It’s a bright new month and the real work starts for the UK now. On March 29, Theresa May began Britain’s exit from the European Union by invoking Article 50 of the Lisbon Treaty. Over the weekend, the tensions surrounding Gibraltar grew, with a senior minister claiming that Theresa May “would go to war” regarding the overseas territory, which was somewhat Thatcheresque. On another note, Donald Trump said that ‘’Brexit is very good for UK.’’ “I would have thought when it happened that more would follow, but I really think the European Union is getting their act together.” He added, “It could be a very good thing for both.”(source Financial Times)
In addition, a new poll suggested that the UK is safer for their reserve investments than the Eurozone. ‘’The UK’s decision to quit the EU has not affected the popularity of sterling as an investment currency so far, with 71 per cent of respondents saying the attractiveness of the pound was undimmed in the longer term.’’ (source Financial Times)
So, what’s expected this week?
As it’s the start of a new month, all eyes will be on job reports data from the US. On Wednesday, we will have the minutes of meeting from the ECB. The US will be in the limelight this week, with the non-farm payrolls report for the month of March revealed this Friday. We will also have some interesting developments on Brexit as the negotiations commence. We should not be surprised to witness further volatility as has become expected during Brexit negotiations and particularly after the recent statements by the UK Prime Minister, Theresa May.
Here’s everything you need to know about this week’s economic events:
Monday
08:55 – Eurozone German Manufacturing PMI (Mar)
09:00 – Eurozone Manufacturing PMI (Mar)
09:30 – GBP Manufacturing PMI (Mar)
10:00 – Eurozone Unemployment Rate (Feb)
14:45 – USD M anufacturing PMI (Mar)
15:00 – USD ISM Manufacturing Employment (Mar)
15:00 – USD ISM Manufacturing PMI (Mar)
Tuesday
09:30 – GBP Construction PMI (Mar)
10:00 – Eurozone Retail Sales (MoM) (Feb)
Wednesday
08:55 – German Services PMI (Mar)
09:30 – GBP Service PMI (Mar)
12:30 – ECB Publishes Account of Monetary Policy Meeting
13:15 – USD ADP Nonfarm Employment Change (Mar)
14:45 – USD Markit Composite PMI (Mar)
14:45 – USD Service PMI (Mar)
15:00 – USD ISM Non-Manufacturing PMI (Mar)
15:30 – Crude Oil Inventories
Thursday
08:00 – Eurozone German Factory Orders (MoM) (Feb)
Friday
08:00 – German Industrial Production (MoM) (Feb)
08:30 – GBP Halifax House Price Index (MoM) (Mar)
08:30 – GBP Halifax House Price Index (YoY) (Mar)
09:30 – GBP Industrial Production (MoM) (Feb)
09:30 – GBP Manufacturing Production (MoM) (Feb)
13:30 – USD Average Hourly Earnings (MoM) (Mar)
13:30 – USD Non-farm Payrolls
