The month of March is expected to be highly active in the global financial markets, as investors brace for a slew of economic data and monetary releases that could impact the short-term outlook on equities, currencies and commodities. Below is a high level overview of major market-moving events scheduled for March. For more information, be sure to follow the Financial Calendar every day.

Friday, March 4: US Nonfarm Payrolls

Nonfarm payrolls are arguably the biggest data release of the month. US jobs data are closely tied to expectations about Federal Reserve policy, which has major implications on global markets. Nonfarm payrolls are forecast to rise by 190,000 in February following a lower-than-expected 151,000 increase the previous month. The unemployment rate is forecast to hold steady at 4.9%. Average hourly earnings growth is expected to slow to a more sustainable 0.2% pace, following a 0.5% increase in January.[1]

Tuesday, March 8: China trade data, Eurozone Q4 GDP

Although some economic calendars have listed Chinese trade figures as low-impact releases, recent history has shown the complete opposite effect. While analysts are fairly certain that imports and exports will decline further in February, the extent of the losses could trigger volatility for mainland China equities. Plummeting exports will raise fresh worries about the health of the world’s second-largest economy and whether the People’s Bank of China will continue guiding its currency lower.

Separately, Eurostat will release revised Eurozone fourth quarter GDP figures on March 8.

Thursday, March 10: ECB Interest Rate Decision, China inflation

All eyes will be on the European Central Bank (ECB) in the second week of March. ECB President Mario Draghi has vowed to do whatever it takes to guide Eurozone inflation and GDP growth toward their target levels, prompting speculation that policymakers could vote for additional monetary easing on March 10, including cutting the already negative deposit rate. Another rate cut could have dire consequences on the euro, but shore up the region’s volatile equity markets.