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28 Feb 2021
3 min read

A Look Ahead into the Week

A Look Ahead into the Week

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

  • Eventful week for traders and investors
  • US nonfarm payrolls and unemployment rate set for the end of week

The week starting Monday, March 1, will present a diverse set of economic data coming from around the globe. Monday, as the first trading day of the month, kicks off with euro-related data arriving from Germany. Investors will monitor the German Manufacturing PMI data for February to see how the economy performed in the manufacturing sector. The report is due at 03:55 am EST. Later, at 04:30 am, the UK follows with its Manufacturing PMI data, also for February. The US presents the latest ISM Manufacturing PMI figures at 10:00 am. At 10:30 pm, Australia will release its March interest rate decision, followed by a press conference by the Reserve Bank of Australia. The central bank is expected to leave interest rates unchanged at 0.10%.

Global Unemployment Data Ahead

On Tuesday, Germany will present its jobs report for February at 03:55 am. In January, the biggest European economy lost 41,000 jobs, according to the report issued by the labor office. Later, at 05:00 am, the eurozone will release February’s CPI data. Investors will watch whether the numbers point to rising inflation as concerns for higher prices are already mounting on both sides of the Atlantic. At 08:30 am, Canada will publish its GDP report (MoM) for December. Australia will follow at 7:30 pm with its GDP figures (QoQ) for the last quarter of 2020.

Wednesday’s most significant economic data starts with the UK reporting its Composite and Services PMI data for February at 04:30 am. At 08:15 am, the US presents February’s ADP nonfarm employment change, followed by the ISM non-manufacturing PMI numbers at 10:00 am. Australia is set to publish January’s retail sales numbers (MoM) at 7:30 pm.

Thursday will be rather quiet with Construction PMI data for February coming from the UK at 04:30 am. And Friday, as the first Friday of the month, brings us the latest US nonfarm payrolls and unemployment rate. The statistics, set to arrive at 08:30 am, will be closely monitored by investors as the indicators will be used to gauge whether the US economy is recovering the jobs lost during the pandemic. For January, the US added 49,000 new jobs while the unemployment rate landed at 6.3%.

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