IC Markets Asia Fundamental Forecast | 20 March 2023<\/b><\/p>\n
What happened in the US session?<\/b><\/p>\n
In response to liquidity challenges faced by commercial banks, leading central banks collaborated to offer a lifeline known as a “swap line.”<\/span><\/p>\n The US’s preliminary UoM Consumer Sentiment Index came in at 63.4 (Forecast 66.9, Previous 67.0). The lower-than-expected value indicates a pessimistic sentiment among consumers regarding the country’s current and future economic conditions.<\/span><\/p>\n What does it mean for the Asian Session?<\/b><\/p>\n As there is a dearth of top-tier news for the current trading session, the currencies will likely remain stagnant throughout the rest of the day. However, investors may continue to flock towards gold as a safe-haven asset due to lingering concerns over the resolving crisis in the banking sector.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n The DXY may draw price direction from previously released Prelim UoM Consumer Sentiment showing a lower value. This could lead to a decline in the USD due to weaker economic growth and lower consumer spending.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/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 Given the current uncertainty surrounding the central banks’ recent rescue packages for the banking sectors, it is probable that gold will reach its 2020\/2022 highs of approximately $2,070.<\/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 No major news events.<\/span><\/p>\n What can we expect from AUD today?<\/b><\/p>\n RBA Assistant Governor Kent is probably among the first central bankers to have said to consider the liquidity-driven financial crisis in formulating interest rate decisions.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/span><\/p>\n The Kiwi Dollar (NZD)<\/b><\/p>\n Key news events today<\/b><\/p>\n No major news events.<\/span><\/p>\n What can we expect from NZD today?<\/b><\/p>\n No major news event for the NZD today. The upcoming Trade Balance figures (-1450M) may influence the price direction south as its imports are likely more significant than its exports, compared to the previous figure of -1954M.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak 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 If the central bank expresses concern about the economy or suggests that it may pursue a looser monetary policy in the Summary of Opinions, the JPY could weaken.<\/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 No major news events.<\/span><\/p>\n What can we expect from EUR today?<\/b><\/p>\n The upcoming data releases for the EUR are expected to have a moderate impact. German PPI is forecasted to decrease by 1.3% (-1.0% previous), while the trade balance will likely improve to -17.3B (-18.1B previous). The German Buba Monthly Report may not significantly affect the market.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n <\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 As there are no significant news events for the CHF today, the direction of its price will be dependent on forthcoming data. Switzerland’s forecasted trade balance figure of 3.45B (previous 5.08B) indicates a decrease in Swiss exports or an increase in Swiss imports. If the expected figure is realised, it could be negative for the CHF, suggesting weaker export performance.\u00c2\u00a0<\/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 Rightmove House Price Index month-over-month is unlikely to impact the GBP significantly. However, it could still have some minor influence, as any change in the housing market could affect the country\u00e2\u20ac\u2122s overall economic outlook.\u00c2\u00a0<\/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 CAD will likely draw direction from previously released data as today sees no significant news event. Foreign Securities Purchases at 4.21B (14.25B forecast, 21.22B previous), IPPI m\/m -0.8% (-0.3% forecast, 0.3% previous), and RMPI m\/m -0.4% (-0.2% forecast, -0.2% previous).\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/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 Recession risks, fears of further bank failures, and lower demand expectations from China could continue to pressure oil prices.<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Weak Bearish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Asia Fundamental Forecast | 20 March 2023 What happened […]<\/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-57314","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\/57314","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=57314"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57314\/revisions"}],"predecessor-version":[{"id":57315,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57314\/revisions\/57315"}],"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=57314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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