In global markets, all eyes are on the non-farm payroll (NFP) data to be released today in the US, as well as the speech by Jerome Powell, the Chair of the US Federal Reserve (Fed). With the inflation-recession dilemma still ongoing worldwide, adjustments made by the US in applying tariffs to close trading partners reduce predictability in forming countries’ economic policies and prompt investors to adopt a cautious stance. Concerns persist about how US President Donald Trump’s tariffs on trading partners could disrupt the fight against inflation in the country, making today’s non-farm payroll data release and Powell’s statements at the Monetary Policy Forum at the University of Chicago the focus of investors. Analysts suggest that the NFP data could provide further insight into the progressing US economy amid the tariff agenda, while noting that Powell, who previously indicated not to rush in adjusting the policy stance, will be scrutinized for clues about the Bank’s projections in his speech today. Market pricing suggests expectations for a Fed interest rate cut in the first half of the year. Meanwhile, Trump signed an executive order for the establishment of the Strategic Bitcoin Reserve and the US Digital Asset Stock. The White House Artificial Intelligence and Crypto Czar David Sacks stated in a post that Trump had fulfilled his promise to create the Strategic Bitcoin Reserve and Digital Asset Stock. On the macroeconomic data front, the number of first-time jobless claims in the US fell to 221,000 in the week ending March 1, lower than market expectations. Despite the decrease in jobless claims, fears of a slow-down in the US economy persisted. The price of gold per ounce closed at $2,909 with a 0.5% decline yesterday, currently trading at $2,910 with a 0.1% increase. The price per barrel of Brent crude oil started the day at $69.3, 0.2% above the previous closing. Data to be followed in the markets today are as follows:
– 10:00 UK, February house price index
– 10:00 Germany, January factory orders
– 10:00 Turkey, March Central Bank of Turkey (CBRT) market participant survey
– 13:00 Eurozone, 4th quarter Gross Domestic Product (GDP)
– 16:30 US, February non-farm payrolls
– 16:30 US, February unemployment rate
– 16:30 US, February average hourly earnings
– 17:30 Turkey, February treasury cash balance
– 20:30 Speech by Fed Chair Jerome Powell