Category: Forex News

Central banks are back on the agenda this week

By Published On: March 6, 20241.1 min readViews: 2200 Comments on Central banks are back on the agenda this week

Adam had a post on the BOC yesterday: What’s priced in for the Bank of Canada ahead of Wednesday’s decision

And we will get to the ECB policy decision tomorrow as well. Given the circumstances, this will end up as a placeholder meeting for the ECB in all likelihood. As such, don’t expect much fireworks on the week.

The odds of a March rate cut are pretty much nil (~5%), as traders have shifted expectations to June instead. The key question for the ECB will be whether or not they will leave the door open for a move in April. That will be the main thing to watch in terms of language with regards to the policy meeting this week.

As such, Lagarde’s press conference will be the one that matters the most. In terms of the statement and forward guidance, we shouldn’t expect much of a change.

Besides the BOC and ECB, there are also other central bank events to watch out for on the week. Fed chair Powell will be testifying in Congress later today and tomorrow. And when it comes to economic data, we will then get the US non-farm payrolls on Friday.

All of this will keep things a little more interesting at least in the second half of this week.


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