OANDA Senior Market Analyst Kelvin Wong joins Johnny Hart to discuss the week's key economic data and events. It's a busy week ahead around the world and in Asia, but the main focus will be on Tokyo's core-core inflation (excluding food and energy), with consensus expecting an increase from January's modest 2.2% y/y. ing. On Tuesday, March 5th, the second day of the second session of China's annual National Assembly, Premier Li Qiang announced China's GDP growth target for 2024 (consensus predicts it to be around 5%, similar to last year's target). will be announced and will be the main focus for market participants. ), expectations for a bazooka economic stimulus policy have been toned down as President Xi has placed great emphasis on guiding “quality economic development” over the past two years.
In the Western Hemisphere, Fed Chairman Jerome Powell is scheduled to testify before Congress on Wednesday and Thursday, focusing on the current state of the U.S. economy and the effectiveness of U.S. monetary policy. It is unlikely that it will be cut. There is “no need to rush” to lower interest rates while maintaining the Fed's dovish policy until 2024. Finally, Friday will see the release of the all-important U.S. jobs report: nonfarm payrolls for February. The consensus is that the number of additional jobs will be 200,000, which is expected to be below 353,000 in January, but this is a fairly low forecast and could easily be exceeded. .
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