excluding Autos (MoM) Advance – January, MBA Survey Indexes - Mortgage Market Index, Mortgage Applications (February 23), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (February 23), Federal Reserve’s Bostic Speech, Federal Reserve’s Collins Speech, Federal Reserve’s Williams Speech
February 29
Australia: Judo Bank Manufacturing Purchasing Managers Index (PMI) Final – February
Brazil: Unemployment Rate - January
Canada: GDP Growth Rate Annualized – 4th Qtr., GDP Growth Rate (QoQ) – 4th Qtr., GDP (MoM) – December, GDP (MoM) Preliminary - January
China: NBS Manufacturing Purchasing Managers Index (PMI) – February, NBS Non-Manufacturing PMI – February
Euro-Zone: Spain: Inflation Rate (MoM) Preliminary – February, Inflation Rate (YoY) Preliminary – February, Germany: Unemployment Change – February, Unemployment Rate – February, Unemployed Persons – February, Germany: Inflation Rate (YoY) Preliminary – February, Inflation Rate (MoM) Preliminary - February
India: GDP Growth Rate (YoY) – 4th Qtr., Fiscal Year GDP Growth 2nd Estimate (2023-24), Fiscal Year GDP Growth Final (2022-23)
Indonesia: Inflation Rate (YoY) – February
Japan: Unemployment Rate – January, Consumer Confidence - February
Mexico: Unemployment Rate – January
Netherlands: Inflation Rate (YoY) Preliminary - February
New Zealand: Building Permits (MoM) – January
Russia: S&P Global Manufacturing Purchasing Managers Index (PMI) - February
South Africa: Balance of Trade – January
South Korea: Exports (YoY) - February
Switzerland: GDP Growth Rate (YoY) 4th Qtr., GDP Growth Rate (QoQ) – 4th Qtr., KOF Leading Indicators – February, Retail Sales (YoY) - January
U.K.: Mortgage Approvals – February, Mortgage Lending – January
U.S.: Core Personal Consumption Expenditures (PCE) Price Index (YoY) – January, PCE Price Index (YoY) – January, Core PCE Price Index (MoM) – January, PCE Price Index (MoM) – January, Personal Income (MoM) – January, Personal Spending (MoM) – January, Pending Home Sales (YoY)- January, Continuing Jobless Claims – February 17, Initial Jobless Claims – February 24, Department of Energy (DOE) U.S. Crude Oil Inventories (February 23), DOE Cushing OK Crude Inventory (February 23), DOE U.S. Gasoline Inventories (February 23), DOE U.S. Distillate Inventory (February 23), DOE U.S. Refinery Utilization (February 23), DOE Crude Oil Implied Demand (February 23), Gasoline Implied Demand (February 23), Distillate Implied Demand (February 23), API Crude Oil Stock Change (February 23), EIA Natural Gas Stocks Change – February 23, Federal Reserve’s Bostic Speech, Federal Reserve’s Goolsbee Speech, Federal Reserve’s Mester Speech, Federal Reserve’s Williams Speech
The Bureau of Economic Analysis releases the personal-consumption expenditures index for January. Consensus estimate as measured by FactSet has the PCE rising 2.4% year over year, compared with a 2.6% rise in December. The core measure, which strips out energy and food prices, is expected to gain 2.8% year over year, compared with a 2.9% rise in December. Federal Reserve officials have said they want to see the core measure on a sustainable path to 2% growth before they start cutting interest rates.
March 1
Brazil: GDP Growth Rte (QoQ) – 4th Qtr., GDP Growth Rate (YoY) – 4th Qtr.
Canada: S&P Global Manufacturing Purchasing Managers Index (PMI) – February
Euro-Zone: Core Inflation Rate (YoY) Flash – February, Inflation Rate (MoM) Flash – February, Inflation Rate (YoY) Flash – February, Unemployment Rate – January, HCOB Manufacturing Purchasing Managers Index (PMI) Final – February, Italy: Unemployment Rate – January, Full Year GDP Growth (2024), Inflation Rate (YoY) Preliminary – February, Inflation Rate (MoM) Preliminary – February, Spain: HCOB Manufacturing Purchasing Managers Index (PMI) – February, France: HCOB Manufacturing Purchasing Managers Index – February, Germany: HCOB Manufacturing Purchasing Managers Index (PMI) Final – February, Italy: Government Budget (2023)
Mexico: Business Confidence – February
Switzerland: procure.ch Manufacturing Purchasing Managers Index (PMI) - February
U.K.: S&P Global Manufacturing Purchasing Managers Index (PMI) Final - February
U.S.: Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) – February, University of Michigan Consumer Sentiment Final – February, Construction Spending (MoM) – January, S&P Global Manufacturing Purchasing Managers Index (PMI) Final – February, Baker Hughes U.S. Rig Count – March 1, Federal Reserve’s Waller Speech, Federal Reserve’s Bostic Speech, Federal Reserve’s Kugler Speech
Bold denotes likely market-moving newsflash which traders consider significant to foreign exchange levels or otherwise important/noteworthy information, i.e., market holiday’s which will affect standard settlement dates.
Contact Comerica Foreign Exchange
800.746.6439
248.371.6808
800.318.9062
562.951.2450
800.736.6734
214.890.4341
416.367.4438
This is not a complete analysis of every material fact regarding any company, industry or security. The information and materials herein have been obtained from sources we consider to be reliable, but Comerica Capital Markets does not warrant, or guarantee, its completeness or accuracy. Materials prepared by Comerica Capital Markets personnel are based on public information. Facts and views presented in this material have not been reviewed by, and may not reflect information known to, professionals in other business areas of Comerica Capital Markets, including investment banking personnel.
The views expressed are those of the author at the time of writing and are subject to change without notice. We do not assume any liability for losses that may result from the reliance by any person upon any such information or opinions. This material has been distributed for general educational/informational purposes only and should not be considered as investment advice or a recommendation for any particular security, strategy or investment product, or as personalized investment advice.