IC Markets Asia Fundamental Forecast | 14 April 2023<\/b><\/p>\n
What happened in the US session?<\/b><\/p>\n
The Core PPI m\/m decreased by -0.1% compared to the forecasted 0.2% and previous 0.2%, while the PPI m\/m declined by -0.5% compared to the forecasted 0.0% and last 0.0%. Coupled with the increase in Unemployment Claims of 239K compared to the forecasted 233K and the previous 228K, the DXY remained under pressure during the session.<\/span><\/p>\n What does it mean for the Asia Session?<\/b><\/p>\n In the data-light session, the losses suffered by the USD following soft inflation data will likely see a consolidative phase. NZD\/USD shows potential for a further rise towards 0.6375 should prices resolve upwards, conditional upon better BusinessNZ Manufacturing Index and Visitor Arrivals m\/m data.<\/span><\/p>\n The Dollar Index (DXY)<\/b><\/p>\n Key news events today<\/b><\/p>\n Core Retail Sales m\/m<\/span><\/p>\n Retail Sales m\/m<\/span><\/p>\n Prelim UoM Consumer Sentiment<\/span><\/p>\n What can we expect from DXY today?<\/b><\/p>\n The upcoming US Retail Sales data set release is expected to hurt the currency. Both the Core Retail Sales m\/m and Retail Sales m\/m are forecasted to decrease by 0.4%, which indicates a decrease in consumer spending. Additionally, the Prelim UoM Consumer Sentiment is predicted to remain unchanged at 62.0, which suggests that consumers are not feeling any more optimistic about the economy.<\/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 decline in US PPI could positively impact gold prices as lower-than-expected inflation rates can lead to a weaker US dollar, increasing the demand for gold as a safe-haven asset. Lower PPI figures can signal economic uncertainty and a potential downturn, prompting the Fed to adopt a less hawkish monetary policy, which can also benefit gold prices.\u00c2\u00a0<\/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 Today, there is no significant news event for the AUD. Traders will likely focus on the previously released economic data, particularly the better-than-expected Employment Change and Unemployment Rate figures for March.\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 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 The NZD is expected to be impacted by two upcoming data releases – the BusinessNZ Manufacturing Index (previous 52.0) and Visitor Arrivals m\/m (-26.3). A worse-than-expected data puts downward pressure on the currency, and better-than-expected data provide upward momentum.<\/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 No major news events.<\/span><\/p>\n What can we expect from JPY today?<\/b><\/p>\n Today’s lack of significant news events for the Japanese yen means the previously released data will likely influence the currency’s price direction, specifically the M2 Money Stock y\/y data, which has remained relatively stable at 2.6%.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 upcoming German WPI and French Final CPI releases are expected to have a minor impact on the EUR. The forecasted figures are within a relatively small range and indicate stability in the German and French economies. German Buba President Nagel is due to speak about inflation at the Peterson Institute for International Economics in Washington DC<\/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 The forecasted data indicates that the PPI m\/m is expected to increase by 0.1% (previous -0.2%), leading to a stronger CHF as the SNB would likely maintain its hawkish monetary policy.<\/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 Silvana Tenreyro, a member of the BoE\u00e2\u20ac\u2122s MPC, is scheduled to participate in a panel discussion regarding inflation at the IMF Spring Meetings in Washington, DC. Her comments on the Bank of England’s approach to battling inflation could impact the GBP.\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 upcoming Canadian Manufacturing Sales m\/m data release is predicted to hurt the CAD. The previous data showed positive growth of 4.1%, while the forecasted data predicts a decrease of -2.5%. This indicates a significant decline in the manufacturing sector.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/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 weak USD is still expected to boost demand for oil and lead to an increase in prices. As the greenback weakens, oil becomes relatively cheaper for buyers using other currencies, which can increase demand and put upward pressure on prices. This trend will likely continue in the short term, with the latest soft US PPI data set in alignment.<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Weak Bullish<\/span><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Asia Fundamental Forecast | 14 April 2023 What happened […]<\/p>\n","protected":false},"author":8,"featured_media":57615,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-57696","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\/57696","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=57696"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57696\/revisions"}],"predecessor-version":[{"id":57697,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57696\/revisions\/57697"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media\/57615"}],"wp:attachment":[{"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/media?parent=57696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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