Forex News for 30 March, 2023
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March 30, 2023
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- The ANZ business confidence index in New Zealand has slightly decreased from -43.3 to -43.4 in March, with inflation indicators showing a slight decline.
- The Australian trade union body proposed a 7% increase in the minimum wage, although the expected hike in June is only 5%.
- Spanish flash CPI decreased from 6.0% YoY to 3.3% in March, falling short of the estimated 3.9% reading as the increase in electricity and fuel prices were offset by losses from the previous year.
- EIA crude oil inventories unexpectedly decreased by 7.5 million barrels compared to the estimated 1.8 million increase and the previous 1.1 million buildup. This suggests that the demand for crude oil may be stronger than previously anticipated.
- Pending home sales in the US rose by 0.8% MoM in February, beating the estimated 2.9% decline and adding to the three consecutive monthly gains.
- The US Dollar is currently consolidating and pausing its long-term bearish trend in the Forex market. It may gain some direction once the US Final GDP (expected to confirm 2.7% growth) and Unemployment Claims data are released later today. At present, the Euro and the Japanese Yen appear to be the strongest major currencies, while the Canadian Dollar is the weakest.
- A number of commodities are performing well, with the Sugar ETF CANE trading near a multi-year high price.
- The US stock market rallied yesterday, with the NASDAQ 100 Index rising by 20% from its December 2022 low and meeting the technical definition of a bull market. While the S&P 500 Index made a golden cross a few weeks ago, major Asian indices such as the Nikkei 225 and Hang Seng Index are trading lower today.
- Bitcoin has surged in the past 24 hours but has yet to reach its long-term high set a few days ago.
