| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | United Kingdom | Producer Price Index - Output (MoM) | February | 0.5% | 0.2% | -0.3% |
| 07:00 | United Kingdom | Producer Price Index - Input (MoM) | February | 0.4% | 0% | -0.1% |
| 07:00 | United Kingdom | Producer Price Index - Output (YoY) | February | 13.5% | 12.4% | 12.1% |
| 07:00 | United Kingdom | Producer Price Index - Input (YoY) | February | 14.7% | 12% | 12.7% |
| 07:00 | United Kingdom | Retail Price Index, m/m | February | 0% | 0.6% | 1.2% |
| 07:00 | United Kingdom | HICP ex EFAT, Y/Y | February | 5.8% | | 6.2% |
| 07:00 | United Kingdom | Retail prices, Y/Y | February | 13.4% | 13.3% | 13.8% |
| 07:00 | United Kingdom | HICP, m/m | February | -0.6% | 0.6% | 1.1% |
| 07:00 | United Kingdom | HICP, Y/Y | February | 10.1% | 9.9% | 10.4% |
| 08:45 | Eurozone | ECB President Lagarde Speaks | | | | |
| 09:00 | Eurozone | Current account, adjusted, bln | January | 13 | 16.5 | 17 |
| 11:00 | United Kingdom | CBI industrial order books balance | March | -16 | -15 | -20 |
USD weakened against most of its major rivals in the European session on Wednesday as investors waited for an announcement of the Federal Reserve’s rate decision later in the day.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, fell by 0.21% to 104.20.
The recent collapse of Silicon Valley Bank and Signature Bank in the U.S. and issues with Credit Suisse in Europe raised worries about global financial stability, causing a sharp reversal of investors’ expectations on the Fed’s March rate move.
According to CME FedWatch Tool, markets are pricing in an 86.4% probability of a 25-basis-point rate hike today and a 13.6% chance of no change. Before the banking problems emerged earlier this month, a larger 50-basis-point rate increase was seen as the only alternative to a 25-basis-point move. The arisen possibility of rates staying on hold reflects assumptions that the Fed might choose to pause its rate hikes to ease pressures on the U.S. banking system.
The Fed’s policy decision will be published at 18:00 GMT and will be followed by chair Jerome Powell's press conference half an hour later.