{"id":57100,"date":"2023-03-03T15:20:17","date_gmt":"2023-03-03T04:20:17","guid":{"rendered":"https:\/\/icmarkets.eu\/blog\/?p=57100"},"modified":"2023-03-03T15:20:17","modified_gmt":"2023-03-03T04:20:17","slug":"ic-markets-asia-fundamental-forecast-03-march-2023","status":"publish","type":"post","link":"https:\/\/icmarkets.eu\/blog\/fundamental-analysis\/ic-markets-asia-fundamental-forecast-03-march-2023\/","title":{"rendered":"IC Markets Asia Fundamental Forecast | 03 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;\">US unemployment claims for the latest reported period were 190K, beating forecasts of 196K and the previous period&#8217;s figure of 192K. The result suggests a strengthening labour market, with potential bullish implications for the USD.<\/span><span style=\"font-weight: 400;\"><\/p>\n<p><\/span><\/p>\n<p><b>What does it mean for the Asia Session?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The session will likely see mixed price movement, with AUD as a highlight since the anticipated rise in gold, based on the latest Eurozone inflation, clashes with Australia\u00e2\u20ac\u2122s easing price increases.<\/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;\">ISM Services PMI\u00c2\u00a0<\/span><\/p>\n<p><b>What can we expect from DXY today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Forecasted data of 54.5 for US ISM Services PMI data indicates a slight decline from the previous 55.2. Actual data meeting\/exceeding forecast can positively impact USD while falling short can lead to a negative impact.<\/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 stubbornly high inflation in the Eurozone could increase the demand for gold as a hedge against price increases. This may lead to a rise in the price of gold.<\/span><\/p>\n<p><b>Next 24 Hours Bias<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Bullish<\/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;\">No major news events.<\/span><\/p>\n<p><b>What can we expect from AUD today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With no significant news for AUD, short-term price direction may refer to the latest CPI y\/y data release. (actual 7.4%, forecast 8.1%, and previous 8.4%). Lower real inflation could lead to a more dovish monetary policy, stimulating the economy with low-interest rates.<\/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;\">Mixed to Weak 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;\">RBNZ Gov Orr Speaks<\/span><\/p>\n<p><b>What can we expect from NZD today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">RBNZ Governor Orr&#8217;s upcoming speech may have references to the New Zealand economy or interest rates in the future that may influence the NZD\u00e2\u20ac\u2122s price direction. Traders should monitor Orr&#8217;s remarks and adjust positions accordingly.<\/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;\">Mixed<\/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;\">Tokyo Core CPI y\/y<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unemployment Rate<\/span><\/p>\n<p><b>What can we expect from JPY today?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Tokyo Core CPI y\/y forecasted at 3.3% (down from 4.3%), indicating a potential bearish impact on JPY. The unemployment rate predicted at 2.5% (same as previous) suggests a stable economy that may support JPY. The overall effect may be mixed.<\/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;\">Mixed<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; What happened in the US session? US unemployment claims for [&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-57100","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\/57100","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=57100"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57100\/revisions"}],"predecessor-version":[{"id":57101,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57100\/revisions\/57101"}],"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=57100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}