The scheduled economic data releases were generally neglected last week, as investors reacted to scary news about globally spreading corona virus. The first half of the week was actually quite positive, as stocks have been retracing some of their quick sell-off. However, the sentiment worsened again at the end of the week, as the OPEC Meeting’s negative outcome overweighed Friday’s better than expected U.S. jobs data release. What about the coming week? Will the economic data releases move markets more than virus news? Let’s take a look at the details.
The Week Behind
Last week’s economic data releases have been overshadowed by the ongoing coronavirus crisis again. Monday’s and Wednesday’s PMI numbers releases aligned with a stock market’s rebound, but Friday’s much-awaited and much better than expected Nonfarm Payrolls release didn’t help bulls. Overall, financial markets continued to react to news about COVID-19 virus and its potential economic global impact, as investors generally neglected the scheduled economic data releases. However, in our last week’s Market News Report we stressed the importance of Thursday’s-Friday’s OPEC Meetings. And the price of oil plummeted following their negative outcome.
The Week Ahead
What about the coming week? We won’t have particularly important economic data releases in the coming days. So it is very likely that investors will continue to react to the mentioned virus scare. However, the market will likely await the U.S. Consumers and Producers inflation numbers on Wednesday and Thursday. Thursday’s ECB Rate Decision will also be much awaited. Then there will be economic data releases from Australia and the U.K. Let’s take a look at key highlights:
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Wednesday’s and Thursday’s U.S. Consumer Price Index and Producer Price Index will likely be the most important economic news this week.
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On Thursday we will get a very important economic data release from the Eurozone: Main Refinancing Rate, Monetary Policy Statement, ECB Press Conference
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Wednesday’s U.K.’s GDP along with Manufacturing Production releases will be important for the British Pound currency pairs.
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We will also get the Reserve Bank of Australia Deputy Governor Debelle Speech on Tuesday.
You will find this week’s the key news releases below (EST time zone). For your convenience, we broken them down per market to which they are particularly important, so that you know what to pay extra attention to, if you have or plan to have positions in one of them. Moreover, we put the particularly important news in bold. This kind of news is what is more likely to trigger volatile movements. The news that are not in bold usually don’t result in bigger intraday moves, so unless one is engaging in a particularly active form of day trading, it might be best to focus on the news that we put in bold. Of course, you are free to use the below indications as you see fit. As far as we are concerned, we are usually not engaging in any day trading during days with “bold” events on a given market. However, in case of more medium-term trades, we usually choose to be aware of the increased intraday volatility, but not change the currently opened position.
Our Market News Report consists of two different time-related perspectives. The investors’ perspective is only suitable for the long-term investments. The single economic data releases rarely cause major outlook changes. Hence, we will only see a handful of bold markings every week. On the other hand, the traders’ perspective is for traders and day-traders, because the assets’ prices are likely to react on a single piece of economic data. So, there will be a lot more bold markings on potentially market-moving news every week.
Gold, Silver, and Mining Stocks
Wednesday, March 11
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8:30 a.m. U.S. - CPI m/m, Core CPI m/m
Thursday, March 12
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8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
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8:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement, ECB Press Conference
Tuesday, March 10
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4:30 p.m. U.S. - API Weekly Crude Oil Stock
Wednesday, March 11
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8:30 a.m. U.S. - CPI m/m, Core CPI m/m
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10:30 a.m. U.S. - Crude Oil Inventories
Thursday, March 12
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8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
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8:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement, ECB Press Conference
Stock Markets
Wednesday, March 11
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8:30 a.m. U.S. - CPI m/m, Core CPI m/m
Thursday, March 12
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8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
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8:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement, ECB Press Conference
Wednesday, March 11
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8:30 a.m. U.S. - CPI m/m, Core CPI m/m
Thursday, March 12
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8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
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8:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement, ECB Press Conference
No important economic news scheduled
Wednesday, March 11
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5:30 a.m. U.K. - GDP m/m, Manufacturing Production m/m
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7:30 a.m. U.K. - Annual Budget Release
Thursday, March 12
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8:45 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement, ECB Press Conference
No important economic news scheduled
Tuesday, March 10
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6:00 p.m. Australia - RBA Deputy Governor Debelle Speech
Summing up, if you’re an investor and not a trader, you should pay extra attention to Thursday’s ECB monetary policy update. On Wednesday and Thursday we will also get the U.S. inflation data. Plus, on Wednesday there will be quite an important economic data release in the U.K.