The Reserve Bank of Australia will make a rate statement on March 2, at 5:30 MT time.
British services activity reports strongest surge so far in 2017
Activity in the British service sector reported its strongest ascend this year. Undoubtedly, it bolstered optimism over the UK economy due to the fact that the sector makes up nearly 80% of Britain’s GDP, as industry data disclosed on Wednesday.
In a recent report, market research group Markit told that the seasonally adjusted Markit/CIPS services purchasing managers’ index edged up to 55.0 the previous month from an outcome of 53.3 in February.
In addition to this, market experts had expected the index to ascend to 53.5.
By the way, on the index, a value above 50.0 stands for expansion in the industry, while a value below 50.0 drops a hint at contraction.
Markit pointed out that new work increased at rather a strong pace. At the same time job creation slowed.
Aside from that, the research company drew attention to the fact that the strongest prices since September 2008 powered inflation.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.