Forex News Roundup for 17 March, 2023
March 17, 2023 163 Views
- Traders have their eyes on the upcoming ECB decision which is expected to result in another interest rate hike.
- The EUR/CHF may resume its climb if the ECB’s decision is in favor of a rate hike.
- Yesterday’s watchlist looked at the bearish channel resistance ahead of top-tier releases from New Zealand and Australia.
- US headline producer prices dipped by 0.1% m/m in February, while core PPI stayed flat instead of posting a gain as expected.
- US headline retail sales slipped by 0.4% m/m in February, missing expectations of a 0.3% dip, and the previous reading was upgraded.
- US core retail sales fell by 0.1% m/m as expected in February, with the previous figure being upgraded.
- The US Empire State manufacturing index fell to -24.6 in March, missing the expected -7.9 reading, as new orders dropped significantly.
- Goldman Sachs has raised the probability of a US recession from 25% to 35% due to the potential impact of a banking crisis on growth.
- New Zealand’s economy contracted by 0.6% q/q in Q4 2022, missing the estimated 0.2% growth slowdown, with the previous reading being downgraded.
- Credit Suisse is taking preemptive action to bolster liquidity by borrowing up to 50B CHF from SNB and announcing public tender offers for debt securities, amidst fears of a bank run.
- Upcoming economic events include US initial jobless claims and Philly Fed index, as well as the ECB’s monetary policy statement and press conference.