Economic calendar: USDCAD awaits February's jobs data

• Coronavirus concerns pressure markets

• Traders await jobs data from the US and Canada

• 4 Fed speakers in the afternoon

Markets are once again dominated by coronavirus concerns. Spike in the number of US cases caused a sharp pullback on Wall Street. DAX is expected to launch the session over 2% lower. German factory orders data released at 7:00 am GMT showed an increase of 5.5% MoM in February (exp. +1.3% MoM) but it is unlikely to shift sentiment significantly. Traders should focus on coronavirus-related news and US jobs data.

1:30 pm GMT - US, NFP report for February. The Federal Reserve delivered an emergency 50 basis point rate cut earlier this week. However, the move failed to boost confidence, at least when we take a look at stock market performance. Market is pricing in another rate cut for March 18 and poor jobs data could encourage Fed bankers further. ADP print pointed at an increase of 183k jobs but last month’s data was revised lower significantly. NFP report is expected to show an increase of 175k jobs. Wage growth should slow to 3% YoY (prev. 3.1% YoY).

1:30 pm GMT - Canada, labour market report for February. Bank of Canada decided to cut interest rates by 50 basis points this week. While data from the country did not warrant such a cut, the Bank acted to offset the impact of the coronavirus. February is the month when the virus started to spread worldwide so today’s data may capture some of the impact. Employment is expected to increase by 10k jobs

1:30 pm GMT - US, trade balance for January. Expected: -$46.2 billion. Previous: -$48.9 billion

3:00 pm GMT - US, wholesale inventories for January (final). Expected: -0.2% MoM

Central bankers’ speeches

• 7:30 am GMT - Riksbank Deputy Governor Ohlsson

• 2:20 pm GMT - Fed’s Evans

• 4:20 pm GMT - Fed’s Bullard

• 7:00 pm GMT - Fed’s Williams

• 8:30 pm GMT - Fed’s George