A rate decision from the Bank of Canada, the release of U.S. auto sales data for February and a barrage of central bank and government speakers are the main events of the North American session, while European market participants will focus on comments from their own central bankers.
At 8 a.m. EST, Atlanta Fed President Dennis Lockhart (voter) will speak on the U.S. economy and central banking at the University of Tampa.
At 9 a.m. EST, the Bank of Canada is expected to cut interest rates by 50 bps to 0.50%. However, market participants are fully priced in for a 25 bps rate reduction, but are only pricing in a 52% probability of a 50 bps reduction, according to implied market forecasts from the Overnight Index Swaps.
At 10 a.m. EST, the National Association of Realtors will release U.S. pending home sales for January, which economists expect to decline 3.5% versus a 6.3% gain the month prior.
Also at 10 a.m. EST, Fed Chairman Ben Bernanke will testify on the U.S. economy before the Senate Budget Committee.
At 10:30 a.m. EST, Finland's Central bank President Erkki Liikanen will speak at an event organized by the central bank in Helsinki.
At 12:30 p.m. EST, U.S. Treasury Secretary Timothy Geithner will testify before the House Ways and Means Committee on the federal budget.
Also at 12:30 p.m. EST, European Central Bank President Jean-Claude Trichet will speak at an event in Frankfurt.
At 1 p.m. EST, the U.S. Treasury will sell $34 billion in four week bills.
At 5 p.m. EST, ABC will release its consumer comfort index for the week ending March 1. Economists expect the headline index to rise one point to -47.
At some point on Tuesday, U.S. automakers will release February sales results, which economists believe will show a 0.2 million decline in annualized auto sales to 9.4 million and a 0.1 million fall in domestic vehicle sales to 6.8 million.
Full Schedule
8:00 US Fed's Lockhart Speaks on U.S. Economy, Central Bank at Tampa
9:00 CA Bank of Canada Rate Exp: 0.50% Prior: 1.00%
10:00 US Pending Home Sales (M/M) January Exp: -3.5% Prior: +6.3%
10:00 US Bernanke Testifies Before Senate Budget Committee
10:30 EU ECB's Liikanen Speaks in Helsinki
12:30 US Tsy's Geithner Testifies Before House Panel
12:30 EU ECB President Jean-Claude Trichet Speaks at Event in Frankfurt
13:00 US Treasury to Sell 4-Week Bills
17:00 US ABC Consumer Confidence W/E March 1 Exp: -47 Prior: -48
19:01 GB Nationwide Consumer Confidence February Exp: +38 Prior: +40
US Total Vehicle Sales February Exp: +9.4M Prior: +9.6M
US Domestic Vehicle Sales February Exp: +6.8M Prior: +6.9M
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2009