Economic data coming up in the European session

Author: Justin Low | Category: News

March final manufacturing PMI for the euro area on the agenda

But economic releases will continue to take a backseat as the market will be looking to consider some positioning plays (more noise perhaps after the month-end, quarter-end) ahead of the Easter holidays, also with US non-farm payrolls on the table tomorrow.

The OPEC+ meeting decision today is one of the key things to watch out for. All signs are pointing towards a rollover of the production cuts but you never know as the bloc does have the propensity to surprise at times.

The dollar was weaker initially yesterday before recouping much of its losses ahead of the month-end, quarter-end fix. The greenback is keeping largely steadier for now with commodity currencies trailing ahead of European morning trade.

US futures are keeping the calm once again after the Nasdaq rallied by 1.5% overnight, with 10-year Treasury yields seen lower today by 1 bps to 1.73%.

In the bigger picture, the market focus will still largely be on central banks (mostly the Fed) and how the reflation trade is taking shape.

However, for the remainder of the week, the upcoming Easter holidays will do little to help market participants settle on a firm narrative in the near-term.

0600 GMT - Germany February retail sales data
Prior release can be found here. Despite estimates for a slight bounce in retail sales, German consumption activity remains rather subdued as lockdown measures are still persisting and look set to continue well into Q2 given the current virus situation.

0630 GMT - Switzerland March CPI figures
Prior release can be found here. Swiss inflation is expected to keep more subdued in the grand scheme of things, so this will do little to change the SNB stance whatsoever.

0630 GMT - Switzerland February retail sales data
Prior release can be found here. Swiss retail sales have been a little poor to start the new year and unless things in Europe improve generally as a whole, it will be tough to see Swiss economic activity pick up as well.

0715 GMT - Spain March manufacturing PMI
0730 GMT - Switzerland March manufacturing PMI
0745 GMT - Italy March manufacturing PMI
0750 GMT - France March final manufacturing PMI
0755 GMT - Germany March final manufacturing PMI
0800 GMT - Eurozone March final manufacturing PMI
The focus will be on the final readings for France, Germany, and overall Eurozone. The manufacturing sector continues to impress as factory output remains robust in Q1, helping to offset the relatively poor performance by the services sector amid tighter restrictions. The final readings today shouldn't offer much but given how the virus situation is playing out (France also announcing a national lockdown yesterday), the outlook isn't too bright.

0830 GMT - UK March final manufacturing PMI
The preliminary release can be found here. The final reading here should reaffirm that the manufacturing sector is holding up well to start the new year. With the vaccine rollout continuing to gather pace, the UK economic outlook is still rather favourable as we look towards Q2 and that remains a key focus in the market.

1100 GMT - US March Challenger job cuts, layoffs
Prior release can be found here. A reminder that it is NFP week in the market. The data provides information on the number of announced corporate layoffs by industry and region and acts as a general labour market indicator.

That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
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