Forex News Roundup for 3rd April 2023
April 3, 2023 115 Views
- Today, the US Dollar is displaying a robust upward trend against its long-standing bearish trajectory in the Forex market. Currently, in the short term, the US Dollar is the strongest major currency, whereas the New Zealand Dollar is the weakest.
- Bundesbank President Joachim Nagel stated on Monday that the European Central Bank remains committed to fighting inflation while being ready to respond to any future market stress.
- Several soft commodities, such as the Sugar ETF CANE, performed remarkably well last week, ending Friday with a new multi-year high closing price.
- The non-bank or “shadow bank” sector, including crypto assets, hedge funds, and money market funds, needs stronger regulation, as advocated by U.S. Treasury Secretary Janet Yellen.
- The NASDAQ 100 Index closed at a new 7-month high last week, indicating a bull market after surpassing the technical threshold a few days earlier.
- Despite this, the Nikkei 225 Index and the Hang Seng Index in major Asian markets have had a mixed start to the week.
- The RBA will release its Cash Rate and Rate Statement after Australia opens tomorrow, with the market anticipating a 25bps rate hike.
- Over the weekend, OPEC unexpectedly cut production by over 1 million barrels per day, much to the US Presidency’s dismay. WTI Crude Oil prices surged by more than 8%, opening at a 2-month high price above $81, but have since fallen during the Asian session.
- At the beginning of the week, fears over rising credit default swap costs for
- Deutsche Bank were partially eased by news of the FDIC facilitating First Citizens
- BancShares Inc.’s acquisition of SVB’s loans and deposits. Fed Vice Chairman for Supervision, Michael Barr, testified that SVB’s issues were caused by liquidity mismanagement, suggesting that the fallout was unique to SVB and not a widespread problem among other banks.