At the first week of March, the market will focus on everything about oil production and, of course, the US employment statistics. Things will definitely not be boring.

Brent: OPEC+ will consider production again

On March 4th, OPEC+ will have a video-conference on the problem of oil production. In March, the agreement made in January remains in force: there are certain exceptions for Russia and Kazakhstan, while Saudi Arabia promises to decrease production noticeably. This time, there might be some advice to decrease production given to others, as long as global economies are not growing yet. For Brent, this would be good news.

AUD: the RBA will decide on the rate

At the beginning of the month, the Reserve Bank of Australia will have a session on the problem of the interest rate. There are going to be no changes, the rate might remain at 0.10% per annum; however, the RBA might give some more optimistic comments on its future steps and evaluations of the economy on the whole. This could support the AUD.

USD: employment statistics will give a fresh impulse

Traditionally, at the beginning of the month, the USA presents labor market statistics of the previous reporting period. The unemployment rate might have dropped a bit this time, however, the NFP should have also grown insignificantly. The market will keep a close eye on the statistics, and any negative information will weaken the USD.

EUR: strong statistics will help to avoid falling

This week, the EU will publish reports on retail sales, the unemployment rate, PPI, PMI, and inflation of the preceding reporting period. The stronger they turn out to be, the better for the EUR that has become a bit feeble lately.

JPY: the yen stays neutral

At the beginning of the month, Japan is not going to be too active with publications and events; however, take a look at the PMI in production, the unemployment rate, leading indicators, and the CCI. This will give some understanding of what is going on in the country. For now, the JPY looks neutral as long as there is no demand for safe-haven assets, and it will remain like this if the statistics give no surprises.


Material is prepared by

A Forex trader with a more than 10-years experience in leading investment banks. She gives her weighted view of markets through analytical articles, regularly published by RoboForex and other popular financial sources.