Investing.com - In the week ahead, market players will be focusing on the outcome of Thursday’s European Central Bank meeting amid growing indications the central bank could ramp up its stimulus program and push rates further into negative territory.
Meanwhile, China is to release what will be closely watched trade and inflation data amid ongoing concerns over the health of the world's second biggest economy.
Traders will also be awaiting monetary policy announcements from the Bank of Canada and the Reserve Bank of New Zealand.
Ahead of the coming week, Investing.com has compiled a list of the five biggest events on the economic calendar that are most likely to affect the markets.
1. European Central Bank policy meeting
The European Central Bank's highly anticipated interest rate decision is due at 12:45GMT, or 7:45AM ET, on Thursday, with most of the focus likely to be on President Mario Draghi's press conference 45 minutes after the announcement.
The consensus is that the ECB will cut the deposit rate further into negative territory to -0.40% from -0.30%. Market analysts also expect the central bank to increase the size of its monthly quantitative easing program to €75 billion from the current €60 billion.
2. Chinese trade data
China is to release February trade data at around 3:00GMT on Tuesday, or 10:00PM ET, Monday. The report is expected to show that the country’s trade surplus narrowed to $50.2 billion last month from $63.3 billion in January.
Chinese exports for February are forecast to have dropped 12.5% from a year earlier, following a decline of 11.2% a month ago, while imports are expected to slump 10.0%, after falling 18.8% in January.
On Thursday, China is to publish reports on February consumer and producer price inflation. The data is expected to show that consumer prices rose 1.9% last month, compared to a reading of 1.8% in January, while producer prices are forecast to fall by 4.9%, which would be the 46th straight monthly decline.
3. Bank of Canada rate decision
The Bank of Canada's latest interest rate decision is due at 15:00GMT, or 10:00AM ET, on Wednesday, with most experts expecting the central bank to stand pat on rates.
Some market analysts expect BOC Governor Stephen Poloz to sound more upbeat about the economy and signal a greater willingness to move away from its easing cycle.
4. Reserve Bank of New Zealand monetary policy update
The Reserve Bank of New Zealand’s monetary policy update is due at 20:00GMT, or 3:00PM ET, on Wednesday. Market experts are split on whether the RBNZ will move on rates, with some predicting a 25 basis point cut to a record low 2.0%, while others expect no change.
Reserve Bank governor Graeme Wheeler cut the benchmark rate four times last year and in his review of the official cash rate in January, he opened the door for further cuts.
5. Fed speakers
With very little U.S. data on the economic docket this week, market players will pay close attention to speeches from a pair of Federal Reserve officials on Monday to judge the balance of opinion among policymakers on the prospect of further rate hikes.
Federal Reserve Governor Lael Brainard is due to deliver a speech titled "Economic Outlook, Liquidity and Resilience" at the Institute of International Bankers Annual Washington Conference, in Washington D.C. at 18:00GMT, or 1:00PM ET, Monday.
At the same time, Fed Vice Chairman Stanley Fischer will deliver a speech titled "Reflections on Macroeconomics Then and Now" at the National Association for Business Economics policy conference, in Washington D.C.
Stay up-to-date on all of this week's economic events by visiting: http://www.investing.com/economic-calendar/