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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Friday’s data schedule is relatively light, following both the Fed and BOE’s policy decisions this week. Points of interest today include Swedish unemployment, Eurozone trade balance and Canadian retail trade.
Fed & BOE Recap
Yesterday saw the Bank of England hike modestly by 25bp as markets expected, with 8 of 9 members voting in favour, and one voting for no hike. A noteworthy shift was the BOE highlighting that inflation is likely to touch around 8% y/y n Q2 but could then go higher later in the year, although further out, there were growing concerns inflation could further undershoot current projections..
On Wednesday the Fed raised interest rates for the first time in three years by 25bp to 0.5% and indicated the commencement of balance sheet shrinkage to be in the near future. The December growth forecast for this year was downgraded from 4% to 2.8%.
Both central banks highlighted increased near-term inflationary pressures and dampened economic growth associated with the Russian invasion of Ukraine, with the BOE underscoring the role of the conflict in worsening global supply disruptions and dampening growth of the UK as a net energy importer.
Swedish Unemployment (0700 GMT)
Swedish SA unemployment is projected to have declined in February to 7.9%, following 8.1% in January.
Eurozone Trade Balance (1000 GMT)
January’s Eurozone trade balance is projected to have narrowed moderately to -9.0bln EUR in the third consecutive month of deficit, inching up from the 13-year high of -9.7bln seen in December. Surging energy prices remains the key driver. This is likely to worsen in upcoming months as this data is pre-Ukraine invasion with Russian gas accounting for 40% of Eurozone gas consumption and energy prices seeing no relief in the near-term.
Canadian Retail Trade (1230 GMT)
January’s retail trade print sees improvements on the back of the December slump, with an expected recovery to +2.4% m/m from -1.8% m/m.
Speaking today will be Richmond Fed's Tom Barkin and Chicago Fed's Charles Evans, as well as Fed Governor Michelle Bowman. Where available, links can be found in the calendar below.
Source: MNI, Bloomberg
| Date | GMT/Local | Impact | Flag | Country | Event |
| 18/03/2022 | 0700/0800 | ** |  | SE | Unemployment |
| 18/03/2022 | 1000/1100 | * |  | EU | Trade Balance |
| 18/03/2022 | 1230/0830 | ** |  | CA | Retail Trade |
| 18/03/2022 | 1400/1000 | *** |  | US | NAR existing home sales |
| 18/03/2022 | 1720/1320 | | US | Richmond Fed's Tom Barkin | |
| 18/03/2022 | 1800/1400 | | US | Chicago Fed's Charles Evans | |
| 18/03/2022 | 1800/1400 | | US | Fed Governor Michelle Bowman |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.