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Summary – March 06

LATAM
  • A busier LatAm docket kicks off with Brazilian current account balance and FDI figures for January. Brazil then reports industrial production data, while Mexico consumer confidence and vehicle production data will also cross. Later in the session, Brazil’s monthly trade balance is expected, before Argentina industrial production. Ecuador CPI is also scheduled.
  • There is no publicly known time for the publication of Chair Powell’s prepared remarks for his testimony before the House at 1000ET. However, there does appear to be a pattern of a text release at 0830ET when it comes to speaking to the House first before the Senate on Thursday, as is the case for this Congressional round.
  • In G10, the focus for the remainder of the Wednesday session turns to the ADP employment change release and JOLTS Job Openings data for January - ahead of the Bank of Canada rate decision.
  • Global News:
    • US – Donald Trump won resounding primary victories in more than a dozen states Tuesday, pulling closer to securing the Republican presidential nomination and catapulting more fully into a rematch with President Biden. He won delegate-rich Texas and California, led handily in more moderate Massachusetts, and was winning by well over 60 points in Oklahoma with almost all of the vote counted there Tuesday night.
    • JAPAN (MNI) – the BoJ could exit negative rates and end yield curve control at the March 18-19 meeting to avoid potentially weaker economic data due out in April that may threaten its ability to adjust easy policy settings, MNI understands. BOJ officials believe a wait-and-see attitude could risk economic data deteriorating and lessen the chance of an exit at the April 25-26 board session.
    • CHINA (MNI Beijing) – major economies are expected to loosen monetary policy in 2024 and the USD will weaken, allowing the PBOC greater policy space, Pan Gongsheng, PBOC governor said at a press conference on Wednesday. China’s central bank had policy reserves and a “rich toolbox” in place to maintain a flexible approach to conditions this year, with policymakers looking to balance growth with risk management, Pan added.

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