Economic calendar: The US February CPI reading in the market spotlight

• Futures on Wall Street indices slightly rebound from recent losses, VIX declines, US100 gains 0.4%
• Prospects for the ceasefire between Ukraine and Russia support European indices
• U.S. CPI reading in focus; forecasts suggest slowing price pressure both YoY and MoM

Today, macro calendar is focused especially on US CPI February reading. We can expect that the reading in line with market expectations will support Wall Street, while data well below or above forecasts may pressure sentiments on Wall Street again. Also, oil may be volatile today due to the OPEC monthly report and EIA inventories change. Also, the USDCAD pair may be observed by traders today, not only because of disruptive tariffs fear, but especially because of BoC interest rates decision scheduled today, and BoC governor Macklem speech.

Economic Calendar

• 12 PM GMT – OPEC Monthly Oil Market Report
• 12:30 PM GMT – U.S. CPI Inflation (February): Expected 2.9% YoY vs. 3.0% previously (0.3% MoM vs. 0.5% previously)
  • Core CPI: Expected 3.2% YoY vs. 3.3% previously (0.3% MoM vs. 0.4% previously)
• 1:45 PM GMT – Canada, Bank of Canada Interest Rate Decision: Expected 2.75% vs. 3.00% previously
• 2:30 PM GMT – U.S. EIA Crude Oil Inventory Change: Expected +2M vs. +3.16M previously
  • Gasoline Inventories: Expected -1.613M vs. -1.433M previously
  • Distillate Inventories: Expected 0M vs. -1.3M previously

Central Bank Speakers

• 1:45 PM GMT – ECB’s Nagel
• 2:30 PM GMT – BoC’s Macklem
• 3:15 PM GMT – ECB’s Lane
• 4:30 PM GMT – ECB’s Panetta