IC Markets Asia Fundamental Forecast | 21 March 2023<\/b><\/p>\n
What happened in the US session?<\/b><\/p>\n
In conjunction with the BoC, BoE, BoJ, ECB, and SNB, the Fed announced a joint effort to augment liquidity via the existing USD liquidity swap line arrangements.<\/span><\/p>\n What does it mean for the Asian Session?<\/b><\/p>\n The recovery rallies in risk assets due to the central banks\u00e2\u20ac\u2122 coordinated efforts may fizzle if more headlines concerning the banking crisis develop. In this scenario, gold will probably reach its 2020\/2022 high of approximately $2,070.<\/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 number of existing home sales is expected to rise to 4.19M from the previous figure of 4.00M. If this forecast is met, it could signal an improvement in the US housing market, leading to increased demand for the USD.<\/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 The joint effort by the central banks to augment liquidity through USD liquidity swap line arrangements may temporarily suppress the demand for gold as it<\/span> has been seen as a safe-haven asset during times of economic uncertainty and market volatility.<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/span><\/p>\n The Australian Dollar (AUD)<\/b><\/p>\n Key news events today<\/b><\/p>\n Monetary Policy Meeting Minutes<\/span><\/p>\n What can we expect from AUD today?<\/b><\/p>\n Volatility is anticipated as the RBA\u00e2\u20ac\u2122s Monetary Policy Meeting Minutes release approaches. The previous meeting saw the Cash rate raised by 25 basis points to 3.60%, with the central committed to fighting inflation. A hawkish tone in the minutes may boost AUD, while a dovish tone could pressure it downward.\u00c2\u00a0<\/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 The most recent release for the New Zealand Trade Balance is -714M, better than the forecasted figure of -1450M. The better-than-expected figure may lead to a short-term appreciation of the NZD as it suggests that the country is importing less than anticipated.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Japanese Yen (JPY)<\/b><\/p>\n Key news events today<\/b><\/p>\n Bank Holiday<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n Today is a bank holiday in Japan, so there are no scheduled data releases for the Japanese yen.<\/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 German ZEW Economic Sentiment<\/span><\/p>\n ECB President Lagarde Speaks<\/span><\/p>\n What can we expect from EUR today?<\/b><\/p>\n The German ZEW Economic Sentiment data is expected to decline from 28.1 to 14.9. This could negatively impact the EUR currency, leading to a decrease in foreign investment and a weaker euro.<\/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 Swiss Trade Balance data is expected to decrease from 5.08B to 3.45B. This could have a mixed impact on the currency, as a decrease in trade balance could signal a weakening economy, but it could also indicate increased imports and consumer spending.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 UK’s Public Sector Net Borrowing is forecasted at 10.1B (prev. -6.2B), indicating potential fiscal instability and inflation concerns that could negatively impact the GBP.<\/span><\/p>\n If the yield on the upcoming 30-year bond auction is lower and the ratio higher, it could increase the currency’s value. A higher yield and lower ratio could decrease its value.<\/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 CPI m\/m<\/span><\/p>\n Median CPI y\/y<\/span><\/p>\n Trimmed CPI y\/y<\/span><\/p>\n What can we expect from CAD today?<\/b><\/p>\n Canada’s CPI is forecasted to remain at 0.5% m\/m. Median CPI y\/y is expected to drop from 5.0% to 4.8% and Trimmed CPI y\/y from 5.1% to 4.9%. If data matches the forecast, it could have a bearish impact on CAD.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n 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 The WTI\u00e2\u20ac\u2122s recovery rally based on the central banks\u00e2\u20ac\u2122 joint effort to stem the banking crisis can be expected to stall at a technical level of around $68.<\/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 | 21 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-57336","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\/57336","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=57336"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57336\/revisions"}],"predecessor-version":[{"id":57337,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57336\/revisions\/57337"}],"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=57336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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