{"id":57081,"date":"2023-03-02T15:43:44","date_gmt":"2023-03-02T04:43:44","guid":{"rendered":"https:\/\/icmarkets.eu\/blog\/?p=57081"},"modified":"2023-03-02T15:43:44","modified_gmt":"2023-03-02T04:43:44","slug":"ic-markets-asia-fundamental-forecast-02-march-2023","status":"publish","type":"post","link":"https:\/\/icmarkets.eu\/blog\/fundamental-analysis\/ic-markets-asia-fundamental-forecast-02-march-2023\/","title":{"rendered":"IC Markets Asia Fundamental Forecast | 02 March 2023"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><b>What happened in the US session?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The US ISM PMI increased slightly to 47.7 from the previous month&#8217;s reading of 47.4, somewhat lower than the forecasted value of 47.9. Despite the slight increase, the recent reading suggests that the manufacturing sector is experiencing a contraction.<\/span><\/p>\n<p><b>What does it mean for the Asia Session?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The latest data on CPI y\/y in Australia suggests that while inflationary pressures are still present, they may be starting to ease. This could lead to reduced demand for gold in the short term.<\/span><\/p>\n<p><b>The Dollar Index (DXY)<\/b><\/p>\n<p><b>Key news events today<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Unemployment Claims<\/span><\/p>\n<p><b>What can we expect from DXY today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The US Unemployment Claims are expected to slightly increase from last week&#8217;s 192,000 figure, with a forecasted number of 196,000. A significantly higher number could negatively impact the US dollar since the strong labour market partly underpins the rate hike trajectory.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Central Bank Notes:<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Committee has raised the federal funds rate target range to 4.5-4.75% and plans to continue increasing it to return inflation to 2%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Committee will monitor incoming information and adjust the stance of monetary policy as appropriate to achieve its goals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A majority vote from the Committee supported the decision to raise the target range<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Next meeting is on 23 March 2023<\/span><\/li>\n<\/ul>\n<p><b>Next 24 Hours Bias<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Weak Bearish<\/span><\/p>\n<p><b>Gold (XAU)<\/b><\/p>\n<p><b>Key news events today<\/b><\/p>\n<p><span style=\"font-weight: 400;\">No major news events.<\/span><\/p>\n<p><b>What can we expect from Gold today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The lower-than-expected Australian CPI figure could indicate that inflationary pressures in Australia are starting to ease. This could reduce demand for safe-haven assets, such as gold, as investors become more confident in the economy.<\/span><\/p>\n<p><b>Next 24 Hours Bias<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bearish<\/span><\/p>\n<p><b>The Australian Dollar (AUD)<\/b><\/p>\n<p><b>Key news events today<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Building Approvals m\/m<\/span><\/p>\n<p><b>What can we expect from AUD today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Building Approvals m\/m for AUD is forecasted to decrease by 7.1%, following a significant increase of 18.5% in the previous data. This suggests there may have been a slowdown in the construction industry, potentially impacting the AUD negatively.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Central Bank Notes:<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash rate stands at 3.35%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Future rate rises are expected as RBA targets the 2-3% inflation target<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Next meeting on 7 March 2023<\/span><\/li>\n<\/ul>\n<p><b>Next 24 Hours Bias<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bearish<\/span><\/p>\n<p><b>The Kiwi Dollar (NZD)<\/b><\/p>\n<p><b>Key news events today<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Overseas Trade Index q\/q<\/span><\/p>\n<p><b>What can we expect from NZD today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The Overseas Trade Index q\/q for NZD is expected to decrease by 1.7%, an improvement from the previous quarter&#8217;s decline of 3.4%. This is a crucial indicator for the country&#8217;s international trade activity, with a negative figure potentially putting pressure on the NZD.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Central Bank Notes:<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monetary Policy Committee increased the OCR from 4.25% to 4.75%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Higher interest rates are needed to reduce inflation and support employment sustainably<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Severe storms in North Island will increase inflation and disrupt production.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Next meeting is on 5 April 2023<\/span><\/li>\n<\/ul>\n<p><b>Next 24 Hours Bias<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Weak Bearish<\/span><\/p>\n<p><b>The Japanese Yen (JPY)<\/b><\/p>\n<p><b>Key news events today<\/b><\/p>\n<p><span style=\"font-weight: 400;\">No major news events.<\/span><\/p>\n<p><b>What can we expect from JPY today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Expectations from Japan\u00e2\u20ac\u2122s upcoming data releases suggest mixed signals for the economy, possibly negatively impacting capital investments and lending activity. At the same time, an increase in consumer confidence may positively affect consumer spending and overall economic growth.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Central Bank Notes:<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash rate stands at -0.1%\u00c2\u00a0\u00c2\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Expanded range for 10-year JGB yield fluctuations to 0.5%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Next meeting is on 8 March 2023\u00c2\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Next 24 Hours Bias<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Weak Bearish<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What happened in the US session? The US ISM PMI [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":56102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215],"tags":[],"class_list":["post-57081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis"],"_links":{"self":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/comments?post=57081"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57081\/revisions"}],"predecessor-version":[{"id":57082,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57081\/revisions\/57082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/56102"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}