The global economy is always evolving, and there are many events that can influence it. In this blog post, we'll take a closer look at some of the key economic events taking place around the world in the coming weeks.
United States
The United States is home to the world's largest economy, and it is always in the spotlight when it comes to economic events. This week, all eyes will be on the Federal Reserve's monetary decision, which is highly anticipated due to recent turmoil in the banking sector. The Fed is expected to raise interest rates by 25 basis points to 5% in an effort to cool the economy and address elevated inflation. Investors will also be looking for updates on economic projections and dot plot estimates to gain insight into the Fed's views on inflation, economic growth, and unemployment outlooks.
Additionally, the Commerce Department will release February durable goods orders and new home sales figures, while S&P Global will publish March purchasing manager surveys to measure US manufacturing and service sector activities. The National Association of Realtors will report sales of previously owned US homes in February.
United Kingdom
The United Kingdom is another significant economic player in the world, and the Bank of England is expected to increase interest rates by 25bps to 4.25% to curb inflation, which is well above the 2% target. Traders are also waiting for flash S&P Global PMIs, Gfk consumer confidence, producer prices, retail trade, public sector net borrowing, and CBI gauge for factory orders.
Europe
In Europe, several central banks will be deciding on interest rates, including those in Switzerland, Norway, and Turkey. Flash S&P Global PMIs are expected to show private sector business activity across the Eurozone expanding for a third successive month in March, mainly due to a weaker contraction in the manufacturing sector. Consumer confidence in the Euro Area is expected to improve for the sixth month, while German investor sentiment is expected to edge down from a 1-year high. Other key economic data includes Eurozone's construction output and current account, Germany's producer prices, Switzerland's foreign trade, and final Q4 GDP figures for Spain and the Netherlands.
Asia
In Asia, the People's Bank of China is expected to leave its loan prime rates unchanged following fresh liquidity injections to support the country's economic rebound. The Bank of Japan's Summary of Economic Opinions will provide insight into Governor Kuroda's last meeting, and Japan will release CPI data for February and flash PMI figures for March. The central bank of the Philippines will set its interest rate, while Malaysia will release its February CPI print. In Australia, the focus will be on PMI data for March and the minutes from the RBA's latest meeting, as it may provide signals on the peak of the cash rate.
Conclusion
These are just some of the key economic events taking place around the world in the coming weeks. It is essential to stay up-to-date with the latest developments in the global economy to make informed decisions about investments and other financial matters. Whether you're a trader, investor, or just interested in the global economy, keeping an eye on these events can provide valuable insights into the state of the world's economies.
Disclaimer: ChatGPT, a language model, was used as an aid in the creation of this post. We want to be transparent and honest about our use of ChatGPT. Please note that while ChatGPT was helpful in speeding up the writing process, it was not relied upon to solely create the content of this post. The opinions and views expressed in this post are solely those of the author and not influenced by ChatGPT or any other language model.