March 30 – Happy Good Friday – Economic Events to Watch While Markets Remain Shut!
Arslan Butt • 2 min read
First of all, a Happy Good Friday to everyone. In the forex market, the volatility and trading volume is likely to remain thin as most of the markets are closed in the observance of Holy Friday and Easter. Good Friday isn’t a federally mandated holiday in the United States but the New York Stock Exchange is likely to remain closed. Nevertheless, the economic calendar has few events ready to be released.
Watchlist – Top Economic Event
Eurozone – EUR
French Consumer Spending m/m
At 7:45 (GMT), the INSEE (Institut National de la Statistique et des études économiques) is due to release the French consumer spending figures. This is the primary gauge of consumer spending, which accounts for the majority of the overall economic activity.
Logically, the more people spend the higher the demand for goods & services. Higher demand causes an increase in the prices. The increase in prices is called inflation. That’s what the ECB (European Central Bank) is trying to achieve. Consumer spending is expected to rise by 2.2% vs. -1.9% in February.
French Prelim CPI m/m
The INSEE is also scheduled to release the Preliminary CPI. This shows the change in the price of goods and services purchased by consumers. There are two variants of this report published about two weeks apart, Preliminary and Final.
The Preliminary CPI is the earliest and therefore tends to have the greatest impact. The French CPI is expected to rise by 0.8% vs. 0.0% gain beforehand.
Italian Prelim CPI m/m
At 10:00 (GMT), the Istat (Istituto nazionale di statistica) is due to report the Italian Inflation. It’s expected to gain by 0.1%, with no surprises.
The trading on future and equities are closed, but the forex market is opened for trading. Personally, I won’t be placing any trade as most of the pairs may trade randomly.
Besides the US markets, Canada, UK, Switzerland, and all the major European markets are fully closed on Friday. The trading activities will properly begin on Tuesday. Team FX Leaders wishes you a Happy Easter, may you feel the hope of new beginnings, love, and happiness during this joyful Easter holiday.