Today, Euro zone inflation numbers will bring clutter for the entire market. The upcoming meeting in mid March is almost certain, what happens beyond then is still up for debate. Hence, preliminary data on Euro zone inflation will be closely watched.
With inflation still well above the ECB’s 2% target, Thursday’s numbers are unlikely to placate hawkish ECB officials who are pushing for aggressive rate hikes to continue.
Yesterday, Crude oil had a volatile trade, after swinging in between gains and losses, settled at 6359, down 0.70%. Bullions price remained somewhat positive. Gold gained more than half percent while Silver settled with a minor loss of0.13%. Further, Base metals continued its recovery rally for a second consecutive day and settled in a green. Copper and Aluminum gained more than 1.25%. Zinc jumped above 2.55% in the MCX division.
Japan data at 10.30am
Consumer Confidence, previous was at 31.00, forecast is at 32.10.
Above data could have a positive impact on Yen and Base metals.
Eurozone data
French Gov Budget Balance during the day
At 1.30pm- Spanish Unemployment Change, previous was at 70.7k, forecast is at 11.5k
At 2.30pm- Italian Monthly Unemployment Rate, previous was at 7.8%, forecasts are unchanged.
At 3.30pm – CPI Flash Estimate y/y, previous was at 8.6%, forecast is slightly lower at 8.3%.
Core CPI Flash Estimate y/y, previous was at 5.3%, forecast is unchanged at 5.3%.
Italian Prelim CPI m/m, previous was at 0.1%, forecast is unchanged at 0.1%.
Unemployment Rate, previous was at 6.6%, forecast is unchanged at 6.6%.
At 6.0pm- ECB Monetary Policy Meeting Accounts.
Above data expect to have a mixed impact on Euro and bullions. While, Europe CPI data will bring clutter for the market.
UK Data and events
MPC Member Pill Speaks at 8.30pm.
Above speech could have a volatile impact on Pound.
U.S. Data At 7 pm
Unemployment Claims, previous was at 192k, forecast is at 196k.
Revised Nonfarm Productivity q/q, previous was at 3.0%, forecast is at 2.5%.
Revised Unit Labor Costs q/q, previous was at 1.1%, forecast is higher at 1.6%.
All the above data could have a negative impact on the dollar while positive for bullion. At 9.00pm- Natural Gas Storage Inventories, previous was at -71B, forecast is at -72B