The week ahead: 5 things to watch on the economic calendar

Global financial markets will focus on Wednesday’s minutes of the Federal Reserve’s latest policy meeting for further hints on the timing of the next U.S. rate hike.

Investors will also keep an eye on key U.S. economic data, with Friday's monthly employment report in the spotlight.

Meanwhile, in the U.K., traders will focus on a trio of reports on activity in the manufacturing, construction and services sectors for further indications on the continued effect that the Brexit decision is having on the economy.

Elsewhere, in the euro zone, market participants will pay close attention to a report on German factory orders to gauge the health of the region's largest economy.

Outside the G7, market participants will be looking ahead to a monetary policy announcement from the Reserve Bank of Australia on Tuesday.

Ahead of the coming week, Investing.com has compiled a list of the five biggest events on the economic calendar that are most likely to affect the markets.

1.Reserve Bank of Australia Policy Meeting, Tuesday, 07:30
The RBA's latest interest rate decision is due on Tuesday.
Most economists expect the central bank to keep rates unchanged at the current record-low of 1.5% for the ninth straight meeting and maintain its neutral policy stance, given the economy's convincing rebound last quarter, rising commodity exports and a robust increase in household debt levels.
Besides the RBA, monthly retail sales, building approvals and trade figures will also be in focus.

2.U.K. March PMI's, Tuesday, 11:30
The U.K. will release readings on March manufacturing sector activity on Monday, followed by a report on the construction sector on Tuesday and the service sector on Wednesday.

The manufacturing PMI is forecast to rise to 55.1 from 54.6 a month earlier, construction activity is expected to improve slightly to 52.6 from 52.5, while a survey on Britain's giant services sector is forecast to inch up to 53.5 from 53.3 last month.

Besides the PMI's, the U.K. is due to release data on home prices, manufacturing production and the trade balance.

The Bank of England voted to keep interest rates unchanged last month, but the decision was split with one of the nine members voting to raise rates for the first time since July given the recent spike in inflation.

3.Fed FOMC Meeting Minutes, Wednesday, 21:00
The Federal Reserve will release minutes of its most recent policy meeting on Wednesday

The U.S. central bank raised its benchmark interest rate by 25 basis points following its meeting on March 15 and stuck to its projection for two more hikes this year.

There are also a few Fed speakers in the coming week, with New York Fed President William Dudley, Philadelphia Fed President Patrick Harker and Richmond Fed President Jeffrey Lacker all set to speak Monday. Dudley is on tap again on Friday.

The Fed is not expected to raise interest rates again until June, according to market pros. Futures traders are pricing in around a 50% chance of a hike at the Fed's June meeting, according to Investing.com’s Fed Rate Monitor Tool. Odds of a September increase was seen at about 75%.

4.German February Factory Orders, Thursday, 09:00
Germany will publish data on factory orders for February on Thursday. The data is expected to show a gain of 4.0%, following a sharp drop of 7.4% in January.

There will also be German, French and Spanish industrial production data due on Friday. All are expected to show growth, adding to evidence that the euro zone's economy is gaining momentum.
In addition, the European Central Bank is scheduled to publish the minutes of its March policy meeting on Thursday.

5.U.S. March Nonfarm Payrolls Report, Friday, 15:30

The U.S. Labor Department will release its March nonfarm payrolls report on Friday.
The consensus forecast is that the data will show jobs growth of 180,000, following an increase of 235,000 in February, the unemployment rate is forecast to hold steady at 4.7%, while average hourly earnings are expected to rise 0.3% after gaining 0.2% a month earlier.

Besides the employment report, this week's data-heavy calendar also features reports on U.S. auto sales, construction spending and ISM manufacturing on Monday; trade figures and factory orders on Tuesday; ADP private sector nonfarm payrolls and the ISM non-manufacturing survey on Wednesday; weekly jobless claims on Thursday, followed by wholesale inventories and consumer credit on Friday.

Headlines from Washington will also be in focus, as traders await further details on President Donald Trump's promises of tax reform and infrastructure spending.

A meeting between Chinese President Xi Jinping and President Trump at his Mar-a-Lago retreat on Thursday and Friday will also be on investors' radar.

Investing.com

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