IC Markets Europe Fundamental Forecast | 7 April 2023<\/b><\/p>\n
What happened in the Asia session?<\/b><\/p>\n
Japan’s recent economic data are likely to have a positive impact on the Yen, with Average Cash Earnings y\/y at 1.1% (forecast 1.2%, previous 0.8%), Household Spending y\/y at 1.6% (forecast 4.9%, previous. -0.3%), and Leading Indicators at 97.7% (forecast 97.5%, prior 96.6%).<\/span><\/p>\n What does it mean for the Europe & US Sessions?<\/b><\/p>\n USD\/JPY can be expected to break out of consolidation between 131.00 to 131.90 upon the release of the US labour data. A better-than-expected data set could lead to the pair approaching 133.00, while mediocre numbers would favour a drop towards 130.50.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n Average Hourly Earnings m\/m<\/span><\/p>\n Non-Farm Employment Change<\/span><\/p>\n Unemployment Rate<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n The US labour data releases could have a mixed impact on the USD, with potential upward pressure from higher wages (Average Hourly Earnings m\/m forecasted 0.3%, previous 0.2%<\/span> ) but downside pressure from a lower number of jobs added (NFP forecasted 228K, last 311K). The Unemployment Rate is predicted to remain unchanged at 3.6%.<\/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 Amid the Good Friday holidays in major markets, the precious metal will likely hover just above the $2,000 level before the US labour data releases.<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 Due to the bank holiday, AUD\u00e2\u20ac\u2122s price direction is likely to draw from the previously released Trade Balance figure that registered 13.87B, higher than the forecasted and previous figures of 11.33B and 11.27B, respectively. This indicates that Australia’s exports exceeded imports during the period, resulting in a positive trade balance.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/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 NZD direction will likely be influenced by the previously released ANZ Commodity Prices m\/m of 1.3% (last 1.4%) due to the bank holiday.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/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 Optimistic forecasts for the Average Cash Earnings y\/y at 1.2% (previous 0.8%) and the Household Spending y\/y at 4.9% (last -0.3%) could increase demand for the JPY. The Leading Indicators are expected to increase slightly from 96.6% to 97.5%. This could also suggest a positive outlook for Japan’s economy.<\/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 French Trade Balance is expected to improve, with a forecasted value of -11.8B compared to the previous value of -12.9B. This could positively impact the Euro as it indicates an increase in demand for French exports, which can boost economic activity and ultimately strengthen the Euro.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n <\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish\u00c2\u00a0<\/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 Due to the bank holiday in the country today, the price direction for CHF is likely to draw from the previously released Unemployment Rate data, which remained stable at 1.9%, indicating the consistent performance of the Swiss economy.<\/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 Due to the bank holiday, GBP direction will likely be influenced by previously released housing and construction data that came in mixed.\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 The CAD will likely receive a boost from positive labour data, specifically an increase in employment by 34.7K (compared to a forecast of 10.2K and a previous figure of 21.8K) and an unemployment rate of 5.0% (compared to a forecast of 5.1% and a prior rate of 5.0%).<\/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 The WTI prices hover around the $80\/bbl mark following the surprise production cut announcement from OPEC+ at the beginning of the week. Amid the holidays in major markets, the trend is likely to stay range bound.<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Mixed<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Europe Fundamental Forecast | 7 April 2023 What happened […]<\/p>\n","protected":false},"author":8,"featured_media":57618,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215],"tags":[],"class_list":["post-57617","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\/57617","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=57617"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57617\/revisions"}],"predecessor-version":[{"id":57619,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57617\/revisions\/57619"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/57618"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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