IC Markets Europe Fundamental Forecast | 10 April 2023<\/b><\/p>\n
What happened in the Asia session?<\/b><\/p>\n
Japan\u00e2\u20ac\u2122s current account\u00e2\u20ac\u2122s actual value released is 1.09T JPY, lower than the forecasted value of 1.43T JPY but higher than the previous value of 0.20T JPY. In the Consumer Confidence data, the actual value of 33.9 is higher than the forecasted value of 31.9 and the last value of 31.1. The Economy Watchers Sentiment data shows an actual value of 53.3, higher than the predicted value of 52.9 and the previous value of 52.0.\u00c2\u00a0<\/span><\/p>\n What does it mean for the Europe & US Sessions?<\/b><\/p>\n The positive data releases for Japan\u00e2\u20ac\u2122s Consumer Confidence and Economy Watchers Sentiment may outweigh the negative impact of the lower-than-expected Current Account surplus on the JPY. Below the intra-day high marked during the Asian session, around 132.80, the USD\/JPY pair can be expected to trek lower towards 132.00.<\/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 Based on the forecasted and previous data provided for the Final Wholesale Inventories m\/m, which both show a 0.2% increase, the impact on the USD may be limited unless it differs significantly from expectations.\u00c2\u00a0<\/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 The Easter Monday holiday, mainly in Oceania & Europe, should cause the yellow metal to maintain its hover around the $2,000 level.<\/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 No major news event is expected to impact the value of the AUD today amid the Easter Monday holiday. Instead, the upcoming Westpac Consumer Sentiment report (previous 0.0%) and NAB Business Confidence report (previous -4) releases will likely influence the AUD’s price direction. Positive reports could boost the AUD.<\/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 Without NZD-specific news until Friday, the Kiwi\u00e2\u20ac\u2122s direction will likely be influenced by the previously released ANZ Commodity Prices m\/m of 1.3% (last 1.4%) due to the Easter Monday 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 The forecasted Current Account balance of 1.43T is significantly higher than the previous data of 0.22T, which could indicate a strengthening of the Japanese economy. A higher Current Account balance may increase demand for JPY, positively impacting the currency. On the other hand, the forecasted Consumer Confidence index of 31.9 is only slightly higher than the previous data of 31.1, which may not significantly impact the JPY.\u00c2\u00a0<\/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 No major news events are expected to impact the EUR today, so traders are looking to upcoming data releases for direction. On Tuesday, the Sentix Investor Confidence data release is expected to show a decline from the previous reading of -11.1 to -12.8. In contrast, the Retail Sales m\/m data is forecasted to decline from the last reading of 0.3% to -0.8%.<\/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 Given the ongoing bank holiday in the country, it’s probable that the price movement of CHF will be influenced by the recently published Unemployment Rate figures, which have remained steady at 1.9%. This indicates the continued stability and robust 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 a bank holiday in the country today, the direction of the GBP is likely to draw from upcoming data scheduled for release on Tuesday.<\/span> Based on the BRC Retail Sales Monitor y\/y indicating a 5.1% growth rate, compared to the last year’s growth rate of 4.9%, it suggests that the retail sector in the UK is performing well. This could have a positive impact on the GBP.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/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 Due to the absence of significant news events today, the CAD will likely draw price direction from previously released data. Specifically, the Employment Change figure of 34.7K suggests a growing Canadian job market, while the Unemployment Rate of 5.0% indicates a stable labour market. These figures may positively impact the CAD.\u00c2\u00a0<\/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 Following OPEC+\u00e2\u20ac\u2122s surprise production cut announcement last week, the WTI has been gyrating within a three-dollar band. A resolution of the consolidation will either see an up move towards November 2022 highs around $93 or a down draft to the daily gap support around $76.\u00c2\u00a0<\/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 | 10 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-57631","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\/57631","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=57631"}],"version-history":[{"count":2,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57631\/revisions"}],"predecessor-version":[{"id":57635,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57631\/revisions\/57635"}],"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=57631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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