The Week Ahead: 20-24 March

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The US economy is healthy and unemployment is falling according to Janet Yellen, thus, the central bank is expected to increase the rates at least twice more this year

Last week was eventful to say the least with the British Pound enjoying strong appreciation across the board and the US Dollar experiencing its worst day in two months. Across the Pond the Federal reserve chose to raise rates for the second time in three months sticking to their outlook of two further this year. Janet Yellen followed the decision with a less than upbeat speech stating no plans of speeding up the pace on monetary tightening. The Dollar subsequently fell to more than two week lows against its peers boosting Cable to fresh multi week highs.

Sterling was supported by a split decision by Bank of England MPC members regarding the UK’s interest rate decision. Despite keeping rates on hold as expected Kirsten Forbes had a change of view voting to raise rates in the near future. Chatter soon followed that other members may not be far from changing their own opinions. This gave the Pound further support resulting in strong prices across the board.

The Euro depreciated last week amid fresh political concerns seeing far-right anti-EU leader Marine Le Pen widening her lead over opponent Emmanuel Macron in the first round of France’s presidential elections.

Looking ahead at this week Indigo FX has selected the main economic events most likely to move exchange rates.

Monday

  • 51min Eurozone EU Finance Minister’s Meeting
  • 16:45 Eurozone – German Buba President Weidmann Speaks
  • 18:20 UK – BoE MPC Member Haldane Speaks
  • 23:30 USD – United States President Trump Speaks

Tuesday

  • 09:30 GBP – CPI (YoY) (Feb)
  • 09:30 GBP – CPI (MoM) (Feb)
  • 09:30 PPI Input (MoM) (Feb)
  • 09:30 PPI Output (MoM) (Feb)
  • 09:30 RPI (MoM) (Feb)
  • 09:30 BoE Gov Carney Speaks
  • 10:00 FOMC Member Dudley Speaks
  • 16:00 FOMC Member George Speaks
  • 22:00 FOMC Member Mester Speaks

Wednesday

  • 10:35 Eurozone German 10-Year Bund Auction
  • 11:30 Eurozone ECB’s Lautenschlaeger Speaks
  • 14:00 USD Existing Home Sales (Feb)
  • 14:30 USD Crude Oil Inventories

Thursday

  • 07:00 Eurozone GfK German Consumer Climate (Apr)
  • 09:15 UK BoE MPC Member Broadbent Speaks
  • 09:30 UK Retail Sales (YoY) (Feb)
  • 09:30 UK Retail Sales (MoM) (Feb)
  • 12:30 USD Initial Jobless Claims
  • 12:45 USD Fed Chair Yellen Speaks
  • 14:00 USD New Home Sales (Feb)
  • 14:00 USD New Home Sales (MoM) (Feb)
  • 14:45 Eurozone ECB’s Lautenschlaeger Speaks

Friday

  • 08:30 Eurozone German Manufacturing PMI (Mar)
  • 08:30 Eurozone German Service PMI (Mar)
  • 09:00 Eurozone Manufacturing PMI (Mar)
  • 09:00 Eurozone Markit Composite PMI (Mar)
  • 09:00 Eurozone Service PMI (Mar)
  • 09:30 UK BBA Mortgage Approvals
  • 12:00 USD Chicago Fed President Evans Speaks
  • 12:30 USD Core Durable Goods Order (MoM) (Feb)
  • 12:30 USD Durable Goods Order (MoM) (Feb)
  • 13:05 USD FOMC Member Bullard Speaks
  • 13:45 USD Manufacturing PMI (Mar)
  • 13:45 USD Service PMI (Mar)
  • 14:00 USD FOMC Member Dudley Speaks