According to analysts at Rabobank, for the markets the focus will be on the release of US industrial production, the Empire State Manufacturing index and the University of Michigan consumer sentiment survey.
“In particular the latter two are for March, thus giving a relatively timely snapshot of economic sentiment in the wake of the US government shutdown. Both the Empire State index and the Michigan survey were surprisingly weak in January but then showed a modest rebound in February, so with the consensus looking for both indicators to show further improvement in March it is basically saying that the US economy is still going pretty strong and that the recent dip was likely transitory. This is also expected to be reflected in growing industrial production in February. Hence a failure of today’s US data to show such improvement could potentially throw such beliefs into doubt.”
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