Weekly Economic Calendar

March 17 – March 22, 2024 Economic report and policy meetings

March 17

China: Fixed Asset Investment YTD (YoY) – January/February, Industrial Production (YoY) January/February, Retail Sales (YoY) January/February, Unemployment Rate – February

Japan: Machinery Orders (YoY) - January  

New Zealand: Services NZ PSI – February, Consumer Inflation Expectations – March

March 18

Australia: Reserve Bank of Australia (RBA) Interest Rate Decision, RBA Press Conference

Brazil: Brazilian Central Bank (BCB) Focus Market Readout

China: Foreign Direct Investment (FDI) YTD (YoY) – February

Euro-Zone: Core Inflation Rate (YoY) Final – February, Balance of Trade – January, Inflation Rate (MoM) Final – February, Inflation Rate (YoY) Final – February, Spain: Balance of Trade – January

Japan: Bank of Japan (BoJ) Interest Rate Decision, Industrial Production (YoY) Final – January   

U.S.: National Association of Home Builders (NAHB) Housing Market Index –

March 19

Canada: Core Inflation Rate (MoM) – February, Core Inflation Rate (YoY) -February, Inflation Rate (YoY) – February, Inflation Rate (MoM) – February 

Euro-Zone: ZEW Economic Sentiment Index – March, Germany: ZEW Economic Sentiment Index – March, ZEW Current Conditions – March, Spain: Consumer Confidence - February   

Netherlands: Consumer Confidence – March

Switzerland: Balance of Trade – February   

South Korea: Unemployment Rate – February   

U.S.: Building Permits Preliminary – February, Building Permits (MoM) Preliminary – February, Housing Starts (MoM) – February, Net Long-term Treasury International Capital Flows – January

A busy week for global central banks commences, with the Bank of Japan announcing its monetary-policy decision. Trades are pricing in about a 50% chance that the central bank will raise its key short-term interest rate to zero from negative 0.1%, which would end the BoJ’s negative interest-rate policy that has been in effect since early 2016. The Reserve Bank of Australia also announces its decision on Tuesday, with the Bank of England and Swiss National Bank following suit on Thursday.

March 20

Australia: Employment Change – February, Unemployment Rate – February, Full Time Employment Change – February, Judo Bank Manufacturing Purchasing Managers Index Flash – March, Judo Bank Services Purchasing Managers Index Flash – March, Reserve Bank of Australia (RBA) Woods Speech

Brazil: Brazilian Central Bank Interest Rate Decision

Euor-Zone: Consumer Confidence Flash – March, Italy: Industrial Production (MoM) – January, Industrial Production (YoY) – January

India: HSBC Composite Purchasing Managers Index (PMI) Flash – March, HSBC Manufacturing PMI Flash – March, HSBC Services PMI Flash - March

Japan: Reuters Tankan Index – March, Balance of Trade – February

Netherlands: Unemployment Rate - February

New Zealand: GDP Growth Rate (YoY) – 4th Qtr., GDP Growth Rate (QoQ) 4th Qtr. – 4th Qtr.

South Africa: Inflation Rate (MoM) – February, Inflation Rate (YoY) – February

U.K.: Core Inflation Rate (YoY) – February, Inflation Rate (YoY) – February, Inflation Rate (MoM) – February

U.S.: Federal Reserve Interest Rate Decision, Federal Open Market Committee (FOMC) Economic Projections, Federal Reserve Press Conference, MBA Survey Indexes - Mortgage Market Index, Mortgage Applications (March 15), Mortgage Market Change, Mortgage Refinance Index, Refinancing Change, MBA Mortgage Approvals (March 15), Department of Energy (DOE) U.S. Crude Oil Inventories (March 15), DOE Cushing OK Crude Inventory (March 15), DOE U.S. Gasoline Inventories (March 15), DOE U.S. Distillate Inventory (March 15), DOE U.S. Refinery Utilization (March 15), DOE Crude Oil Implied Demand

The Federal Open Market Committee announces its monetary-policy decision and releases an updated Summary of Economic Projections. The FOMC is widely expected to keep the federal-funds rate unchanged at a multi-decade high of 5.25% to 5.50%. In December, the SEP showed that the FOMC forecast three quarter-point interest-rate cuts in 2024. Wall Street began this year expecting roughly six quarter-point rate cuts but has since pared that back to about three. Despite this, the S&P 500 index has made 17 record highs this year.

March 21

Canada: New Housing Price Index (YoY) – February

Euro-Zone: New Car Registrations (YoY) – February, ECB General Council Meeting, HCOB Composite Purchasing Managers Index (PMI) Flash – March, HCOB Manufacturing PMI Flash – March, HCOB Services PMI Flash – March, France: Business Confidence – March, HCOB Composite Purchasing Managers Index (PMI) Flash – March, HCOB Manufacturing PMI Flash – March, HCOB Services PMI Flash - March

Japan: Inflation Rate (YoY) – February, Core Inflation Rate (YoY) – February, Inflation Rate Excluding Food and Energy (YoY) – February, Foreign Bond Investment – March 16th    

New Zealand: Balance of Trade – February

Norway: Norges Bank Interest Rate Decision

Switzerland: Swiss National Bank (SNB) Interest Rate Decision

U.K.: Bank of England (BoE) Interest Rate Decision, BoE MPC Vote Cut, BoE MPC Vote Hike, BoE MPC Vote Unchanged, MPC Meeting Minutes, Public Sector Net Borrowing – February, S&P Global Composite Purchasing Managers Index (PMI) Flash – March, S&P Global Manufacturing PMI Flash – March, S&P Global Services PMI Flash – March, Gfk Consumer Confidence – March

U.S.: Philadelphia Federal Reserve Manufacturing Index – March, S&P Global Composite Purchasing Managers Index (PMI) Flash – March, S&P Global Manufacturing PMI Flash – March, S&P Global Services PMI Flash – March, Conference Board Leading (Economic) Index (MoM) – February, Existing Home Sales (MoM) – February, Continuing Jobless Claims – March 9, Initial Jobless Claims – March 16

March 22

Canada: Retail Sales (MoM) - January

Euro-Zone: Germany: Ifo Business Climate – March

Mexico: Economic Activity (YoY) – January, Mid-month Inflation Rate (MoM) – March, Mid-month Inflation Rate (YoY) - March

Poland.: Unemployment Rate – February   

Switzerland.: Current Account – 4th Qtr.

U.K.: Retail Sales Excluding Fuel (YoY) – February, Retail Sales (YoY) - February

U.S.: Federal Reserve’s Bostic Speech, Baker Hughes U.S. Rig Count – March 22

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.