Analysts at Nomura offered a preview of the next key US data.
“Empire State survey: For the first round of manufacturing survey indicators in March, we forecast a reading of 13.0 for the Empire State survey (Consensus: 15.0), essentially unchanged from February’s reading of 13.1. While we remain optimistic about the manufacturing sector outlook, our neutral forecast for February largely reflects the downside risk of a deterioration in manufacturers’ sentiment in response to rising trade tension and its implications for input costs.”
“Philly Fed survey: Similar to the Empire State survey, we forecast 25.0 for the topline index of the Philly Fed survey in March (Consensus: 23.0), largely reflecting increased input cost angst, and close to February’s 25.8 print. Import prices: Import prices picked up notably in January with prices excluding petroleum products increasing 0.5% m-o-m, following continued weakness in the US dollar. Import price pressures in February could moderate somewhat relative to January.”