Week ahead: ECB rates, UK budget and non-farm payrolls

There is unlikely to be any move in rates from either the Bank of Canada (BoC) or the European Central Bank (ECB) but the interesting angle will be the commentary. Will both signal their intention to cut rates? Two-thirds of economists polled by Reuters recently suggest that the ECB will begin cutting rates in June. The BoC has its benchmark rate at 7.2%, one of the highest in developed economies and mortgage holders are crying out in pain so the BoC may also indicate its willingness to start to loosen monetary policy. The UK government’s budget is delivered on Wednesday with all the usual suspects likely to move including housebuilders, pub companies and the pound. Then US jobs in the week include ADP private payrolls on Wednesday and on Friday the US Department of Labor publishes non-farm payrolls for February. Amongst the bigger corporates to wait on earnings include L&G Reach, Greggs Target and Broadcom.

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