Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
China housing ministry orders cities to adjust residential land supply
China's housing ministry has already called on the country’s cities with large unsold housing inventories to diminish or suspend land supply for residential housing.
The notice states that cities with unsold housing inventory equal to 36 months of sales or even more need to suspend the supply of land for residential development.
However, for cities under pressure from ascending home prices, they require increasing residential housing land supply, as told the notice jointly issued by the Ministry of Housing and Urban-Rural Development as well as the Ministry of Land and Resources. Although this was dated April 1, it was released publicly on Thursday.
The Chinese authorities face the dual challenge of controlling soaring home prices in the largest cities of the country where prices are extremely expensive for many residents, while stimulating sales and backing prices in smaller cities which face a huge glut of unsold homes.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.