Market Insights Podcast – China PMI, Japan CPI, US PCE and RBNZ on the radar

OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data and events, notably the US Federal Reserve preferred data on inflationary trends in the US, the core PCE. The consensus is expected another soft print of 2.4% y/y in January versus 2.6% y/y in December 2023, an inline core PCE with the consensus is likely to be much preferred by stock market bulls as to keep the Fed’s dovish pivot “alive”.

The New Zealand central bank, RB NZ’s monetary policy outcome on Wednesday, 28 February is likely to be pivotal as it has exhibited the most hawkish vibes so far among other major central banks (Fed & ECB) with its prior monetary policy guidance in December 2023 that signaled its first potential interest rate cut to come in 2025 rather than 2024.

On Friday, 1 March, we will have the latest China’s NBS Manufacturing and Services PMIs data for February where these data trends will be closely monitored for any easing signs of deflationary pressures to potentially sustain the ongoing short-term uptrend movement seen in China and Hong Kong benchmark stock indices in place since the end of January 2024.

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