What are the main events for today?

EUROPEAN SESSION

In the European session, we don’t have much on the agenda other than the final Spanish CPI. Given that it’s the final data and that the market focus remains solely on the US-Iran negotiations, the market reaction will likely be muted.

As mentioned, the focus remains on US-Iran negotiations and yesterday’s news of a second round of talks and a better chance of reaching a deal raised market hopes for an end to this conflict soon.

It’s been a very headline-driven market, so keeping a close eye on the news is critical.

AMERICAN SESSION

In the American session, we have the US NFIB Small Business Optimism Index, the weekly US ADP jobs data and the US PPI. The NFIB is never a market-moving report and given that it’s March data, we can expect it to surprise to the downside although that’s now old news. The weekly ADP data hasn’t been a market-moving release, but it’s been pointing to a resilient and even improving labour market.

The US PPI is unlikely to be a market-moving report, much like the US CPI last Friday, because everyone knows it’s going to be hot due to the US-Iran war. That’s old news. What matters now is what happens with the US-Iran negotiations as that’s going to shape future growth and inflation expectations.

CENTRAL BANK SPEAKERS

  • 08:00 GMT/04:00 ET – ECB’s Rehn (dovish – voter)
  • 08:50 GMT/04:50 ET – BoE’s Mann (neutral – voter)
  • 14:00 GMT/10:00 ET – ECB’s Makhlouf (neutral – voter)
  • 14:00 GMT/10:00 ET – ECB’s Lane (neutral – voter)
  • 14:00 GMT/10:00 ET – BoE’s Greene (hawkish – voter)
  • 16:05 GMT/12:05 ET – BoE Governor Bailey (neutral – voter)
  • 16:15 GMT/12:15 ET – Fed’s Goolsbee (neutral – non voter)
  • 16:45 GMT/12:45 ET – Fed’s Barr (neutral – voter)
  • 17:00 GMT/13:00 ET – Fed’s Paulson (dovish – voter)
  • 17:00 GMT/13:00 ET – Fed’s Collins (hawkish – non voter)
  • 17:00 GMT/13:00 ET – Fed’s Barkin (neutral – non voter)
  • 17:00 GMT/13:00 ET – Fed’s Barr (neutral – voter)
  • 21:00 GMT/17:00 ET – ECB President Lagarde (neutral – voter)

This article was written by Giuseppe Dellamotta at investinglive.com.