Collinson Forex Daily Market Commentary and Weekly Market Calendar

Monday, March 11, 2024


Daily Market Commentary 

US Non-Farm Payrolls beat expectations, which would normally be inflationary, but this was offset by a large revision lower of the previous month's numbers.  The February number came in at 275,000, beating the expected 198,000 jobs added to the economy. The January number was revised sharply lower, with the previous numbers of 353,000, revised all the way back to 229,000. The net, net was flat and markets reflected this. The EUR held above 1.0900, while the GBP rallied to trade 1.2850.

Commodity currencies consolidated the week's gains, with the AUD holding above 0.6600, while the NZD built above 0.6150. The Chinese National People's Congress have been unfolding all week and continues on into the following. The news so far is in line with expectations, as far as economic projections are concerned, but we await the crescendo into the close. Look for growth and inflation to dominate markets in the coming week, with important inflation data coming from the US and Europe.

Weekly Market Calendar

4/3 NZ Terms of Trade Export/Import Prices, Australian Inflation Gauge/Building Permits/Job Ads 5/3 Australia/Japan/China Services/Composite PMI, Tokyo CPI, China People's Congress, Australia Current Account, France Industrial Production, UK/France/German/EU Services/Composite PMI, Italy GDP, EU PPI 6/3 Canada/US Services/Composite PMI, NZ Dairy Prices, ISM Services PMI, US Factory Orders/Total Vehicle Sales, China National People's Congress, Australia GDP, German Trade Exports/Imports, EU Retail Sales, US Weekly Mortgage Applications, ADP Jobs Report 7/3 Bank of Canada/Central Bank of Poland Interest Rate Decisions, Jolts Jobs Report, Fed's Beige Book, NZ Manufacturing Sales, Australia Trade Exports/Imports, China Trade Exports/Imports, German Factory Orders, Challenger Jobs Reports, ECB Rate Decision, Canada/US Trade Exports/Imports 8/3 Fed Chairman Testimony, Japan Current Account, China National People's Congress, German Industrial Production/PPI, France Trade Exports/Imports, EU GDP, US Non-Farm Payrolls, US Employment, China CPI/PPI

PLEASE NOTE THE VIEWS EXPRESSED IN THIS COMMENTARY ARE THOSE OF THE AUTHOR AND NOT COLLINSON & CO

Paul Bettany   I   Collinson Forex Limited    Collinson & Co.  Private Banking   

I   Mobile +64 0406-744-923  

Countries: NZ  0800 338 838 I AU  1800 143 415 I UK 0800 028 5834 

I US 1888 625 7833