US: Factory orders and trade deficit in focus - TDS

Analysts at TDS suggest that factory orders and trade balance data will be the main economic releases from the US in today’s session.

Key Quotes

“US factory orders are forecast by the market to post a 1.0% m/m gain in February due to a soft increase in nondurable orders which should provide a drag on the 1.7% gain in advance durable goods orders.”

“Markets expect the trade deficit to narrow to $44.6bn from $48.5 in February, mirroring the improvement seen in the advance goods trade report. Looking to the Fed, Governor Tarullo is the lone speaker and will give an address at 16:30 ET, though we note that Tarullo is stepping down from the Fed this month.”

Canada: TD looks for the international trade surplus to shrink to $0.30bn (market: $0.55bn) in February due to the combination of weaker exports and stronger imports. The pullback in exports should be driven by motor vehicles, while energy should provide some offset.”