On the U.S. economic calendar this week, the Fed’s Open Market Committee will take center stage as investors will be paying close attention to the Fed chairman’s press conference, even as rates are widely expected to remain on hold for now.
Key U.S. economic reports out this week will cover factory orders, existing home sales, the Conference Board’s index of leading economic indicators, and the Treasury budget. Overseas, Brexit continues to loom large. The Financial Times reports, “International trade secretary Liam Fox has said the third Commons vote on Mrs. May’s Brexit deal could be pulled this week if the government does not believe it can win. The vote is expected to take place on Tuesday or Wednesday if it does go ahead. The deal has been heavily defeated twice in the Commons after large-scale rebellions by Eurosceptic Conservative MPs and the persistent opposition of the Democratic Unionist party’s 10 MPs. Mrs. May has said that if she could win parliament’s backing for her deal this week, she would ask Brussels only for a three-month extension beyond the scheduled departure date of March 29, thus avoiding any need to take part in the European elections.” Markets will also be paying attention to German releases on business sentiment, producer price inflation, and flash composite PMI. Have a great week and don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights!
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