- NZ emerged from recession, with Q4 GDP growth above expectations, but NZD/USD has fallen back sub 0.5800. Australian jobs growth fell, but the labor market still appears tight. RBA-dated OIS pricing is 2-4bps softer across meetings beyond April after the data.
- There have been no cash bond dealings in today’s Asia-Pac session with Japan out. TYM5 is 111-02+, +0-02+ from closing levels. USD/JPY is down modestly and yen is outperforming against higher beta plays. China and Hong Kong equities softened.
- Later US Q4 current account, jobless claims, March Philly Fed and February existing home sales data print. The ECB’s Lagarde and Lane speak and the BoE is expected to leave rates unchanged. There is also UK labour market data.
MARKETS
BOE (MNI BOE PREVIEW): It would be a huge surprise to us, markets and sellside economists if there was anything other than a pause in the MPC’s cutting cycle at the March meeting with unchanged guidance. Probably the most interesting unknown is the voting split, with the number of plausible dovish dissents ranging from two to four – we suspect with a low conviction that there could be three, one more than consensus. We look at how each member is likely to vote in the detail.
US TSYS: Futures Extend Post-FOMC Rally, No Cash Bond Dealings In Asia
In today's Asia-Pac session, TYM5 is 111-02+, +0-02+ from closing levels.
- There have been no cash bond dealings in today’s Asia-Pac session with Japan out.
- Yesterday, US tsys surged off pre-FOMC levels after the Federal Reserve held rates steady at 4.25-4.5% while anticipating two 25bp cuts this year.
- Chairman Powell said the Fed is well-positioned to sit tight and wait for policy uncertainty to subside before making any decisions on interest rates. "We are well positioned to wait for greater clarity."
- The Fed also decided to slow the pace at which it is reducing tsy holdings in its balance sheet to a cap of USD5 billion per month from USD25 billion.
- Today’s US calendar will see Q4 Current Account Balance, Weekly Jobless Claims, Philly Fed, Leading Index and Existing Home Sales data.
BOJ: MNI BoJ Review – March 2025: On Hold Amid Uncertainty
EXECUTIVE SUMMARY
- The Bank of Japan (BoJ) kept its policy rate unchanged at 0.50% during its recent monetary policy meeting, a decision that was widely expected by market consensus. The 9-0 vote indicated strong unanimity among policymakers, with no serious consideration given to a consecutive rate hike following the January increase.
- Despite keeping rates steady, the BoJ’s policy statement maintained a hawkish tone. The central bank reiterated its optimistic outlook, stating that Japan’s economy is expected to grow above its potential rate as global economic conditions remain stable. It also noted that a strengthening cycle of income and spending, supported by accommodative financial conditions, should continue.
- The BoJ remains on a steady, cautious path toward policy normalisation, balancing inflation risks with economic growth stability. While another rate hike is expected in July, external factors such as yen depreciation, political developments, and global trade risks could shift the timing.
- The BoJ’s balance sheet strategy was also a key focus at the meeting. The central bank plans to review this QT plan in June, assessing whether to continue reducing JGB purchases as planned.
- Following this meeting, the BoJ’s policy board will see a change in its composition. Seiji Adachi will step down on March 25 after completing his five-year term. Junko Koeda, an economics professor at Waseda University, will assume the role.
Full review here
AUSSIE BONDS: Richer After Jobs Miss, Nov-29 Supply Tomorrow
ACGBs (YM +6.0 & XM +6.0) are sharply richer after today’s February employment report.
- February employment was weaker-than-expected falling 52.8k due to fewer older workers returning, while January was revised down to +30.5k. There has been an increase in retirees in recent months according to the ABS. The number of unemployed also fell and so the unemployment rate was unchanged at 4.1%, while underemployment continued to fall.
- There was a large drop in the participation rate. Jobs data can be volatile and some indicators tightened further, so the RBA will be looking for further evidence of a sustained easing of the labour market.
- No cash US tsys dealings in today's Asia-Pac session with Japan out.
- Cash ACGBs are 6bps richer.
- Swap rates are 5-6bps lower.
- The bills strip bull-flattened further after the data but has given back some of those gains, currently +3 to +7.
- RBA-dated OIS pricing is 2-4bps softer across meetings beyond April after the data. A 25bp rate cut in April is given a 5% probability, with a cumulative 66bps of easing priced by year-end (based on an effective cash rate of 4.09%).
- Tomorrow, the local calendar will be empty apart from the AOFM’s planned sale of A$700mn of the 2.75% Nov-29 bond.
AUSTRALIA DATA: Fewer Older Workers Returned To Work In February
February employment was weaker than expected falling 52.8k due to fewer older workers returning, while January was revised down to +30.5k. There has been an increase in retirees in recent months according to the ABS. The number of unemployed also fell and so the unemployment rate was unchanged at 4.1%, while underemployment continued to fall. There was a large drop in the participation rate. Jobs data can be volatile and some indicators tightened further, so the RBA will be looking for further evidence of a sustained easing of the labour market.
Australia unemployment rate %
- While the headline number is soft, not only does there seem to be a structural reason but other labour market indicators that the RBA monitors tightened. The unemployment rate was 4.05% down from 4.11% and underemployment fell 0.1pp to 5.87%, its lowest since August 2008. Thus the underutilisation rate fell 0.2pp. The youth unemployment rate was stable. All these measures signal that the labour market remains tight.
- The ABS notes that “fewer older workers returning to work in February contributed to the fall in employment this month, with lower levels of employment in the older age groups in February 2025 compared with 2024.” Increased participation by these groups had boosted the employment ratio but that fell 0.3pp in February to 64.1%, its lowest since June.
- There are tentative signs of a switch towards part-time workers (PT) and away from full-time (FT) signalling some caution about the outlook. 3-month annualised momentum rose 2pp to 4.8% for PT but FT declined to 1.1% from 2.5%. This trend is also reflected in hours worked with PT up to 5.0% 3m/3m annualised and FT down to 3.5%.
- The labour force fell 64k in February, thus more than offsetting the 52.8k drop in employment resulting in a 11.2k fall in the number of unemployed.
Australia full-time vs part-time employment 3m/3m average annualised %
Source: MNI - Market News/ABS
RBA: Underutilisation Tight, Hours & Vacancies Moderating
Deputy Governor Hauser said this month that the RBA is alert to the possibility of labour market overheating but it’s unclear as to the level of spare capacity, as it is unusual to have strong jobs growth with subdued activity. The tight labour market was the strongest argument to leave policy on hold in February. The surprising 52.8k decline in February employment is only one data point and the ABS said it was impacted by fewer older people returning to work. Also the RBA looks at a range of indicators and some tightened in February.
- The underemployment rate fell 0.1pp to 5.87%, the lowest since August 2008. With the unemployment rate slightly lower to 2 decimal places, the underutilisation rate fell 0.2pp to 9.9%, suggesting that labour market conditions remained tight.
Australia underutilisation %
- The youth unemployment rate is seen as a lead indicator of the labour market and it was steady at 9.1% in February. It peaked in August and is now 0.9pp below that rate.
- Hours worked were softer in February falling 0.4% m/m with 3-momentum easing but remaining solid. Full-time hours posted their second consecutive monthly fall but were still up 2.5% y/y.
- Vacancies remain at robust levels but continue to ease. Internet vacancies-to-unemployment moderated towards its historical average in February down 1.5pp to 34.3%. SEEK February job ads fell 1.8% m/m to be down 7.5% y/y but there was likely some payback for January’s outsized 4.2% m/m rise.
- NAB’s availability of suitable labour as a severe output constraint in its quarterly business survey levelled out in 2024 and rose 0.6pp in Q4. The RBA noted in its February statement that this and comments from its business liaison “suggest that availability of labour is still a constraint for a range of employers”.
Australia internet vacancies/unemployment %
Source: MNI - Market News/ABS/Refinitiv
NEW ZEALAND: Q4 Driven By Higher Tourism Spending, Construction Struggled
Growth in Q4 was stronger than both consensus and the RBNZ projected. Production-based GDP rose 0.7% q/q but was still down 1.1% y/y after -1.1% q/q & -1.6% y/y, while expenditure-based GDP increased 0.8% q/q to be down only 0.4% y/y following Q3’s -0.9% q/q & -1.2% y/y. The recovery was fairly broad-based with 11 of 16 industries seeing growth and most expenditure components rising. 25bp rate cuts in both April and May remain likely to support the private sector.
NZ GDP (production) %
- Domestic demand growth remains lacklustre but it seems to have troughed and be gradually turning. There was almost no contribution to growth from private consumption and investment but government spending and inventories added 0.4pp each.
- Real private consumption remained soft posting a small rise of 0.1% q/q, driven by durables, and 0.1% y/y. Retail trade & accommodation though was one of the strongest sectors in the quarter. Government spending rose 1.9% q/q after two quarters of contraction.
- An area of strength was services exports which rose 8.2% q/q to be up 10.6% y/y, driven by increased tourism spending, whereas goods declined 0.3% q/q to be up 1.6% y/y. This trend was reflected in the tourism-related industries outperforming in Q4. Net exports made a solid contribution to growth.
- Construction was a weak point in the national accounts with residential building investment falling 3.9% q/q, the sixth consecutive decline, and the sector down 3.1% q/q.
- GDP per capita rose 0.4%q/q, the first increase in two years.
- See Stats NZ release here.
NZ domestic demand y/y%
Source: MNI - Market News/Refinitiv
BONDS: NZGBS: Closed Richer Despite GDP Beat, Supply Sees Solid Demand
NZGBs closed near session bests, 4-6bps richer with a flatter 2/10 curve.
- This move came despite Q4 GDP printing stronger than both consensus and the RBNZ projection. Production-based GDP rose 0.7% q/q but was still down 1.1% y/y after -1.1% q/q & -1.6% y/y, while expenditure-based GDP increased 0.8% q/q to be down only 0.4% y/y following Q3’s -0.9% q/q & -1.2% y/y. The recovery was fairly broad-based with 11 of 16 industries seeing growth and most expenditure components rising.
- 25bp rate cuts in both April and May remain likely to support the private sector.
- Today’s NZ Treasury sale of NZ$250mn of the 4.50% May-30 bond, NZ$200mn of the 4.25% May-36 bond and NZ$50mn of the 5.0% May-54 bond showed solid demand. Cover ratios ranged from 4.04x (May-30) to 4.84x (May-54).
- Swap rates closed 2-3bps lower.
- RBNZ dated OIS pricing closed flat to 3bps softer across meetings, with late 2025 leading. 24bps of easing is priced for April, with a cumulative 67bps by November 2025.
- Tomorrow, the local calendar will see Trade Balance data.
- The RBNZ will start the repurchase program of the Sep-25 inflation-indexed bond tomorrow. The operation has no implications for monetary policy stance.
FOREX: AUD & NZD Lower, JPY Edges Higher Despite Higher US Equity Futures
The USD BBDXY index sits slightly lower in the first part of Thursday dealings, the index last close to 1263.5. This has largely reflected modest JPY and CHF gains, while AUD and NZD have been weaker.
- USD/JPY has dipped under Wednesday lows, the pair last near 148.35/40, up around 0.20% in yen terms. Japan markets have been out today, which has impacted liquidity, which has also meant no US cash Tsy trading. US Tsy futures are higher, but volumes haven't been large. CHF is up close to 0.15%, last near 0.8765/70.
- These moves look to be carry over from Wednesday's session, where USD/JPY slumped as the FOMC and Powell's press conference unfolded, with lower cash Tsy yields accompanying the move.
- Earlier data showed NZ's economy moving out of recession, with stronger than forecast Q4 GDP growth. Domestic demand growth remains lacklustre but it seems to have troughed and be gradually turning. NZD/USD initially moved higher, but ran out of steam above 0.5825, we were last 0.5790/95, down by 0.35%. The AUD/NZD cross was supported sub 1.0920, last near 1.0945/50
- AUD/USD is also weaker last near 0.6340/45, off around 0.25% (session lows were at 0.6329). Feb jobs growth fell sharply, but the fall likely overstated the extent of labor market weakness. Labour market indicators that the RBA monitors tightened. The unemployment rate was 4.05% down from 4.11% and underemployment fell 0.1pp to 5.87%, its lowest since August 2008.
- Equity sentiment has been mixed. Hong Kong and China markets have struggled, but US futures are higher. Nasdaq futures are up nearly 0.60%. Positive headlines from Nvidia tech spending plans (via FT). Still, the yen is outperforming higher beta plays like AUD and NZD.
- Later US Q4 current account, jobless claims, March Philly Fed and February existing home sales data print. The ECB’s Lagarde and Lane speak and the BoE is expected to leave rates unchanged. There is also UK labour market data.
ASIA STOCKS: China Stocks Lag Whilst Region Bourses Strong Post Fed.
China’s bourses did their best to try to bring down the mood post Fed whilst regional bourses had a good day. In recent months, the Hang Seng has been buoyed by margin loans to buy shares seeing it rise 22% year to date. However, the regulator may be about to calm time on the activity, planning to cap market loans for IPOs specifically, requiring an initial deposit of 10% from retail investors.
In Taiwan, the high-profile supplier to Nvidia TSMC was up +3.00% today as reports suggest the company will spend an additional US$100bn to procure US-made chips and electronics over the coming years (source: BBG)
- In China the Hang Seng led the falls down by -1.18% following four successive days of solid gains. The CSI 300 followed its lead down -0.40% wiping out the last two days of gains. Shanghai Comp is barely holding on to +0.05% gains whilst Shenzhen is bucking the trend rising +0.21%
- The KOSPI has had a strong week delivering gains each day so far and is up again today by +0.42%.
- Following Tuesday’s disaster requiring a trading halt, the Jakarta Composite is up today by +0.82% to record two successive days of gains.
- In Malaysia the FTSE Bursa Malaysia is fallen again today by -0.35%.
- Other key movers in the region see the FTSE Straits Times of Singapore rising +0.56% for a fourth straight day of gains and the Philippines up +0.19%, following on from yesterday’s gain of +0.45%.
- India’s NIFTY 50 is opening up +0.30% in early trading and on track for a fourth successive day of gains, one of the strongest weeks of the year thus far.
ASIA STOCKS: Huge Outflow from Taiwan Dominates.
Despite positive news coming out of Taiwan’s best known stock TSMC, yesterday’s data was dominated but huge outflows as outflows across the region continue.
- South Korea: Recorded inflows of +$88m yesterday, bringing the 5-day total to +$263m. 2025 to date flows are -$4,837m. The 5-day average is +$53m, the 20-day average is -$167m and the 100-day average of -$113m.
- Taiwan: Had outflows of -$1,124m yesterday, with total outflows of -$2,537 m over the past 5 days. YTD flows are negative at -$15,208. The 5-day average is -$507m, the 20-day average of -$664m and the 100-day average of -$208m.
- India: Saw inflows of +$82m as of the 18th, with a total outflow of -$621m over the previous 5 days. YTD outflows stand at -$16,277m. The 5-day average is -$124m, the 20-day average of -$271m and the 100-day average of -$190m.
- Indonesia: Posted outflows of -$55m yesterday, bringing the 5-day total to -$423m. YTD flows are negative at -$1,853m. The 5-day average is -$85m, the 20-day average is -$61m the 100-day average of -$36m.
- Thailand: Recorded outflows of -$21m yesterday, totaling -$65m over the past 5 days. YTD flows are negative at -$937m. The 5-day average is -$13m, the 20-day average of -$41m the 100-day average of -$19m.
- Malaysia: Experienced outflows of -$109m, contributing to a 5-day outflow of -$264m. YTD flows stand at -$1,843m. The 5-day average is -$53m, the 20-day average of -$50m the 100-day average of -$34m.
- Philippines: Saw inflows of +$7m yesterday, with net inflows of +$33m over the past 5 days. YTD flows are negative at -$201m. The 5-day average is +$7m, the 20-day average of -$2m the 100-day average of -$7m.
OIL: Crude Higher As Geopolitical Risk Premium Builds
Oil prices are higher during APAC trading driven by heightened geopolitical tensions in the Middle East as Iran-backed Houthis targeted Ben Gurion airport in Tel Aviv. The US has said that it will continue to attack Yemen’s Houthis. Also Russia struck Ukrainian energy infrastructure despite being prepared to agree to an energy ceasefire. Thus oil’s geopolitical risk premium is gradually growing. Benchmarks have also continued to find support from yesterday’s EIA data showing robust US product demand.
- WTI is up 0.6% to $67.31/bbl, close to the intraday high. It fell to $67 early in the session. Brent has exceeded $71 today and is currently 0.5% higher at $71.16/bbl, around its peak. The USD index is down 0.1%.
- Crude markets don’t seem concerned at this point by the Fed’s downward revision to growth and upward to inflation and Chair Powell saying that the outlook is highly uncertain. The decision to slow the pace of QT may have supported risk appetite.
- Chevron had a meeting with US President Trump about its licence to export oil from Venezuela, which was revoked. According to the WSJ, Trump is now considering extending the licence.
- Later US Q4 current account, jobless claims, March Philly Fed and February existing home sales data print. The ECB’s Lagarde and Lane speak and the BoE is expected to leave rates unchanged. There is also UK labour market data.
GOLD: New Highs as China Article Warns on Gold Investing.
- Gold hit new highs overnight as the Federal Reserve remained on hold whilst pointing to higher near-term inflation.
- Fed Chair Powell said the Fed can wait for policy uncertainty to subside before making any decisions on interest rates, while anticipating two 25bp cuts this year (in terms of the dot plot). The Fed also decided to slow the pace at which it is reducing Treasuries holdings in its balance sheet to a cap of USD5 billion per month from USD25 billion previously.
- Gold opened the morning session in Asia at US$3,047.77 and reached a new high of $3,056.12 before giving back some of the gains to be at $3,049.62.
- Gold has exhibited ‘safe-haven’ status behaviour as President Trump’s policies create uncertainty in markets as he threatens tariffs.
- Gold has gained 16% year to date with many forecasters tipping it to go much higher.
- An article in the China Securities Journal has warned investors to be cautious as gold prices are likely to be volatile going forward (source: BBG)
- Russia expanded its gold reserves to record levels, hitting $217.4 billion as of March 1, 2025. The country ranks fifth globally, surpassing China, with gold making up 34.4% of its total foreign exchange reserves. (source: Caspian News)
- Gold’s technicals remain firmly bullish with all major indicators upward sloping.
CHINA: Bond Yields to Stay in Ranges as Issuance Rises (1/2)
• In early March the National People's Congress allocated a total of CNY11.86 trillion of new government borrowings, an increase of CNY2.9trillion.
• The borrowing schedule plans for CNY1.3tn of ultra long dated bonds, CNY500 billion of treasuries ear marked to replenish bank capital and a quota for special bonds of CNY4.4 trillion for project backed local government finance.
• Even before the increase in quota, the issuance schedule was significant with new government-bond issuance in the first two months of the year reaching a total of CNY2.4 trillion, up 167% from a year ago.
• Yet despite this, the yield curve has flattened.
• Whilst this week’s announcement on measures to support consumption may have been less explicit than expected in the context of the bond market and funding, there was one important part of the release.
• It was stated that the PBOC is to “study creating new tools to increase-low cost funding for important consumption eras.” The areas likely to be of focus from the PBOC are not obviously ‘new tools’ suggesting their current use will be altered.
• The PBOC’s Head of Credit Policy indicated that the PBOC will utilize a ‘mix of tools such as the Reserve Requirement Ratio (“RRR”), relending and rediscount facilities and open market operations to maintain ample liquidity.”
• A focus on liquidity has a stabilizing effect on bond markets as a portion of liquidity injected, naturally finds its way into the bond market.
• Additional long-term support for bonds can be found when pouring over the asset allocation of the National Social Security Fund (“NSSF”).
• The NSSF has more than doubled its allocation to government securities over the last five years, a change likely followed by other leading pension funds. It is likely that this is one of the contributing factors to the decline of volatility in the China Government Bond Market and begs the question how do global investors think about China Government bonds moving forward?
CHINA: Bond Yields to Stay in Ranges as Issuance Rises (2/2)
Data out from the China Central Depository & Clearing shows that foreign holdings are off their 2021 peak.
• The peak in foreign holdings was always likely to occur. A long lead time for investors setting up access to bond connect dislocated global managers allocating to China bonds.
• Analysis of the foreign holdings decline versus the decline in the CGB 10Yr indicates that the government bond market is not reliant on foreign participation and that what is more likely is that the allocation by the NSSF (and other key pension funds) is more influential.
• Going forward, it is without question that a stable market is required and any suggestions that yields will climb rapidly misses the point.
• What is more likely is a period of constant enhancement with modest changes to the open market operations and greater use of the relending and rediscount facilities to dampen volatility.
• The cut of the RRR may not be forthcoming and likely held over until the mid part of the year as the authorities ascertain whether the trade war is impacting the domestic economy more than their policies.
• In either event, a stable bond market is necessary to ensure funding is viable for the challenges ahead.
ASIA FX: USD/CNH Edges Up As Equity Rebound Stalls, KRW & TWD Underperforming
In North East Asia, trends have been mixed, with the yuan weaker, but steadier trends for KRW and TWD. The won and TWD remain EM Asia FX underperformers in March to date, particularly given the broadly softer USD backdrop.
- USD/CNH has crept higher towards 7.2400. Support at the simple 200-day MA (7.2210) continues to hold. The USD/CNY fixing was the highest since Jan 20, albeit just. This continues to suggest little encouragement to yuan gains via the fixing outcome though. Equity sentiment has also cooled. At this stage the CSI 300 is back under 4000. Hong Kong markets are off more, down over 1%. As expected the China LPRs were held steady.
- Spot USD/KRW was last near 1460 around 0.20% stronger in won terms after ending Wednesday trade above 1463. The 1 month NDF has edged higher as the session has progressed. In March to date the won has lagged broader USD softness, with USD/KRW little changed. TWD is the other laggard in Asia FX in March to date, with broader tech concerns potentially impacting both currencies. Trade tensions, with the US planning reciprocal tariffs in early April another potential headwind to fresh KRW longs. Still, South Korean equities have rebounded, while offshore investor inflows have returned so far this week (+$936.1mn, while Taiwan has continued to see outflows).
- Spot USD/TWD is hold above 33.00 in latest dealings. The pair is off recent highs (33.05) but still appears to be in an uptrend. All key EMAs are trending higher, with the 20-day at 32.92, the 50-day at 32.83 (which has been important support point in recent months). Later we have the CBC decision. All of the sell side economists surveyed by BBG expect rates to be held steady at 2%. Also out later is Feb export orders. The market is expecting a strong rebound to 24.3%y/y, from -3.0% in Jan. Part of this may reflect orders coming in ahead of US tariff announcements.
ASIA FX: South East Asia Currencies Firmer, IDR Aided By Higher Equities
In South East Asian markets, Asian currencies have mostly tracked higher versus the USD. Part of this is catch up to broader USD softness post the FOMC on Wednesday. Focus remains on Indonesian markets following the recent steep sell-off in local equities.
- USD/IDR is back under 16470, up around 0.355 in IDR terms. The 1 month NDF has gained 0.45% so far today, putting it back just under 16490. Spot USD/IDR has moved away from recent highs of 16538, with bold BI intervention aiding sentiment. As expected, the BI kept rates on hold late yesterday. Local equities are around 0.80% at this stage, with stability in this space, likely aiding FX sentiment. The local parliament did pass a law allowing the defence force a bigger role in government.
- USD/PHP has tracked lower, but found support at 57.11, the Peso last near 57.15, still up close to 0.30% for the session. Recent lows in March are close by at 57.10. BSP Governor noted earlier that a rate cut was likely in April, with a total of 50bps worth of cuts in 2025.
- USD/MYR has edged down, last near 4.4262/70. Recent lows close to 4.4000 remain intact. The Feb trade figures showed a higher trade surplus thanks to weaker than forecast import growth. Exports at 6.2%y/y were close to market consensus.
- USD/THB is little changed, the pair last close to 33.60. We hold above recent lows for now (we touched 33.38 back in late Feb).
MALAYSIA: Exports Miss Forecasts Whilst Surplus Rebounds in February
- Malaysia produced a significant increase in its trade surplus rising to MYR12.6bn, from MYR3.66bn prior.
- both imports and exports from the US remain resilient and in line, indicating with a modest surplus of MYR7bn
- Malaysia however recorded a MYR9bn trade deficit with China, with exports down -8.1% and Imports rising by +13.14%
- Electronic exports were up +18.1% in February and imports up +23.1% y/y
- Petroleum products were a drag on the result declining -12.3% y/y
- Overall exports rose +6.2% versus forecasts of +6.5%, following January's result of +0.3%.
- Imports rose +5.5% versus forecasts of +9.6%, following January's result of +6.2%.
- The growing concern for the Central Bank will be to watch closely consumer behaviour and whether the declining import data is pointing to a softer domestic demand outlook.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 20/03/2025 | 0700/0700 | *** |  GB | Labour Market Survey |
| 20/03/2025 | 0700/0800 | ** |  DE | PPI |
| 20/03/2025 | 0800/0900 |  EU | ECB's Lagarde At ECON Hearing | |
| 20/03/2025 | 0830/0930 | *** |  CH | SNB PolicyRate |
| 20/03/2025 | 0830/0930 | *** |  SE | Riksbank Interest Rate Decison |
| 20/03/2025 | 0830/0930 | *** | CH | SNB Interest Rate Decision |
| 20/03/2025 | 0900/1000 |  NO | Q1 Regional Network Survey | |
| 20/03/2025 | 1000/1100 | ** | EU | Construction Production |
| 20/03/2025 | 1100/1100 | ** | GB | CBI Industrial Trends |
| 20/03/2025 | 1200/1200 | *** | GB | Bank Of England Interest Rate |
| 20/03/2025 | 1200/1200 | *** | GB | Bank Of England Interest Rate |
| 20/03/2025 | 1200/1300 | EU | ECB's Lane At UCC Economics Society's Conference | |
| 20/03/2025 | 1200/1200 | GB | Agents summary of business conditions | |
| 20/03/2025 | 1230/0830 | * |  CA | Industrial Product and Raw Material Price Index |
| 20/03/2025 | 1230/0830 | *** |  US | Jobless Claims |
| 20/03/2025 | 1230/0830 | ** | US | WASDE Weekly Import/Export |
| 20/03/2025 | 1230/0830 | ** | US | Philadelphia Fed Manufacturing Index |
| 20/03/2025 | 1230/0830 | * | US | Current Account Balance |
| 20/03/2025 | 1400/1000 | *** | US | NAR existing home sales |
| 20/03/2025 | 1430/1030 | ** | US | Natural Gas Stocks |
| 20/03/2025 | 1530/1130 | ** | US | US Bill 04 Week Treasury Auction Result |
| 20/03/2025 | 1530/1130 | * | US | US Bill 08 Week Treasury Auction Result |
| 20/03/2025 | 1650/1250 | CA | BOC Governor speaks in Calgary | |
| 20/03/2025 | 1700/1300 | ** | US | US Treasury Auction Result for TIPS 10 Year Note |
| 21/03/2025 | 2330/0830 | *** |  JP | CPI |
| 21/03/2025 | 0001/0001 | ** | GB | Gfk Monthly Consumer Confidence |
| 21/03/2025 | 0700/0700 | *** | GB | Public Sector Finances |
| 21/03/2025 | 0745/0845 | ** |  FR | Manufacturing Sentiment |
| 21/03/2025 | 0900/1000 | ** | EU | EZ Current Account |
| 21/03/2025 | 1230/0830 | ** | CA | Retail Trade |
| 21/03/2025 | 1305/0905 | US | New York Fed's John Williams |