Forex fundamental analysis & the economic calendar review (March 6-10)

A review of last week's important events 

There wasn't any significant news and data in the last week, but generally, ISM Institute's manufacturing and service PMI data were published as expected, which indicated the US strong economy. At the end of the week, the US dollar weakened a bit, contrary to the good published data. This contradiction could be because the good US data was included in the prices, and the US dollar needed a price break from a chart perspective. On the other hand, market participants are waiting for the coming week's important news.

The economic calendar review from March 6 to 10

In the coming week, the economic calendar will have significant data for the USD, Canadian dollar, Australian dollar, and Japanese yen.

On Tuesday at 03 pm UTC, Fed Chair Powell will give a speech. Considering the US economy's strength, market participants expect him to announce his opinion on the final interest rate. Any indication by Powell to increase the final rate will lead the dollar to regain strength in related symbols. If he does not insist on continuing aggressive policies, this will surprise market participants and the dollar will weaken in the related symbols.

On Wednesday, at 01:15 pm, the ADP Non-Farm Employment Change (February) (Previously: 106k | Forecast: 200k), and at 03 pm, JOLTS Job Openings (January) (Prev: 11.012M | Fore: 10.500M) will be published. US employment data is very significant, the stronger the employment data is, means that the labor market's supply is more than its demand, which will prevent disinflation, and as a result, aggressive and contractionary policies will maintain. 

On Wednesday at 03 pm, Fed Chair Powell will give a speech again.

As usual, every Thursday at 01:30 pm, the US Unemployment Claims (Prev: 190K | Fore: 195K) will be released.

However, in the most important event of the week, at 01:30 pm on Friday, important NFP data will release. At 01:30 pm, the US Non-Farm Employment Change - NFP (Prev: 517k | Fore: 200k) and Unemployment Rate (Prev: 3.4% | Fore: 3.4%) will be published. At the time of the news release, the focus will mostly be on the NFP data, and the dollar-related symbols will perform well. But in general, the analysts will review the outcome of these two data with the growth rate index and the average monthly hourly earnings. Last month, the NFP data was released far beyond expectations, which indicated the US economy's good state and this country's dollar strengthened. If good US employment data continues to be released, the dollar will continue to strengthen in related symbols.

The coming week is significant for the Canadian dollar because the BOC Rate Statement will publish on Wednesday at 03 pm. According to forecasts, the interest rate will remain unchanged at 4.5%. Considering that the BOC's actions are ahead of other banks, this bank is the first central bank that has started to stop the interest rate increase.

On Friday at 01:30 pm, Employment Change (February) (Prev: 150.0K | Fore: 10.0K) and Unemployment Rate (February) (Prev: 5.0% | Fore: 5.1%) will be published.