This week data coming from the United States are pretty important, starting with today's ISM manufacturing index which probably dropped below 50 reaching to 48 in the month of February, after 50.7 in January, a reading below 50 as we al; know is considered as a bad sign for the economy, and will add up to the misery.
The data from today till the end of the week are all preparing for Friday's one most special reports, as we all know the first Friday in each month we are on a date with the famous U.S. jobs report, the one that might be the major corner stone that the fed will depend on when deciding their monetary policy, and will be the most watched and effective news on the week.
From all around the world, we have major central banks meeting to decide on their rates decision, as the bank of Canada will take the first shot with expectations of lowering their rates a quarter point basis to 3.75%, following some steep cuts from their Federal neighbors.
While later in the week three banks are expected to hold their current rates steady, starting from NewZealand, and then from the Bank of England and the European Central Bank.
The meeting of the ECB and the press conference will grab a lot of attention in the markets especially with the Euro above 1.50 dollars, and everybody are waiting for Mr. Trichet comment, and what is it going to do to the skyrocketing European currency.
ThatÃ¢â‚¬â„¢s about it dear reader for the week, the general title is that the dollar is still under a lot of pressure, and only if it was for a miracle or something really huge the current trend will be still on.