We have a packed economic calendar this week with central bank meetings, trade talks, jobs numbers, and manufacturing PMI reports all on the schedule.
In the U.S., the Federal Reserve meets this week with no change in rates expected, while the U.S. jobs report due out on Friday is expected to show nonfarm payrolls increased by around 200,000 as the unemployment rate held steady at 3.8%. Other key U.S. reports out this week cover personal income and spending (for both Feb and Mar), manufacturing PMI, construction spending, and factory order. On the trade front, the Financial Times reports “U.S. Treasury secretary Steven Mnuchin and trade representative Robert Lighthizer travel to Beijing as the world’s two largest economies continue trade talks, which are now nearing the final stretch. Another round of negotiations is scheduled in Washington the following week and U.S. president Donald Trump has said he expects to know by May if a deal will materialize.” Investors will also be paying close attention to Chinese manufacturing PMI numbers, German PMI and retail sales, the Bank of England’s monetary policy committee meeting, and European GDP growth. Have a great week and don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, commodity, and scrap market highlights!
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