When it comes to navigating the complex world of foreign exchange and international payments, knowledge is your best ally. That's why we've compiled a guide to the key dates and events in for March 2024 to be aware of when making cross-border payments.
Whether you're a seasoned trader or just dipping your toes into the financial waters, understanding these economic events can make a significant impact, and allow you to make informed financial decisions.
Read on to stay informed and discover how we can empower your international financial transactions. See our Economic Calendar for March here.
Europe's inflation numbers will be the key metric for this week with the markets continuing to believe the ECB (European Central Bank) will cut interest rates the most this year when compared to BoE (Bank of England) and the Fed (Federal Reserve).
Its job week from the US and, as ever, the Fed and the markets will be looking at the numbers to determine when the first rate cut will be actioned by the Fed this year. This data will also be a key measure in determining whether the US economy continues to be resilient.
The UK's Spring Budget is also due for release on Wednesday (06/03/24) and on the Thursday (07/03/24) we'll wait for the ECB’s economic projections for this year.
Over to the UK for the jobs data, as well as the first UK GDP reading of 2024 to see if indeed the UK has bounced back from a recession. US inflation will be the primary focus for markets, given that the January numbers surprised to the upside. US retail sales will also be a highlight this week.
This week sees monetary policy meetings in both the US and the UK, with no movement expected on interest rates, given market pricing dictates cuts will come later on this year.
However, the main data point this week will be the Fed's revised dot plot, a chart updated quarterly that records each Fed official's projection for the central bank's key short-term interest rate. December's meeting suggested three rate cuts (accumulating to 0.75% worth of cuts) are expected this year, so given recent data, it will be interesting to see what the Fed project. Inflation numbers from the UK and Europe are also due this week.
The final UK and US GDP numbers for Q4 will be "backwards-looking" data, so will be unlikely to cause any major moves on FX, but the core PCE inflation measure will be the main focus.
Now that you're aware of the key economic events taking place in February 2024, let's talk about how Equals Money can elevate your international payments experience. Our service is designed to make your life easier and transactions smoother.
- Competitive rates: We offer competitive exchange rates for over 140 different currencies to ensure you can get the most of out of each transaction when converting currencies or making cross-border transfers.
- Tried & trusted: Since starting in 2005, we've helped our customers move and manage over £10 billion around the world.
- Fast payments: With connections to SWIFT, UK Faster Payments, and SEPA, make same-day and next-working-day transfers to make sure your money reaches where it needs to promptly.
- Range of solutions: Make payments using our full portfolio of options such as spot trades (a one-off instant transfer using the live exchange rate), forward contracts (fix a current exchange rate for a future transaction up to 24 months in advance), and more.*
- Currency expertise: You'll get the support and expertise of a specialist currency account manager who can help you put together a strategy for overseas payments.
In conclusion, staying informed about key economic events and dates is vital for making informed financial decisions. Whether you're monitoring GBP, EUR, or USD, these dates can significantly impact your currency exchange rates.
Get in touch or request a quote today to learn more about our full suite of solutions.
*Equals Money can only offer forward contracts to facilitate payments for goods and services.
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