1. Four Interest Rate Decisions & NFP In focus
With four interest rate decisions and the U.S.’s most anticipated job’s report on the horizon, we are in for a very busy week! The RBA (Reserve Bank of Australia) will be releasing its latest interest rate decision on Tuesday and it is expected to keep the rates pat at 1.50%. The Bank of Canada (BoC) will follow suit on Wednesday and it is likely to remain dovish with regards to its monetary policy as Trump’s recent tariffs have had a negative impact on Canada’s economic health. On Thursday the
European Central Bank is expected to keep its interest rates unchanged at 0.00%. However, investors are expecting some hawkish remarks from Mario Draghi. The fourth interest rate decision will come on Friday from the Bank of Japan which is also expected to keep the interest rates on hold at -0.10%. However, Governor Haruhiko Kuroda’s Press Conference may drive volatility in the market.
On Friday we are also in for the U.S. Non-Farm Employment Change, one of the most awaited economic reports of the month. The US economy is expected to have added 204K jobs in February, any reading above that forecast could provide some much needed support to the USD. You can find a detailed listing of all major future events along with their respective date, time, forecast, the underlying currency on BDSwiss’ Economic Calendar.*
2. EUR In For A Ride On Italian Election Results
Italy’s election results are just out and they have revealed a major victory for the Eurosceptic MS5 Di Maio. The anti-establishment led by 31-year-old Luigi Di Maio, which is now in for a chance to form a grand coalition post-election. It is important to note that, while not being completely against the European Union, M5S is wary of the bloc’s plans for integration, criticising Brussels for abandoning southern European states in favour of their wider projects. The euro will remain prone to volatility this week as M5S lays out its future action plans. It is also worth noting that the common currency (EUR) found some support today as Germany’s Social Democrats (SPD) decisively backed another coalition with Chancellor Angela Merkel’s conservatives.**
3. Oil Prices Climb On OPEC Meeting
Oil prices climbed early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston. The upcoming meeting has raised expectations that oil producers would discuss further how to clear a global oil glut. Specifically, U.S. West Texas Intermediate (USOIL) crude rose 66 cents, or 1.1 percent, to $61.88 per barrel as of 8:50 GMT this morning.***
You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.