Forex News for 21 March, 2023
March 21, 2023 106 Views
- The performance of the world stock markets during the last day has been erratic. The S&P 500 Index saw a significant day of gains, while the NASDAQ 100 Index saw a modest dip.
- In Asia, the Chinese Hang Seng Index rose while the Japanese Nikkei 225 Index had a severe decline. Even though there haven’t been any recent announced bank collapses, the markets look to be more stable, even if banking shares continue to trade at low levels.
- Due to the energy support program, the U.K.’s government borrowing climbed from 7.1 billion GBP to 16.7 billion GBP in February, the biggest number for the month on record.
- Gold has dropped from $2,000, and the Dollar Index is headed for mid-February lows as financial worries subside and anticipation of a less aggressive Fed decision rise.
- As European session traders priced in the potential containment of a worldwide financial crisis, the safe-haven yen had a busy trading day today despite a banking holiday in Japan.
- Due to a 1.1% drop in exports and a 1.3% rise in imports for the month, Switzerland’s trade surplus declined from 2.9 billion CHF to 2.5 billion CHF in February.
- The 2-Year yield is presently trading close to 4% after yesterday’s big rebounds in US Treasury Yields. Investors are closely watching the US Federal Reserve meeting since it is anticipated that there may be no rate rise or one of merely 0.25%. According to many observers, this week may be the last chance for a rate rise in the current cycle.
- The 714 million NZD trade deficit for February in New Zealand is just somewhat less than the 715 million NZD deficit for the same month in 2022.
- In accordance with the minutes from the Reserve Bank of Australia’s March meeting, members decided to revisit a rate rise pause at the subsequent meeting and made a stronger argument for a pause in April.