What happened in the US session?<\/b><\/p>\n
Swiss authorities confirmed that Credit Suisse meets the capital and liquidity standards required, and the SNB will act if needed. The bank’s shares faced pressure following the revelation of a significant flaw in financial reporting and the refusal of its most prominent backer to offer more funding.<\/span><\/p>\n The latest US data generally underperformed relative to the forecasted and previous data. This could negatively impact the USD, suggesting weaker inflationary pressures, a slowdown in consumer spending, and a decline in manufacturing activity.<\/span><\/p>\n What does it mean for the Asian Session?<\/b><\/p>\n Amid the backing for Credit Suisse from the SNB, CHF\u00e2\u20ac\u2122s safe-haven status could face potential disruptions due to increasing market concerns surrounding bank failures. Gold will likely benefit from a shift away from the Swiss Franc.<\/span><\/p>\n Oil will likely remain under pressure amid rising recession risks from the fallout in the US and Credit Suisse saga in Europe.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n Unemployment Claims<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n The forecasted number of Unemployment Claims for the period stands at 205K, slightly lower than the previous week’s figure of 211K. If the expectation holds, the US dollar may strengthen due to improved labour market conditions.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n Gold (XAU)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from Gold today?<\/b><\/p>\n Despite the assurance from the Swiss authorities and the Fed on their respective banking sectors, lingering concerns about further contagion risks are likely to support the safe-haven gold.<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Bullish<\/span><\/p>\n The Australian Dollar (AUD)<\/b><\/p>\n Key news events today<\/b><\/p>\n Employment Change<\/span><\/p>\n Unemployment Rate<\/span><\/p>\n What can we expect from AUD today?<\/b><\/p>\n Upcoming data releases from the Australian Bureau of Statistics include Employment Change (forecasted 49.7K, previous -11.5K) and Unemployment Rate (forecasted 3.6%, previous 3.7%). More robust employment figures could strengthen the AUD, while disappointing data may put downward pressure on it.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Kiwi Dollar (NZD)<\/b><\/p>\n Key news events today<\/b><\/p>\n GDP q\/q\u00c2\u00a0<\/span><\/p>\n What can we expect from NZD today?<\/b><\/p>\n The New Zealand GDP q\/q report showed a 0.6% contraction, lower than the -0.2% forecast and the previous 1.7% growth. The data may lead to a dovish\/less hawkish RBNZ monetary policy and reduced investor confidence.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Bearish<\/span><\/p>\n The Japanese Yen (JPY)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n Core Machinery Orders m\/m is forecasted at 1.5% (prev. 1.6%). The Trade Balance is expected at -1.46T JPY (prev. -1.82T JPY). Revised Industrial Production m\/m is forecasted to remain at -4.6%. Positive outcomes may support JPY, while negative results could lead to depreciation.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/span><\/p>\n The Euro (EUR)<\/b><\/p>\n Key news events today<\/b><\/p>\n Main Refinancing Rate<\/span><\/p>\n Monetary Policy Statement<\/span><\/p>\n ECB Press Conference <\/span><\/p>\n What can we expect from EUR today?<\/b><\/p>\n The ECB will likely raise the Main Refinancing Rate to 3.50%, up from the previous 3.00%. However, the latest debacles surrounding Credit Suisse and the US banking sector may lead to a lower-than-expected hike.\u00c2\u00a0<\/span><\/p>\n Further, any signs of dovishness in the Monetary Policy Statement could negatively impact the Euro’s value; the press conference following the rate announcement and policy statement will provide further insights into the ECB’s decision-making process.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n <\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Swiss Franc (CHF)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from CHF today?<\/b><\/p>\n The State Secretariat for Economic Affairs (SECO) is set to release its latest economic forecasts, which are expected to provide critical insights into Switzerland’s economic outlook. A weaker outlook could result in further depreciation of the CHF amid increased volatility from the debacle surrounding Credit Suisse.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Pound (GBP)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from GBP today?<\/b><\/p>\n The Office for Budget Responsibility projects no 2023 UK recession; inflation to drop from 10.7% (Q4 2022) to 2.9% by the end of 2023.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/b><\/p>\n The Canadian Dollar (CAD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from CAD today?<\/b><\/p>\n The Canadian Wholesale Sales m\/m data is expected to show a positive growth of 3.0% (previous -0.8%). Meeting expectations could positively impact the CAD, indicating increased demand for Canadian goods and services.\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n Oil<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from Oil today?<\/b><\/p>\n Actual crude oil inventories for the current period are 1.6M barrels, higher than the forecasted 1.3M barrels but lower than the previous -1.7M barrels. This suggests a rise in inventories, possibly lowering demand and leading to a drop in oil prices.\u00c2\u00a0<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Bearish<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" What happened in the US session? Swiss authorities confirmed that Credit […]<\/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-57270","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\/57270","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=57270"}],"version-history":[{"count":2,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57270\/revisions"}],"predecessor-version":[{"id":57272,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57270\/revisions\/57272"}],"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=57270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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