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Economic calendar: UK budget and US data

8:27 AM 3 March 2021

  • European markets expected to open higher

  • ADP expected to show 177k employment gain in February

  • Rishi Sunak to announce UK budget

European markets are expected to open higher following an upbeat Asian session. Recovery move is being continued and DAX futures trade within a striking distance of an all time high. Today's calendar is full of data revisions. However, there are some readings scheduled that should have an impact on the markets. ADP report at 1:15 pm GMT will be a strong hint ahead of Friday's NFP and therefore has a chance to move the markets. US services ISM at 3:00 pm GMT may also result in elevated volatility. Oil traders want to focus on DOE data at 3:30 pm GMT after API report showed an unexpected build yesterday. Last but not least, UK finance minister Rishi Sunak is set to present the UK budget today, a proposal that may include higher taxes. GBP traders should stay on guard near 12:30 pm GMT.

8:15 am GMT - Spain, services PMI for February. Expected: 42.5. Previous: 41.7

8:45 am GMT - Italy, services PMI for February. Expected: 46. Previous: 44.7

8:50 am GMT - France, services PMI for February (final). First release: 43.6

8:55 am GMT - Germany, services PMI for February (final). First release: 45.9

9:00 am GMT - Euro area, services PMI for February (final). First release: 44.7

10:00 am GMT - Italy, GDP report for Q4 2020 (revision). First release: -2% QoQ

9:30 am GMT - UK, services PMI for February (final). First release: 49.7

12:30 pm GMT - UK finance minister Sunak announces UK budget

1:15 pm GMT - US, ADP employment report for February. Expected: 177k. Previous: 174k

1:30 pm GMT - Canada, building permits for January. Expected: 1% MoM. Previous: -4.1% MoM

2:45 pm GMT - US, services PMI for February (final). First release: 58.9

3:00 pm GMT - US, non-manufacturing ISM for February. Expected: 58.7. Previous: 58.7

3:30 pm GMT - DOE report on oil inventories.

  • Oil inventories. Expected: -1.85 mb

  • Gasoline inventories. Expected: -2.1 mb

  • Distillate inventories. Expected: -2.9 mb

Central bankers' speeches

  • 3:00 pm GMT - ECB de Guindos

  • 3:00 pm GMT - Fed Harker

  • 5:00 pm GMT - Fed Bostic

  • 6:00 pm GMT - Fed Evans 

  • 8:15 pm GMT - RBNZ Governor Orr

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