IC Markets Asia Fundamental Forecast | 19 April 2023<\/b><\/p>\n
What happened in the US session?<\/b><\/p>\n
The recent Canadian CPI data set showed mixed results, evident with the m\/m variant at 0.5%, which was lower than the forecasted 0.6% but higher than the previous 0.4%. The Median CPI y\/y was 4.6%, higher than the forecasted 4.5% but below the previous 4.9%.\u00c2\u00a0<\/span><\/p>\n What does it mean for the Asia Session?<\/b><\/p>\n A favourable development on the Australian MI Leading Index m\/m could push the AUD\/USD pair to reach 0.6765. In contrast, weak Japanese Revised Industrial Production m\/m may motivate USD\/JPY to 134.70 before 135.00.<\/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 The upcoming release of the Beige Book can significantly impact the USD value. If the report indicates vigorous economic activity and growth, it may increase confidence in the dollar and its value. On the other hand, if the information suggests weakness in the economy, it may lead to a decrease.<\/span><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Mixed<\/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 As gold is often considered a safe-haven asset and used as a hedge against inflation, the high level of inflation in the UK (forecast 9.8%, previous 10.4%) may continue to support long-term demand for gold as investors seek to protect their purchasing power.\u00c2\u00a0<\/span><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bullish<\/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 MI Leading Index m\/m for Australia, which showed a decline of 0.1% previously, may hurt the currency if the upcoming release continues to show a decline. The MI Leading Index is a composite index that provides an early indication of changes in the Australian economy. A decrease in this index suggests a potential slowdown in economic activity.\u00c2\u00a0<\/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 There is no significant news event affecting the NZD today. The direction of the currency will depend on the upcoming release of the CPI q\/q data. The forecasted figure is 1.5%, higher than the previous figure of 1.4%. If the actual data meets or exceeds the predicted figure, it may signal that the economy is performing well and lead to a bullish trend for the NZD.<\/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 The forecasted and previous data indicate that Japan\u00e2\u20ac\u2122s Revised Industrial Production m\/m is expected to remain unchanged at 4.5%. However, significant deviations from the forecast may result in fluctuations in demand for the JPY. Positive data releases increase demand for the Yen, while negative data releases decrease demand.\u00c2\u00a0<\/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 data releases for the Eurozone include a forecasted decrease in the current account from 17.1B to 10.3B, with both the Final CPI and Final Core CPI y\/y expected to remain steady at 6.9% and 5.7%, respectively. These releases will impact the EUR depending on how much data differs from the forecasted figures. The German 10-y Bond Auction yield is anticipated to be 2.32% with a bid-to-cover ratio of 1.4.\u00c2\u00a0<\/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 Andrea Maechler, a member of the Swiss government’s governing board, is set to deliver a speech at the Fund Experts Forum in Switzerland. Her remarks will likely address whether Switzerland’s monetary policy is truly independent and the impact of any potential changes to the CHF’s value.<\/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 CPI y\/y\u00c2\u00a0<\/span><\/p>\n What can we expect from GBP today?<\/b><\/p>\n The upcoming UK CPI y\/y data release is expected to decrease from 10.4% to 9.8%. If the figure is lower than forecast, it could hurt the GBP as the BoE may adopt a less hawkish stance. Otherwise, a higher-than-expected figure would boost the GBP since the central bank will likely raise the interest rate to stamp out stubborn increases in consumer prices.<\/span>\u00c2\u00a0<\/span><\/i><\/p>\n Central Bank Notes:<\/span><\/i><\/p>\n Next 24 Hours Bias<\/b><\/p>\n Weak Bearish<\/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 data release on Canadian Housing Starts, Industrial Product Price Index (IPPI), and Raw Materials Price Index (RMPI) are expected to impact the currency negatively. The forecasted figure for Housing Starts is 236K, compared to the previous figure of 244K, which could indicate slower economic growth. The predicted figure for IPPI is a decrease of 0.4%, compared to the last figure of -0.8%, while the forecasted figure for RMPI is a decrease of 0.7%, compared to the previous figure of -0.4%, indicating weaker economic activity.<\/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 upcoming data release for Crude Oil Inventories is forecasted to show a decrease of 0.4 million barrels, compared to the previous data release, which reported an increase of 0.6 million barrels. This decrease could positively impact the price of oil, indicating a higher demand for oil products.\u00c2\u00a0<\/span><\/p>\n Next 24 Hours Bias<\/span><\/p>\n Weak Bullish<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" IC Markets Asia Fundamental Forecast | 19 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-57740","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\/57740","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=57740"}],"version-history":[{"count":1,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57740\/revisions"}],"predecessor-version":[{"id":57741,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/posts\/57740\/revisions\/57741"}],"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=57740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/categories?post=57740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icmarkets.eu\/blog\/wp-json\/wp\/v2\/tags?post=57740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
\n
\n
\n
\n
\n
\n
\n