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.
The week starts with German factory-gate inflation being the early highlight. Also due Monday are the Euro Area’s January construction output numbers. All Monday's European data points cover periods that predate the Russian invasion of Ukraine, so offer little insight on the current outlook.
German Producer Prices (0700 GMT)
German factory-gate inflation if forecasted to grow 1.1pp to +26.1% y/y in the February print, once again reaching a 1949 high following last month’s upside surprise. PPI is projected to have grown +1.7% m/m, implying a softening on the +2.2% m/m growth rate seen in January.
Energy prices remain the key driver of PPI inflation at +66.7% y/y in January, followed by intermediate goods which at +20.7% y/y.
Continued acceleration of PPI continues to hamper the German manufacturing economy. February also saw labour shortages due to rising covid infections, which applied further pressure to the manufacturing sector. The ECB’s March meeting saw a planned acceleration to the end of net asset purchases in a surprising hawkish shift, however remaining open to when hiking will start.
Eurozone Construction Output (1000 GMT)
Eurozone construction dipped by -3.9% y/y in January, the strongest decline since February 2021 largely on the back of a surge in covid cases. Today’s February print will shed light on whether the sector managed a swift rebound or remains strained.
Today’s key policymaker appearances include an appearance by the ECB's President Christine Lagarde, as well as Atlanta Fed's Raphael Raphael Bostic, Richmond Fed's Tom Barkin and Fed Chair Jay Powell.
| Date | GMT/Local | Impact | Flag | Country | Event |
| 21/03/2022 | 0300/1100 |  | CN | PBOC LPR decision | |
| 21/03/2022 | 0700/0800 | ** |  | DE | PPI |
| 21/03/2022 | 0730/0830 |  | EU | ECB Lagarde at Institut Montaigne Event | |
| 21/03/2022 | 1000/1100 | ** | | EU | Construction Production |
| 21/03/2022 | 1200/0800 |  | US | Atlanta Fed's Raphael Bostic | |
| 21/03/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 21/03/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 21/03/2022 | 1600/1200 | | US | Fed Chair Jerome Powell | |
| 21/03/2022 | 1600/1200 | | US | Richmond Fed's Tom Barkin |
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.