{"id":57426,"date":"2023-03-27T20:13:57","date_gmt":"2023-03-27T09:13:57","guid":{"rendered":"https:\/\/icmarkets.eu\/blog\/?p=57426"},"modified":"2025-11-11T19:20:12","modified_gmt":"2025-11-11T08:20:12","slug":"monday-27th-march-2023-oil-and-gold-prices-slip-as-asian-markets-trade-cautiously","status":"publish","type":"post","link":"https:\/\/icmarkets.eu\/blog\/fundamental-analysis\/monday-27th-march-2023-oil-and-gold-prices-slip-as-asian-markets-trade-cautiously\/","title":{"rendered":"Monday 27th March 2023: Oil and Gold Prices Slip as Asian Markets Trade Cautiously"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">Global Markets:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Asian Stock Markets : Nikkei up 0.33%, Shanghai Composite down 0.44%, Hang Seng down 1.76%, ASX up 0.10%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Commodities : Gold at $1987.85 (-0.69%), Silver at $23.19 (-0.65%), Brent Oil at $74.86 (+0.36%), WTI Oil at $69.48 (+0.32%)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rates : US 10-year yield at 3.421, UK 10-year yield at 3.375, Germany 10-year yield at 2.185<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">News &amp; Data:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) German ifo Business Climate 93.3 vs 91 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(USD) Flash Services PMI 53.8 vs 50.3 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(USD) Flash Manufacturing PMI 49.3 vs 47 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(USD) Durable Goods Orders m\/m -1.00% vs 0.40% expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(USD) Core Durable Goods Orders m\/m 0.00% vs 0.20% expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(CAD) Retail Sales m\/m 1.40% vs 0.70% expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(CAD) Core Retail Sales m\/m 0.90% vs 0.60% expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(GBP) Flash Services PMI 52.8 vs 53.1 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(GBP) Flash Manufacturing PMI 48 vs 49.8 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) Flash Services PMI 55.6 vs 52.6 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) Flash Manufacturing PMI 47.1 vs 48.9 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) German Flash Services PMI 53.9 vs 51 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) German Flash Manufacturing PMI 44.4 vs 47.1 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) French Flash Services PMI 55.5 vs 52.4 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(EUR) French Flash Manufacturing PMI 47.7 vs 48.1 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">(GBP) Retail Sales m\/m 1.20% vs 0.20% expected<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Markets Update:<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Asian markets ended mixed on Monday as investors weighed the impact of the banking troubles in the U.S. and Europe. Deutsche Bank\u00e2\u20ac\u2122s U.S.-listed shares plunged on Friday after the German lender\u00e2\u20ac\u2122s credit default swaps spiked, sparking fears over the health of the European banking industry. The ECB President Christine Lagarde tried to calm the nerves by saying euro zone banks are resilient and have strong capital and liquidity positions. JPMorgan also defended Deutsche Bank, saying investors should focus on its \u00e2\u20ac\u0153solid\u00e2\u20ac\u009d fundamentals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The banking sector woes also affected some Asian markets, especially Hong Kong, where the Hang Seng Index fell 0.26% to 19,915.68. The financial subindex was among the worst performers, dropping 1.33%. Shares of HSBC and Standard Chartered declined 1.8% and 2.1%, respectively. In mainland China, however, markets shrugged off the banking jitters and rose on Monday. The Shanghai Composite Index gained 0.8%, while the CSI 300 Index advanced 1%. Information technology stocks led the gains, rising 2.5% as a sector. China is likely to loosen its zero-Covid policy in 2023 and economic activity will recover, which bodes well for the stock market, according to Jun Bei Liu, portfolio manager at Tribeca Investment Partners.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Japan\u00e2\u20ac\u2122s Nikkei 225 Index also closed higher, adding 0.2%, as investors awaited the Bank of Japan\u00e2\u20ac\u2122s policy decision on Tuesday. The central bank is expected to keep its monetary policy unchanged but may tweak its guidance on bond yields and asset purchases. The Japanese yen strengthened against the U.S. dollar, trading at 109.80 per dollar. In Australia, the S&amp;P\/ASX 200 Index fell 1.1%, dragged down by energy and materials stocks.\u00c2&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Oil prices slipped on Monday as rising Covid-19 cases in Europe and Asia dampened the demand outlook. Gold prices also edged lower on Monday as the U.S. dollar firmed amid the risk-off sentiment. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 92.67 on Monday, extending its gains from last week when it hit a four-month high.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Upcoming Events:<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Monday, March 27, 2023\u00c2&nbsp;\u00c2&nbsp;\u00c2&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">08:00 AM GMT &#8211; (EUR) German ifo Business Climate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">05:00 PM GMT &#8211; (GBP) BOE Gov Bailey Speaks<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Tuesday, March 28, 2023\u00c2&nbsp;\u00c2&nbsp;\u00c2&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">08:45 AM GMT &#8211; (GBP) BOE Gov Bailey Speaks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">02:00 PM GMT &#8211; (USD) CB Consumer Confidence<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">02:00 PM GMT &#8211; (USD) Richmond Manufacturing Index<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Wednesday, March 29, 2023\u00c2&nbsp;\u00c2&nbsp;\u00c2&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">12:30 AM GMT &#8211; (AUD) CPI y\/y<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">02:00 PM GMT &#8211; (USD) Pending Home Sales m\/m<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Thursday, March 30, 2023\u00c2&nbsp;\u00c2&nbsp;\u00c2&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All Day &#8211; (EUR) German Prelim CPI m\/m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">07:00 AM GMT &#8211; (EUR) Spanish Flash CPI y\/y<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">12:30 PM GMT &#8211; (USD) Final GDP q\/q<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">12:30 PM GMT &#8211; (USD) Unemployment Claims<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">12:30 PM GMT &#8211; (USD) Final GDP Price Index q\/q<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">04:00 PM GMT &#8211; (CHF) Gov Board Member Maechler Speaks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">07:45 PM GMT &#8211; (USD) Treasury Sec Yellen Speaks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">11:30 PM GMT &#8211; (JPY) Tokyo Core CPI y\/y<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Friday, March 31, 2023\u00c2&nbsp;\u00c2&nbsp;\u00c2&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">01:30 AM GMT &#8211; (CNY) Manufacturing PMI<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">01:30 AM GMT &#8211; (CNY) Non-Manufacturing PMI<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tentative &#8211; (EUR) ECB President Lagarde Speaks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">09:00 AM GMT &#8211; (EUR) CPI Flash Estimate y\/y<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">09:00 AM GMT &#8211; (EUR) Core CPI Flash Estimate y\/y<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">12:30 PM GMT &#8211; (CAD) GDP m\/m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">12:30 PM GMT &#8211; (USD) Core PCE Price Index m\/m<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">01:45 PM GMT &#8211; (USD) Chicago PMI<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">02:00 PM GMT &#8211; (USD) Revised UoM Consumer Sentiment<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei up 0.33%, Shanghai Composite [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":62731,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-57426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57426","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=57426"}],"version-history":[{"count":3,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57426\/revisions"}],"predecessor-version":[{"id":62748,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57426\/revisions\/62748"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/62731"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}