Weekly Forex Market Analysis | March 2–6, 2026 | EUR/USD · GBP/USD · USD/JPY · AUD/USD
FX Weekly Outlook
March 2 – 6, 2026
A comprehensive, institutional-grade analysis of the major currency pairs, economic calendar events, technical setups, and tactical trade ideas for the week ahead — built for experienced, active traders.
Macro Environment & Key Market Drivers
The week of February 23–27 closed in a state of deliberate unresolution. Traders navigated an extraordinary confluence of US trade-policy disruption, a widening US–Japan monetary policy divergence, sticky inflation readings, and geopolitical noise — leaving all four major pairs range-bound heading into a pivotal first week of March.
| Driver | Detail | FX Impact | Bias |
|---|---|---|---|
| Tariff Policy Shift | SCOTUS voided IEEPA tariffs; Trump pivots to 15% global levy + Section 232 national-security tariffs under consideration | USD vol ↑ · Risk-off spikes then fades | Neutral–Bearish USD |
| Fed on Extended Pause | FOMC minutes (Jan) show several members discussed potential rate hikes if inflation stays above target. Fed funds at 3.50–3.75% | USD supported on dips | Neutral USD |
| BoJ Policy Tug-of-War | PM Takaichi reportedly pushed back on rate hikes in meeting with BoJ’s Ueda. BoJ already hiked to 0.75% in Dec 2025 | JPY weakens on political interference signal | Bearish JPY Near-Term |
| RBA Hawkish Surprise | Australia CPI rose to 3.8% YoY vs 3.5% expected. RBA rate at 3.85%, highest of major CBs. Inflation fight ongoing | AUD supported; rate hike risk alive | Bullish AUD |
| BoE Dovish Tilt | February hold with a surprising 5–4 split toward cut. UK CPI eased to 3.0%. April/May rate cut increasingly priced | GBP upside capped | Mildly Bearish GBP |
| ECB Steady Stance | ECB on hold through 2026. Lagarde says inflation on track to 2%. Euro spec-long positioning at highest since 2020 | EUR capped; crowded long risk | Neutral EUR |
| China PMI Slip | Official China Manufacturing PMI 49.3, Non-Manufacturing 49.4 in Jan — both below 50. Modest growth drag on AUD/CNY-linked pairs | AUD drag on risk-off China signals | Neutral–Mildly Bearish AUD |
| DXY Technical | Dollar Index hovering around 97.90, targeting 98.00 resistance. Below 2025 highs near 110 — in a clear bearish medium-term trend | Dollar structurally weak; oversold bounces possible | Bearish USD Medium-Term |
Economic Calendar — High-Impact Events (Week of March 2–6, 2026)
This is a data-dense week with catalysts across all six regions. The US Non-Farm Payrolls report on Friday is the headline risk event of the week. Japan’s Tokyo CPI (Monday) sets the tone for BoJ policy expectations, while Australian GDP (Wednesday) and UK final PMIs (Monday) round out the major risk.
| Day / Time (GMT) | Region | Event | Previous | Forecast | Impact | Pairs to Watch |
|---|---|---|---|---|---|---|
| Mon Mar 2 23:30 Sun |
🇯🇵 Japan | Tokyo CPI (Feb) Core ex. Fresh Food |
1.9% YoY | 1.7% YoY | HIGH | USD/JPY |
| Mon Mar 2 09:55 GMT |
🇩🇪 Germany | Unemployment Change (Feb) | +11K | +8K | MED | EUR/USD |
| Mon Mar 2 14:30 GMT |
🇺🇸 USA | ISM Manufacturing PMI (Feb) | 48.2 | 49.5 | HIGH | All USD pairs |
| Tue Mar 3 03:30 GMT |
🇦🇺 Australia | RBA Rate Decision Gov. Bullock press conf. |
3.85% | 3.85% (Hold) | HIGH | AUD/USD |
| Tue Mar 3 All Day |
🇨🇳 China | NPC Annual Session Begins Policy announcements expected |
— | — | HIGH | AUD, CNH pairs |
| Wed Mar 4 00:30 GMT |
🇦🇺 Australia | GDP Q4 2025 | +0.8% QoQ | +0.6% QoQ | HIGH | AUD/USD |
| Wed Mar 4 14:30 GMT |
🇺🇸 USA | ADP Employment (Feb) | +183K | +175K | HIGH | All USD pairs |
| Wed Mar 4 15:00 GMT |
🇺🇸 USA | ISM Services PMI (Feb) | 52.8 | 53.0 | HIGH | All USD pairs |
| Thu Mar 5 12:00 GMT |
🇬🇧 UK | BoE MPC Member Speeches Bailey / Pill expected |
— | — | MED | GBP/USD |
| Thu Mar 5 13:30 GMT |
🇺🇸 USA | Weekly Jobless Claims | 212K | 210K | MED | All USD pairs |
| Thu Mar 5 All Day |
🇪🇺 Eurozone | ECB Consumer Inflation Expectations (Jan) | 25.8 | — | MED | EUR/USD |
| Fri Mar 6 00:30 GMT |
🇯🇵 Japan | Household Spending (Jan) Proxy demand gauge |
-0.4% YoY | +0.2% YoY | MED | USD/JPY |
| Fri Mar 6 07:00 GMT |
🇬🇧 UK | Halifax House Prices (Feb) | +0.7% | +0.3% | MED | GBP/USD |
| Fri Mar 6 13:30 GMT |
🇺🇸 USA | ⭐ Non-Farm Payrolls (Feb) + Unemployment Rate + Avg Hourly Earnings |
+198K · 4.3% | +180K · 4.3% | HIGH ⭐ | ALL PAIRS |
| Fri Mar 6 15:00 GMT |
🇺🇸 USA | Michigan Consumer Sentiment Prelim (Mar) | 91.2 | 89.5 | MED | All USD pairs |
Market Sentiment Dashboard
A quick-reference view of weekly bias and short-term directional leaning for each pair entering the week of March 2.
Bias: Slight Bearish
Bias: Slight Bearish
Bias: Neutral
Bias: Moderately Bullish
EUR/USD — Euro / US Dollar
Alternative bull play: Buy bounces at 1.1740 (200-day SMA) targeting 1.1840 on confirmed bullish reversal candle (Hammer / Engulfing) with stop below 1.1690.
GBP/USD — British Pound / US Dollar
USD/JPY — US Dollar / Japanese Yen
Invalidation: A sustained daily close above 156.60 re-opens the 157.50+ bullish target.
AUD/USD — Australian Dollar / US Dollar
Invalidation: Daily close below 0.6997 opens a corrective decline to the 38.2% Fibonacci at 0.6870.
Frequently Asked Questions
Answers to the questions active traders ask most heading into the week of March 2–6, 2026.
The week of March 2–6, 2026 presents experienced traders with a rich but disciplined opportunity set. The macro backdrop — characterised by ongoing US tariff policy flux, a politically complicated BoJ tightening path, a structurally weak USD, and a hawkish RBA — creates meaningful divergence between the four major pairs. That divergence is exactly where the edge lives.
AUD/USD emerges as the week’s highest-conviction long candidate, backed by the highest G10 rate environment, sticky domestic inflation, and robust Chinese demand. The RBA decision on Tuesday and GDP on Wednesday serve as natural entry catalysts for position sizing decisions. USD/JPY offers the week’s most defined short setup at 156.20–156.60 resistance — a failed breakout pattern with clear invalidation level. EUR/USD and GBP/USD remain range-bound ahead of NFP Friday, rewarding range-fade strategies over directional trend-following.
Non-Farm Payrolls on Friday March 6 is the week’s macro pivot. Position accordingly: enter your highest-conviction setups early in the week, bank partial profits mid-week, and reassess with reduced exposure heading into the US session Friday. In markets driven by this level of policy uncertainty, the traders who manage risk first — and profits second — consistently outperform.
Trade with precision. Manage with discipline. Review every setup without ego.