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31FX Blog

The Week Ahead: Coronavirus, G20, Fed and US and Eurozone Data

31FX – Fears of economic fallout from the spread of the coronavirus remain. The U.S. and European bank officials will be watched for their outlook on the global economy.

Here’s what you need to know to get acquainted for this week.

G20 Concerns with Coronavirus Outbreak

Finance officials from the world’s 20 biggest economies on Saturday called for a coordinated response to the coronavirus outbreak, which the International Monetary Fund predicted would pull down China’s growth this year to 5.6% and cut 0.1% from global growth.

U.S. Dollar Index

Leaving aside Friday’s declines, triggered by disappointing U.S. PMI data for February, last week saw the greenback rally to a near three-year high versus the euro, a 10-month high against the yen and an 11-year peak versus the Aussie. So far this month it has risen more than 2% against a currency basket.

Fed Speak and U.S. Data

Federal Reserve Vice Chairman Richard Clarida is to speak at an economic policy conference in Washington on Tuesday, where other speakers include IMF Chief Economist Gita Gopinath and Cleveland Fed President Loretta Mester. Minneapolis Fed President Neel Kashkari and Dallas Fed President Robert Kaplan are also set to make appearances this week, with investors on the lookout for any comments on the virus impact.

Also on Tuesday, a report on U.S. consumer confidence will be closely watched for any indications that the global coronavirus outbreak is hitting sentiment.

Eurozone Data

Monday’s German IFO report will be central to the direction of the euro this week. The consensus is for a reading of 95.3 in the Business Climate Index, down from 95.9 in January.

Other key releases will be Friday’s inflation numbers for Germany and France which will be closely watched ahead of the upcoming European Central Bank meeting in March

Earnings Result

Estimates from Refinitiv point to the growth of 3.1% in the S&P 500’s fourth-quarter earnings, defying expectations for a year-over-year decline. In January analysts had forecast a 0.3% fall.

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