Sunday Mar 20 2022 06:34
8 min
Developments in Ukraine will be front and centre for market participants this week as they have been since the invasion began on Feb 24th. Meanwhile, after a busy week for central banks it’s back to some economic survey data with the Eurozone flash purchasing managers’ index (PMI) series. Plus we have the UK Spring Statement and inflation data out of Britain, too.
Ukraine-Russia conflict
Last week saw headlines drive price action and unless there is meaningful progress towards peace it’s likely that markets will remain sensitive to news. Oil prices stabilised throughout last week, and other commodities have been less volatile, though prices remain elevated.
Eurozone data
Euro area PMI surveys will be pored over for the impact Russia’s invasion of Ukraine has had on consumer and business sentiment, inflation expectations and economic activity. Whilst there had been some signs of improvement in some of the survey data, the war will undoubtedly see these tumble. PMIs are diffusion indices that measure whether participants think things are better or worse than the month before – they will plunge.
UK Spring Statement
Following last week’s Bank of England decision, it’s the turn of fiscal policy with the UK Spring Statement on Wednesday. It’s unclear what goodies the Chancellor has up his sleeve, but gilt market and sterling will be sensitive to the announcement. Ahead of the statement is the UK CPI inflation report for the month of February, which is set to rise further from the +5.5% level hit in January.
Major economic data
| Sun Mar 20 | 9:45pm | NZD | Trade Balance |
| Mon Mar 21 | All Day | JPY | Bank Holiday |
| 12:01am | GBP | Rightmove HPI m/m | |
| 2:00am | NZD | Credit Card Spending y/y | |
| 7:00am | EUR | German PPI m/m | |
| Tentative | EUR | German Buba Monthly Report | |
| 8:00pm | NZD | Westpac Consumer Sentiment | |
| Tue Mar 22 | 5:00am | JPY | BOJ Core CPI y/y |
| 7:00am | GBP | Public Sector Net Borrowing | |
| 9:00am | EUR | Current Account | |
| 11:00am | GBP | CBI Industrial Order Expectations | |
| 12:30pm | CAD | IPPI m/m | |
| CAD | RMPI m/m | ||
| 2:00pm | USD | Richmond Manufacturing Index | |
| 8:00pm | CAD | Annual Budget Release | |
| Wed Mar 23 | 7:00am | GBP | CPI y/y |
| GBP | Core CPI y/y | ||
| GBP | PPI Input m/m | ||
| GBP | PPI Output m/m | ||
| GBP | RPI y/y | ||
| 9:30am | GBP | HPI y/y | |
| Tentative | GBP | Annual Budget Release | |
| 2:00pm | USD | New Home Sales | |
| 2:30pm | AUD | CB Leading Index m/m | |
| USD | Crude Oil Inventories | ||
| 3:00pm | EUR | Consumer Confidence | |
| 10:00pm | AUD | Flash Manufacturing PMI | |
| AUD | Flash Services PMI | ||
| 11:50pm | JPY | Monetary Policy Meeting Minutes | |
| Thu Mar 24 | 12:30am | JPY | Flash Manufacturing PMI |
| 8:15am | EUR | French Flash Services PMI | |
| EUR | French Flash Manufacturing PMI | ||
| 8:30am | CHF | SNB Monetary Policy Assessment | |
| CHF | SNB Policy Rate | ||
| EUR | German Flash Manufacturing PMI | ||
| EUR | German Flash Services PMI | ||
| 9:00am | EUR | ECB Economic Bulletin | |
| EUR | Flash Manufacturing PMI | ||
| EUR | Flash Services PMI | ||
| 9:30am | CHF | SNB Press Conference | |
| GBP | Flash Manufacturing PMI | ||
| GBP | Flash Services PMI | ||
| Tentative | GBP | 10-y Bond Auction | |
| Tentative | EUR | German 30-y Bond Auction | |
| 11:00am | GBP | CBI Realized Sales | |
| 12:30pm | USD | Core Durable Goods Orders m/m | |
| USD | Durable Goods Orders m/m | ||
| USD | Unemployment Claims | ||
| USD | Current Account | ||
| 1:45pm | USD | Flash Manufacturing PMI | |
| USD | Flash Services PMI | ||
| 2:30pm | USD | Natural Gas Storage | |
| 11:30pm | JPY | Tokyo Core CPI y/y | |
| 11:50pm | JPY | SPPI y/y | |
| Fri Mar 25 | 12:01am | GBP | GfK Consumer Confidence |
| 7:00am | EUR | German Import Prices m/m | |
| GBP | Retail Sales m/m | ||
| Tentative | GBP | FPC Meeting Minutes | |
| Tentative | GBP | FPC Statement | |
| 9:00am | EUR | German IFO Business Climate | |
| EUR | M3 Money Supply y/y | ||
| EUR | Private Loans y/y | ||
| 2:00pm | EUR | Belgian NBB Business Climate | |
| USD | Revised UoM Consumer Sentiment | ||
| USD | Pending Home Sales m/m | ||
| USD | Revised UoM Inflation Expectations |
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