Forex News for 9 March, 2023

My FX List
March 9, 2023
  • On March 7th, the Reserve Bank of Australia (RBA) is anticipated to increase its interest rate by 25 basis points to a decade-high of 3.6%, with potential future rate increases if the March statement contains the same outlook as the February statement.
  • Investors are watching for hawkish signals in Powell’s semi-annual monetary policy report on March 7, but he is unlikely to commit to a specific course of action before the release of the United States’ labour and inflation data.
  • On March 8th, the Bank of Canada (BOC) is anticipated to maintain its interest rates at 4.5%, following a record-breaking pace of 425 basis point rises over the previous ten months.
  • At its policy update on March 10th, the Bank of Japan (BOJ) is anticipated to retain its ultra-loose policies, including interest rates and yield curve controls.
  • On March 10th, non-farm payrolls in the United States are anticipated to exceed 200K, while the unemployment rate and average hourly earnings remain at 3.4% and 0.3%, respectively.
  • Due to a continually low initial jobless claims trend and positive surprises in the business employment indices, analysts anticipate additional upside for this week’s U.S. labour data.
  • The psychological support level of.6700 is preventing the AUD/USD pair from reaching new lows, and on the daily time frame, the 100 SMA appears poised to cross above the 200 SMA.
  • The AUD/USD pair could either rebound from its present levels and retest prior areas of interest, depending on market expectations and risk-taking behaviour, or it might shatter its.6700 support and fall to prior support levels of.6600 or.6550.
  • ADP’s report is anticipated to indicate an increase of 195K, but JOLTS job vacancies are anticipated to decline on March 10 from 11.01M to 10.61M, which could reduce NFP rumours.
  • The Fed may have more ability to hike interest rates even higher or to keep them there for longer than anticipated if the NFP report is another solid one.
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