The week ahead: Things to watch on the economic calendar

In the week ahead, global financial markets will focus on the monthly U.S. employment report due Friday, which could seal the deal for a Federal Reserve rate hike later this month.

Meanwhile, in the euro zone, investors will await the outcome of Thursday’s European Central Bank meeting for fresh clues on the future path of the region's massive stimulus program.

In the U.K., traders will be awaiting a report on manufacturing production for further indications on the continued effect that the Brexit decision is having on the economy.

Ahead of the coming week, here is a list of the biggest events on the economic calendar that are most likely to affect the markets.

Tuesday:Reserve Bank of Australia Policy Meeting
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 1.50% and signal that the current policy easing is over, given the economy's convincing rebound last quarter, rising commodity exports and a robust increase in household debt levels.

Wednesday:China Trade Balance
China is to release February trade figures at around 03:00GMT on Wednesday.
The report is expected to show that the country’s trade surplus narrowed to $25.0 billion last month from $51.4 billion in January. Exports are forecast to have climbed 10.0% in February from a year earlier, following a gain of 7.9% a month ago, while imports are expected to rise 20.3%, after increasing 16.7% in January.

Thursday: European Central Bank Policy Meeting
The European Central Bank's latest interest rate decision is due on Thursday, with most not expecting any change in policy despite surging inflation and robust growth.

Most of the focus will likely be on President Mario Draghi's press conference 45 minutes after the announcement. He will probably avoid any discussion about winding down asset buys, instead sticking to his stance that the recent surge in inflation is temporary, growth is fragile and political risks clouds the outlook, requiring stimulus.

Friday: U.K. Manufacturing Production for January
The Office for National Statistics is to produce data on manufacturing production for January at 09:30GMT (4:30AM ET) on Friday, amid expectations for a decline of 0.5%, following an increase of 2.1% in the preceding month. Industrial output is forecast to inch down 0.3%, after gaining 1.1% in December.

Also in focus, the U.K. government is scheduled to reveal its annual budget on Wednesday.
The Bank of England raised its forecasts for growth and inflation last month, but appeared in no rush to raise interest rates as Prime Minister Theresa May intends to trigger the formal process for separating from the European Union by the end of March.

U.S. February Nonfarm Payrolls Report

The U.S. Labor Department will release its February nonfarm payrolls report on Friday.

The consensus forecast is that the data will show jobs growth of 190,000, following an increase of 227,000 in January, the unemployment rate is forecast to dip by 0.1% to 4.7%, while average hourly earnings are expected to rise 0.3% after gaining 0.1% a month earlier.

Besides the employment report, this week's calendar also features U.S. data on factory orders, trade figures, ADP private sector nonfarm payrolls, weekly jobless claims and import prices.

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