IC Markets Europe Fundamental Forecast | 23 March 2023<\/b><\/p>\n
What happened in the Asian session?<\/b><\/p>\n
As expected, the USD is still experiencing weakness following the relatively dovish view on the Fed\u00e2\u20ac\u2122s tightening cycle amid the recent banking turmoil in the US and Europe.<\/span><\/p>\n What does it mean for the Europe & US Sessions?<\/b><\/p>\n The central banks\u00e2\u20ac\u2122 monetary policy decisions by the SNB and the BoE will be the highlight of the sessions. The former is expected to hike rates by 50bps to 1.5%, while the latter is anticipated to increase the Official Bank Rate to 4.25% from 4.00%. Simultaneous releases of the Policy Assessment\/Summary for each bank, respectively, would drive the volatility for CHF and GBP. A shift in the MPC Official Bank Rate Votes would also cause speculations on the BoE\u00e2\u20ac\u2122s intentions going forward.<\/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 upcoming release of US unemployment claims data, with a forecast of 198K (previous 192K), is slightly higher than the last reading. Still, more than this difference is needed to cause a significant shift in the currency’s value.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 As the ongoing tightening cycle in the US seems to be approaching,\u00c2\u00a0 the opportunity cost of holding non-yielding assets like gold stabilises. This could lead to an increase in the demand for gold and a subsequent rise in its price.<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak 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 No major news event for AUD today. CB Leading Index m\/m shows a 0.0% change from the previous month’s -0.1%. Lack of improvement suggests poor economic growth, potentially leading to a negative outlook for AUD.<\/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 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 means that the currency’s price direction will likely draw from the previously released mixed data – GDT Price Index (-2.6%, previous -0.7%),\u00c2\u00a0 Westpac Consumer Sentiment (77.7, last 75.6).\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 Due to the absence of significant news events concerning the JPY today, the currency’s price trajectory is anticipated to be impacted by the movements of its safe-haven counterpart, the US Dollar.<\/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 Eurozone Consumer Confidence data release slightly improved from -19 to -18. The actual release meeting or exceeding the forecast could lead to a positive impact on the Euro.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n <\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/span><\/p>\n The Swiss Franc (CHF)<\/b><\/p>\n Key news events today<\/b><\/p>\n SNB Monetary Policy Assessment<\/span><\/p>\n SNB Policy Rate<\/span><\/p>\n SNB Press Conference<\/span><\/p>\n What can we expect from CHF today?<\/b><\/p>\n The policy rate is anticipated to rise by 50 basis points to 1.50%. The Monetary Policy Assessment and Press Conference’s hawkish tone could favour the CHF, whereas a dovish tone could decrease its value.<\/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 MPC Official Bank Rate Votes<\/span><\/p>\n Monetary Policy Summary<\/span><\/p>\n Official Bank Rate<\/span><\/p>\n What can we expect from GBP today?<\/b><\/p>\n The BoE is anticipated to increase in Official Bank Rate from 4% to 4.25%, while the MPC Official Bank Rate Votes should have a neutral impact on GBP, with 7-0-2 forecasted. The Monetary Policy Summary can significantly impact currency with a positive outlook increasing demand and value, and a dovish view decreasing demand and value.\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 No major news event for CAD today, so its price direction may draw from previously released data. NHPI m\/m figure for Canada is -0.2%, worse than the forecasted -0.1% but the same as the previous figure. This suggests a slight decline in new home prices and could put downward pressure on CAD.<\/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 The crude oil inventory level is reported at 1.1 million barrels, higher than the forecasted inventory level of -1.7 million barrels but lower than the previous inventory level of 1.6 million. This indicates that there has been an increase in crude oil inventories, which could lead to a drop in the price of crude oil.<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Weak Bearish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Europe Fundamental Forecast | 23 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-57382","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\/57382","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=57382"}],"version-history":[{"count":2,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57382\/revisions"}],"predecessor-version":[{"id":57393,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57382\/revisions\/57393"}],"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=57382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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