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.
In 2016 Dutch government runs first surplus since financial crisis
In 2016, the Dutch government ran a budget surplus of approximately 3 billion euros or 0.4%of GDP, its first surplus since the 2008 financial downtime, as Statistics Netherlands revealed on Friday.
The news might play a role in negotiations as Prime Minister Mark Rutte tries to organize a new centre-right coalition after March 15 elections, which saw support for current junior partner Labor reduced.
Potential partners in the new coalition are backing spending increases on healthcare as well as environment.
The CBS told that net debt edged down to 62.3% of GDP, following the surplus, which is close to the limit of 60% specified by eurozone rules.
The agency told that the shocking surplus came from an ascend in revenues after several years of accelerating surge, and not any spending restrictions.
Growth actually shows up in corporate taxes with a delay. It’s because losses from previous years are deducted from revenues, as the agency informed in a review of 2016.
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.