IC Markets Asia Fundamental Forecast | 28 March 2023<\/b><\/p>\n
What happened in the US session?<\/b><\/p>\n
BoE Governor Bailey warns of additional tightening if UK inflation persists. The latest UK Consumer price inflation is currently at 10.4%, while the target is 2%. The chief added that recent economic data suggests resilience.\u00c2\u00a0\u00c2\u00a0<\/span><\/p>\n What does it mean for the Asian Session?<\/b><\/p>\n Risky assets are likely to remain in favour amid the banking turmoil containment following the acquisition of the failed SVB by First Citizens Bank. However, shorting the safe havens such as Gold and JPY may yield better intraday returns since the upcoming data release for the AUD is expected to be unfavourable.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n CB Consumer Confidence<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n Since November 2022, the Consumer Confidence Index of the Conference Board has been on a downward trend, dropping from 111.3 to 102.9 by February 2023, marking a decline of 8.4%. The next release is expected to read 101.0. If the actual release is higher than the projection, it implies that consumer confidence has increased, potentially boosting investor optimism and positively affecting the USD.<\/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 BoE Governor Bailey’s warning of additional tightening if UK inflation persists (currently at 10.4% vs target 2%) reflects the stance of most global central banks. If central banks continue to raise interest rates, gold prices may drop as investors seek higher returns on other assets.<\/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 The upcoming release of Retail Sales m\/m in Australia is expected to show a smaller increase of 0.2% compared to the previous month’s significant increase of 1.9%. This could hurt the AUD as it suggests a slowdown in consumer spending, a crucial driver of economic growth.<\/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 events for NZD today, with direction expected to draw from upcoming data releases on Thursday. Previous readings on Building Consents m\/m and ANZ Business Confidence are 1.5% and -43.3, respectively.<\/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 BOJ Gov Kuroda Speaks<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n BOJ Gov Kuroda’s speech at FIN\/SUM 2023 in Tokyo may impact JPY value if he hints at monetary policy changes or discusses challenges to the Japanese economy. On the data front, BOJ Core CPI y\/y is forecasted to decrease from 3.1% to 3.0%. JPY may fall if the expectation is confirmed and increase if an unexpected rise occurs.<\/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 ECB President Lagarde Speaks<\/span><\/p>\n What can we expect from EUR today?<\/b><\/p>\n The upcoming speech by ECB President Lagarde at the opening ceremony of the Bank of International Settlements Innovation Hub Eurosystem Centre in Frankfurt may have a significant impact on the EUR. Suppose Lagarde reaffirms the central bank\u00e2\u20ac\u2122s hawkish stance on the fight against persisting inflation, a rally in the EUR can be expected.<\/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 Amid a lack of data releases from Switzerland, CHF\u00e2\u20ac\u2122s price direction may draw from Wednesday\u00e2\u20ac\u2122s SNB Quarterly Bulletin, which provides insights into the Swiss economy and monetary policy. A more hawkish tone is good for the currency, but its impact is typically mild due to information released earlier in the Monetary Policy Assessment.<\/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 BOE Gov Bailey Speaks<\/span><\/p>\n What can we expect from GBP today?<\/b><\/p>\n BoE Governor Bailey and Deputy Governor David Ramsden are scheduled to appear before the Treasury Select Committee in London to provide testimony regarding the collapse of Silicon Valley Bank.<\/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 Traders for CAD will look to upcoming data releases, specifically the Annual Budget Release, on Wednesday, as there are no major news events today. Domestic spending and borrowing levels impact the economy and currency, making the budget release important.\u00c2\u00a0<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 Kurdistan’s export halt may reduce global oil supply, driving up prices. With First Citizens acquiring the failed SVB, optimism in the banking industry could increase oil demand, further fuelling yesterday\u00e2\u20ac\u2122s rise.<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Bullish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Asia Fundamental Forecast | 28 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-57443","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\/57443","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=57443"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57443\/revisions"}],"predecessor-version":[{"id":57444,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57443\/revisions\/57444"}],"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=57443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
\n
\n
\n
\n
\n
\n
\n