| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 00:30 | Australia | Unemployment rate | February | 4.1% | 4.1% | 4.1% |
| 00:30 | Australia | Changing the number of employed | February | 30.5 | 30 | -52.8 |
| 07:00 | Germany | Producer Price Index (YoY) | February | 0.5% | 1% | 0.7% |
| 07:00 | Germany | Producer Price Index (MoM) | February | -0.1% | 0.1% | -0.2% |
| 07:00 | United Kingdom | Claimant count | February | 2.8 | 7.9 | 44.2 |
| 07:00 | United Kingdom | Average Earnings, 3m/y | January | 6.1% | 5.9% | 5.8% |
| 07:00 | United Kingdom | Average earnings ex bonuses, 3 m/y | January | 5.9% | 5.9% | 5.9% |
| 07:00 | United Kingdom | ILO Unemployment Rate | January | 4.4% | 4.4% | 4.4% |
| 08:00 | Eurozone | ECB President Lagarde Speaks | | | | |
During today's Asian trading, the US dollar rose modestly against major currencies, continuing yesterday's increase, while market participants continued to analyze the results of the Fed meeting.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.21% to 103.69. Yesterday, the index gained 0.18%, breaking a three-day decline. The Fed, as expected, kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December. Meanwhile, the Central bank indicated that monetary policy easing is likely to resume later this year, despite the uncertainty surrounding US tariffs. Along with the decision, officials updated their rate and economic projections for this year and through 2027 and altered the pace at which they are reducing bond holdings. Officials now see the economy accelerating at just a 1.7% pace this year, down 0.4% from the last projection in December. On inflation, core prices are expected to grow at a 2.8% annual pace, up 0.3% from the previous estimate. Meanwhile, according to the “dot plot” of officials’ rate expectations, two 0.25% interest rate cuts are still forecast this year. Meanwhile, Fed Chairman Jerome Powell said that "we will not rush into action, our current policy position is well prepared to deal with the risks and uncertainties we face". He added that "the right decision would be to wait for more clarity about what is happening in the economy." Overall, recent statements have highlighted the difficulties faced by policymakers as they try to deal with Donald Trump's trade policy and its impact on the economy. For now, traders are pricing in 66 basis points of easing this year from the Fed, with a cut in July fully priced in.
The Australian dollar fell 0.55% against the US dollar amid disappointing data on the Australian labor market. The Australian Bureau of Statistics said that the unemployment rate was 4.1% in February - in line with expectations and unchanged from the January reading. But the Australian economy lost 52,800 jobs last month, well shy of expectations for an increase of 30,000 jobs following the addition of 44,000 in January. Full-time employment was down 35,700 jobs following the addition of 54,100 a month earlier. The participation rate was 66.8%, again missing forecasts for 67.3% - which would have been unchanged from the previous month. The Reserve Bank of Australia last month cut interest rates for the first time in four years, but warned that further policy easing was not guaranteed given the unexpectedly strong labor market, which could boost inflation.