IC Markets Europe Fundamental Forecast | 27 March 2023<\/b><\/p>\n
What happened in the Asian session?<\/b><\/p>\n
Japan\u00e2\u20ac\u2122s SPPI y\/y registered a value of 1.8%, which matches the forecasted value but is higher than the previous value of 1.6%. This release can positively impact the JPY, as it indicates that the price of services produced by Japanese companies has increased, leading to higher revenue and potentially boosting the economy. It can also suggest inflationary pressures, leading to higher interest rates.<\/span><\/p>\n What does it mean for the Europe & US Sessions?<\/b><\/p>\n The price consolidations in the EUR and GBP during the Asian session are likely to find resolution with the upcoming German ifo Business Climate data release and the speech by BoE Governor Bailey at the London School of Economics. Favourable outcomes could see the risk currencies continue the recovery rallies towards 1.0900 and 1.2300, respectively.\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0<\/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 Today’s market direction will depend on previously released data. Flash Manufacturing PMI came in at 49.3 (forecasted 47.0, previous 47.3), while Flash Services PMI was 53.8 (forecasted 50.3, previous 50.6). The readings suggest economic recovery, with the manufacturing and services sector growing better than expected.<\/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 BOE Governor Bailey’s speeches at the LSE and Treasury Select Committee may impact gold as traders seek clues on future interest rates. With UK CPI at 10.4% (forecast 9.9%), it’s more likely BOE will continue at 25bps than pause rates. Further rate hikes could weaken gold demand, while indications of a pause could boost gold.<\/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 No major news events.<\/span><\/p>\n What can we expect from AUD today?<\/b><\/p>\n No major news today; currency direction depends on previously released data. AUD Flash Manufacturing PMI is 48.7 (previous 50.5), and Flash Services PMI is 48.2 (previous 50.7), suggesting a contraction in both sectors and challenges for the Australian economy.<\/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 There is no vital news concerning NZD today, so the currency’s price movement will probably depend on the recently released data\u00e2\u20ac\u201dWestpac Consumer Sentiment (77.7, previously 75.6).<\/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 No major news events.<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n The upcoming release of the SPPI y\/y data for JPY is expected to show an increase of 1.8%, slightly higher than the previous figure of 1.6%. This suggests that there has been some inflationary pressure on the services sector in Japan. A higher-than-expected figure could strengthen JPY.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/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 forecasted data for the German ifo Business Climate indicates a slight decrease from the previous reading of 91.1 to 91.0, which suggests a slightly more pessimistic outlook. If this forecasted data is met, it could lead to a mild bearish reaction on the EUR.<\/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 No major news event for the currency today. Price direction may draw from: SNB raised policy rate to 1.5% to combat inflation and provides liquidity assistance to Credit Suisse. The new inflation forecast assumes a policy rate of 1.5%, and mortgage\/real estate vulnerabilities persist.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/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 upcoming release of the CBI Realized Sales data would likely have a short-term impact on the value of the GBP. Based on the forecasted data, a negative figure of -2 is expected (previous 2), which indicates a decrease in retail sales volume of the prior period.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/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 events today for the CAD currency. Core Retail Sales m\/m actual data of 0.9% beat the forecast of 0.6%, while Retail Sales m\/m actual data of 1.4% surpasses the forecast of 0.7%. Both indicate a healthy retail sector, potentially strengthening the CAD.<\/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 According to Baker Hughes, US energy firms added four oil and natural gas rigs for the second week, totalling 758, up 13% from last year.<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Weak Bullish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Europe Fundamental Forecast | 27 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-57422","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\/57422","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=57422"}],"version-history":[{"count":2,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57422\/revisions"}],"predecessor-version":[{"id":57438,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57422\/revisions\/57438"}],"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=57422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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