It's going to be an interesting week on the financial markets

A new week has started on the financial markets, including: from the continuation of strong growth on the Bitcoin market, new records on the Tokyo stock exchange and gold prices stopping at the peak level at the end of December. However, the real emotions are yet to come.

It will be a hot week on financial markets. You only need to look at the market calendar to have no doubts about this. After a rather poor Monday, where today there were no really important macroeconomic publications, and of the slightly less important ones it is worth mentioning only the inflation data in Switzerland and the Sentix index for the euro zone, the next days promise to be extremely interesting.

Already on Tuesday, investors will be flooded with the entire series of February readings of the ISM indices for the services sector in the world's largest economies (and in the USA, an additional ISM index). The above-mentioned data for the USA, as well as the report relating to the services sector in China, will be particularly interesting.

On Wednesday, the main event of the day will be speech by Fed Chairman Jerome Powell at the House of Representatives Financial Services Committee, where he will present the Fed's semi-annual report on monetary policy, because it will be a direct reference to the development of expectations regarding the first interest rate cut in the US in the new cycle, and at the same time to the assessment of the condition of the American economy. This will be supplemented by ADP and JOLTS reports on the situation on the American labor market, published on the same day. In Poland, the Monetary Policy Council, having new macroeconomic forecasts, will decide on interest rates. He will also make a similar decision Bank of Canada.

Key events March 4-8, 2024 Source: Tickmill

On Thursday, Powell will appear in Congress again, but on this day investors will mainly be waiting for decision of the European Central Bank on interest rates and Christine Lagarde's subsequent press conference. Data on China's trade balance will also be published, which may be an important clue in assessing the condition of the Chinese economy. It is also scheduled for Thursday press conference of the president of the National Bank of Poland Adam Glapiński.

This interesting week on the markets will close with US President Joe Biden's State of the Union speech, which will be delivered on the night from Thursday to Friday. The macroeconomic event of the day will be the publication of monthly data from the US labor market. Including a report on employment in the non-agricultural sector, unemployment and hourly wages.