- Bulk of US data expected to show improvement
- Canadian manufacturing sales seen rising after two months of decliens
- Bank of Japan Governor Haruhiko Kuroda to speak in the morning
On the final trading day of the week investors will be offered some interesting readings from the United States, including UoM sentiment index and industrial production figures. Apart from that, detailed data on the European inflation will be released in the morning. Traders from CAD market should keep on guard in the early afternoon as manufacturing sales reading will be released.
10:00 pm GMT - Euro area, CPI inflation for February (revision). The European CPI reading scheduled for today will be a second release therefore any major deviation from the initial print is unlikely to occur. In turn, any bigger price move on the EUR market in the aftermath of the reading would be quite surprising. However, detailed data on price changes in particular product groups released along with the revised reading may highlight points of interest.
12:30 pm GMT - Canada, Manufacturing sales for January. Canadian dollar regained some ground against the USD this week thanks to the weakness of the latter and another solid report from the Canadian labour market. However, Canadian manufacturing sales were quite disappointing in November and December 2018. Another decline on monthly basis could cause CAD to give back recent gains. Market consensus expects an advance of 0.4% MoM.
Data from the United States
A few readings from the United States are scheduled for release today and the may provide a quick update on the condition of the US economy ahead of FOMC meeting scheduled next week. Noteworthy prints:
- 12:30 pm GMT - Empire Manufacturing Index for March. Expected: 10 pts, previous: 8.8 pts
- 1:15 pm GMT - Industrial Production for February. Expected: 0.4% MoM, previous: -0.6% MoM
- 2:00 pm GMT - University of Michigan Consumer Sentiment for March. Expected: 95.3 pts, previous: 93.8 pts
As one can see an improvement is expected in each case. UoM data is most likely to cause some price swings while any decline in the industrial production on monthly basis may exert significant pressure on the USD.
Central bank speakers scheduled for today:
- 8:55 am GMT - BoJ Governor Kuroda
- 9:00 am GMT - ECB’s Rehn
EURUSD moved significantly higher on the back of the USD weakening this week. The pair climbed back above the 1.13 handle and may be set to push even higher in case US data disappoints and FOMC decides to deliver dovish message on Wednesday. Source: xStation5