The main event of the week will be the US Nonfarm Payrolls report. Economists expect the US economy to add 238,000 jobs in March. The report will be published on Good Friday, when most financial markets worldwide will be closed. Also, this week there will be meetings of the central banks of Australia (RBA) and New Zealand (RBNZ), where further rate hikes are expected, but there may be surprises. OPEC countries will meet on Monday to discuss further plans for oil production levels. Other economic events will have little impact on pricing, but that does not mean they should be overlooked.
Monday, April 03
The financial week will start actively. On Monday, there will be a lot of data on business activity in various countries. Switzerland will report on inflation, and OPEC countries will meet to discuss oil production levels. On Sunday, it became known that the OPEC countries will reduce oil production, so the volatility with oil will be high. It's a bank holiday in China.
Main events of the day:
- – Japan Tankan Large Manufacturers Index (q/q) at 02:50 (GMT+3);
- – Japan Tankan Large Non-Manufacturers Index (q/q) at 02:50 (GMT+3);
- – Japan Manufacturing PMI (m/m) at 03:30 (GMT+3);
- – Australia Retail Sales (m/m) at 04:30 (GMT+3);
- – Switzerland Consumer Price Index (m/m) at 09:30 (GMT+3);
- – German Manufacturing PMI (m/m) at 10:55 (GMT+3);
- – Eurozone Manufacturing PMI (m/m) at 11:00 (GMT+3);
- – UK Manufacturing PMI (m/m) at 11:30 (GMT+3);
- – OPEC Meeting (m/m) at 13:00 (GMT+3);
- – Canada Manufacturing PMI (m/m) at 16:30 (GMT+3);
- – US ISM Manufacturing PMI (m/m) at 17:00 (GMT+3);
- – Canada BoC Business Outlook Survey at 17:30 (GMT+3).
Tuesday, April 04
On Tuesday, traders will mainly focus on the Interest Rate Decision and Statement from the Reserve Bank of Australia. Australia's Central Bank is expected to go for a final interest rate hike of 25 basis points to 3.85%. It's a bank holiday in China and India.
Main events of the day:
- – Australia RBA Interest Rate Decision at 07:30 (GMT+3);
- – Australia RBA Rate Statement at 07:30 (GMT+3);
- – Canada Building Permits (m/m) at 15:30 (GMT+3);
- – US JOLTs Job Openings (m/m) at 17:00 (GMT+3).
Wednesday, April 05
The Reserve Bank of New Zealand will hold its monetary policy meeting on Wednesday. The RBNZ is expected to raise the interest rate by 0.25%. And thus align the rate with the US Federal Reserve. There will also be several events on services PMI from different countries, but their impact on the financial markets will be weak. It's a bank holiday in China and Hong Kong.
Main events of the day:
- – New Zealand RBNZ Interest Rate Decision at 05:00 (GMT+3);
- – New Zealand RBNZ Rate Statement at 05:00 (GMT+3);
- – Australia RBA Governor Lowe Speaks at 05:30 (GMT+3);
- – German Services (m/m) PMI at 10:55 (GMT+3)
- – Eurozone Services (m/m) PMI at 11:00 (GMT+3);
- – UK Services PMI (m/m) at 11:30 (GMT+3);
- – US ADP Nonfarm Employment Change (m/m) at 15:15 (GMT+3);
- – Canada Trade Balance (m/m) at 15:30 (GMT+3);
- – US Trade Balance (m/m) at 15:30 (GMT+3);
- – US ISM Services PMI (m/m) at 17:00 (GMT+3);
- – US Crude Oil Reserves (w/w) at 17:30 (GMT+3).
Thursday, April 06
Thursday will bring various statistics for many countries. India's Central Bank will hold an interest rate meeting. Volatility in the Nifty 50 Index will increase. China will release data on activity in the manufacturing and service sectors. This data has a strong effect on Asian indices such as the FTSE China A50 (CHA50) and Hang Seng (HK50). Germany will publish data on industrial production, where analysts expect a sharp decline.
Main events of the day:
- – Australia Trade Balance (m/m) at 04:30 (GMT+3);
- – China Caixin Manufacturing PMI (m/m) at 04:45 (GMT+3);
- – China Caixin Services PMI (m/m) aе 04:45 (GMT+3);
- – Indian Interest Rate Decision at 07:30 (GMT+3);
- – Switzerland Unemployment Rate (m/m) at 08:45 (GMT+3);
- – German Industrial Production (m/m) at 09:00 (GMT+3);
- – UK Construction PMI (m/m) at 11:30 (GMT+3);
- – US Initial Jobless Claims (w/w) at 15:30 (GMT+3);
- – Canada Ivey PMI (m/m) at 17:00 (GMT+3);
- – US Natural Gas Storage (w/w) at 17:30 (GMT+3).
Friday, April 07
Good Friday will be celebrated around the world on April 7. It's a bank holiday in the Eurozone, United Kingdom, Switzerland, Canada, Australia, New Zealand, Singapore, Hong Kong, and India. Most financial exchanges will be closed. But the US will release important labor market data – the Nonfarm payroll. Economists expect the US economy to have added 238,000 jobs in March after an increase of 311,000 in February. The volatility could be exorbitant with low liquidity, so traders should be extra cautious about taking risks on that day.
Main events of the day:
- – US Nonfarm Payrolls (m/m) at 15:30 (GMT+3);
- – US Unemployment Rate (m/m) at 15:30 (GMT+3).
by , 2023.04.03
We advise you to get acquainted with the daily forecasts for the major currency pairs.This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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