MNI Global Week Ahead March 1 – 5

Key Things to Watch For:

• Tuesday, March 2 – Reserve Bank of Australia Policy Decision
  • The Reserve Bank of Australia meets Tuesday amid an unwelcome jump in bond yields which prompted around AUD$5 billion in purchases last week to defend the central bank's yield curve target on three-year Government bonds.
  • The RBA has a target of 0.10% on 3-year government bonds, but yields spiked to as high as 0.141% last Thursday before falling back, although staying well above the RBA target.
  • While the bank is expected to leave interest rates unchanged at the historic low of 0.1% this week the Board could decide to give more forward guidance on rates, which it has said are likely to stay at the current level until early 2024.

• Thursday, March 4 – U.S. Weekly Jobless Claims
  • U.S. jobless claims filed through February 27 are likely to have ticked up to 795,000 from 730,000 through February 20, according to Bloomberg.
  • Analysts say initial claims could increase in the coming weeks as workers impacted by severe winter storms in the South apply for government aid.

• Friday, March 5 – U.S. Nonfarm Payrolls
  • U.S. payrolls growth likely surged in February, with Bloomberg forecasting a monthly gain of 145,000 jobs, nearly tripling January's disappointing 49,000 gain.
  • High frequency data and regional Fed surveys point to some improvement in both goods producing and services payrolls through February.
• The unemployment rate should tick up slightly to 6.4% from 6.3%, according to Bloomberg.