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Bank of Canada expected to cut rates
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Market forecasts small drop in ISM non-manufacturing
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Incoming BoE Governor to speak in Parliament
8:55 am GMT - Germany, services PMI for February (final). Expected: 53.3 pts
9:00 am GMT - Euro area, services PMI for February (final). Expected: 52.8 pts
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Create account Try a demo Download mobile app Download mobile app9:30 am GMT - UK, services PMI for February (final). Expected: 53.3 pts
12:00 pm GMT - Brazil, GDP for Q4 2019. Expected: 0.5% QoQ. Previous: 0.6% QoQ
1:15 pm GMT - US, ADP employment change for February. As always ADP estimates will serve as a final check ahead of Friday’s NFP report. Relatively small jobs growth is expected in February as market estimates point to 170k addition. Last month ADP showed the creation of 291k jobs in the US economy.
3:00 pm GMT - Bank of Canada rate decision. The Bank of Canada was widely expected last week to hold rates unchanged. However, everything has changed after yesterday’s Fed rate cut. Now 25 bp cut is a baseline scenario while 50 bp cut cannot be ruled out.
3:00 pm GMT - US, ISM non-manufacturing for February. ISM manufacturing managed to hold above 50 pts in February showing a limited impact of coronavirus outbreak. However, the service sector could be more vulnerable. Market expects a minor drop from 55.5 to 54.9 pts in February.
3:30 pm GMT - DOE report on oil inventories. API report released yesterday showed a smaller than expected build of 1.7 million barrels. DOE report is forecasted to show 2.85 mb increase in oil inventories, 2 mb decrease in gasoline stocks and 1.88 mb decrease in distillate stockpiles. However, oil traders are more focused on OPEC meeting that will be held tomorrow.
Central bankers’ speeches
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2:15 pm GMT - Incoming BoE Governor Bailey speaks in Parliament
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6:00 pm GMT - BoE Deputy Governor Broadbent
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