*South Korea Retail Sales +5.3% On Month In February

South Korea Retail Sales +5.3% On Month In February

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source http://www.mt5.com/forex_news/quickview/2209598/

Australian Dollar Looks Past China PMI Data, Focus is Now on Key Fed Inflation Gauge

The Australian Dollar gave up gains on upbeat Chinese manufacturing PMI, with AUD/USD now turning its attention to the Fed’s preferred inflation gauge next. Via DailyFX - Market News https://ift.tt/bAVm8wn

Japan Data On Tap For Friday

Japan is scheduled to release a raft of data on Friday, headlining a busy day for Asia-Pacific economic activity. On tap are February figures for industrial production, housing starts, unemployment and retail sales, as well as March numbers for Tokyo inflation.

Industrial production is expected to add 2.7 percent on month after falling 5.3 percent in January. Housing starts are expected to slip 0.5 percent on year after rising 6.6 percent in the previous month. The jobless rate is called steady at 2.4 percent.

Retail sales are predicted to climb 5.8 percent on year, up from 5.0 percent in January. Overall Tokyo inflation is tipped to rise 3.3 percent on year, easing from 3.4 percent - while core CPI is expected to ease to an annual 3.1 percent from 3.3 percent.

Australia will release February figures for private sector credit; in January, private sector credit was up 0.3 percent on month and housing credit rose 0.4 percent.

South Korea will provide February numbers for industrial production and retail sales. Production is expected to sink 0.5 percent on month and 8.3 percent on year after rising 2.9 percent on month and sinking 12.7 percent on year in January. Retail sales were down 2.1 percent on month in January.

China will see March results for its manufacturing, non-manufacturing and composite PMIs; in February, their scores were 52.6, 56.3 and 56.4, respectively.

Hong Kong will release February figures for retail sales; in January, sales were up 7.0 percent on year.

Thailand will provide February data for current account; in January, the current account deficit was $2.00 billion.

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source http://www.mt5.com/forex_news/quickview/2209596/

Dollar Loses Ground Against Major Rivals After GDP, Jobless Claims Data

The U.S. dollar drifted lower against its major counterparts on Thursday as data showing a slower than expected pace of economic growth in the fourth quarter, and an increase in jobless claims, raised the possibility of the Federal Reserve pausing on interest rate hikes.

The Commerce Department's report said the real gross domestic product increased by 2.6% in the fourth quarter, as against a previously reported 2.7% increase.

Data from the Labor Department showed initial jobless claims rose to 198,000 in the week ended March 24th, an increase of 7,000 from the previous week's unrevised level of 191,000. Jobless claims were expected to inch up to 196,000.

CME Group's FedWatch Tool now indicates a 48.2% chance of the central bank leaving rates unchanged at its next meeting in early May and a 51.8% chance of a 25 basis point increase.

The dollar index fell to 102.07 this morning, and is currently at 102.17, down nearly 0.5% from the previous close.

Against the Euro, the dollar has weakened to 1.0904 from 1.0844. The dollar is trading at 1.2389 against Pound Sterling, easing from 1.2316.

Against the Japanese currency, the dollar is marginally down, fetching 132.70 yen a unit, compared with 132.22 yen on Wednesday.

The dollar has weakened to 0.6713 against the Aussie from 0.6685. The Swiss franc is stronger at 0.9139 a dollar, gaining from 0.9184.

The Canadian currency is up at C$1.3525 a U.S. dollar, strengthening from C$1.3560.

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source http://www.mt5.com/forex_news/quickview/2209595/

Oil Futures Settle Sharply Higher On Demand Hopes, Supply Disruptions

Crude oil prices rose sharply on Thursday as easing concerns over turmoil in the banking sector helped reduce fears about risks to economic growth and fuel demand.

Supply disruptions amid the standoff with Kurdish oil flows via Turkey supported oil prices. Disruptions in Kurdish oil shipments have cut out about 450,000 barrels per day, or 0.5% of daily global supply.

PetroChina, the Chinese energy giant, said China's refined fuel consumption this year is likely to rise 3% from pre-Covid levels.

West Texas Intermediate Crude oil futures for May ended higher by $1.40 or about 1.9% at $74.37 a barrel.

Brent crude futures were up $0.82 or 1.06% at $78.41 a barrel a little while ago.

Data from Energy Information Administration (EIA) showed crude stockpiles fell by 7.5 million barrels in the week ended March 24, the biggest draw since late November.

The EIA data also showed a larger-than-expected draw in gasoline stocks heading into the run-up to the summer season.

The Organization of Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, is likely to stick to its existing deal on reduced oil output at a meeting on Monday (April 3), says a report from Reuters.

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source http://www.mt5.com/forex_news/quickview/2209593/

US Dollar Continues Diverging from the Fundamentals, Will PCE Data Realign Traders?

The US Dollar still found no love as traders continued piling into Wall Street despite not-so-dovish commentary from Federal Reserve officials. Will PCE data revive the DXY Index? Via DailyFX - Market News https://ift.tt/bAVm8wn

Crude Oil Prices Fall on Soft Fed Energy Report, Eyes on US Jobless Claims Next

Crude oil prices fell after a disappointing energy survey from the Federal Reserve. Over the remaining 24 hours, WTI remains vulnerable to a nasty surprise in US jobless claims. Via DailyFX - Market News https://ift.tt/bBeXhku

New Zealand Building Permit Data Due On Thursday

New Zealand will on Thursday release February figures for building consents, highlighting a light day for Asia-Pacific economic activity. In January, permits were down 1.5 percent on month.

New Zealand also will see March results for the business confidence index from ANZ Bank; in February, the index score was -43.3.

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source http://www.mt5.com/forex_news/quickview/2209511/

Dollar Rebounds From Recent Losses

The U.S. dollar briefly fell towards the end of the European session on Wednesday as Chinese giant Alibaba's plan to split into six business units signaled an easing of Beijing's crackdown on the tech sector.

However, the currency swiftly recovered and scored gains against most of its major counterparts amid easing concerns about global banking crisis after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

In economic news today, the National Association of Realtors released a report showing pending home sales in the U.S. unexpectedly increased for the third straight month in February.

NAR said its pending home sales index climbed by 0.8% to 83.2 in February after spiking by 8.1% to 82.5 in January. Economists had expected pending home sales to slump by 3%.

The pending home sales index reached its highest level since hitting 88.3 last August but was still down by 21.1 percent compared to a year ago.

The dollar index climbed to 102.79, rallying from a low of 102.37, and is currently at 102.66, well off the previous close of 102.43.

Against the Euro, the dollar is up marginally at 1.0844, and against Pound Sterling, it is trading at 1.2318, gaining about 0.2%.

The dollar has strengthened to 132.86 yen, climbing from 130.88 yen.

Against the Aussie, the dollar is up at 0.6682, gaining from 0.6708, and is down marginally against Swiss franc, fetching CHF 0.9186 a unit.

The dollar is weak against Loonie at C$1.3561, a four-week low.

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source http://www.mt5.com/forex_news/quickview/2209510/

Japanese Yen Slips as US Dollar Recovers Along with Risk Assets. Where to for USD/JPY?

The Japanese Yen ran lower going into Thursday with fiscal year-end approaching and a generally buoyant mood for markets with banking issues subsiding for now. Will USD/JPY go higher? Via DailyFX - Market News https://ift.tt/bBeXhku

Oil Futures Fail To Hold Early Gains, Settle Modestly Lower

Oil futures failed to hold early gains and ended modestly lower on Wednesday, despite data showing a drop in crude stockpiles last week.

Oil prices climbed higher earlier in the session amid rising supply disruption risks after Turkey halted exports of some 450,000 barrels of crude per day.

Barclays said any protracted outage of Kurdish exports until the end of the year would imply a $3 a barrel upside to the bank's $92 a barrel Brent price forecast for 2023.

West Texas Intermediate Crude oil futures for May ended lower by $0.23 or about 0.3% at $72.97 a barrel, coming off a high of $74.37 a barrel.

Brent crude futures were down $0.64 or 0.82% at 77.50 a barrel a little while ago.

Data from Energy Information Administration (EIA) showed crude stockpiles fell by 6.076 million barrels in the week ended March 24, as against expectations for an increase of 92,000 barrels.

Gasoline inventories dropped by 2.904 million barrels last week, more than an expected decline of 1.625 million barrels.

The EIA data also said distillate stockpiles increased by 281,000 barrels, as against expectations for a drop of 1.455 million barrels.

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source http://www.mt5.com/forex_news/quickview/2209508/

Malta Producer Price Inflation At 3-month High

Malta's producer price inflation strengthened in February, reaching at 3-month high, data from the National Statistics Office showed on Wednesday.

The producer price index rose 4.59 percent year-on-year in February after a 3.21 percent increase in January.

This was the highest reading since November 2022, when it was 5.96 percent.

Prices for intermediate goods gained 1.32 percent annually in February and those for capital goods rose 9.06 percent. Prices for consumer goods grew 9.31 percent.

Domestic market prices increased 3.80 percent and non-domestic market prices rose 5.12 percent.

On a monthly basis, producer prices rose 0.05 percent in February, after a 0.22 percent increase in the prior month.

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source http://www.mt5.com/forex_news/quickview/2209504/

Gold Prices Remain Vulnerable to PCE Data as Retail Traders Boost Upside Exposure

Gold prices rallied as the US Dollar fell on Tuesday. XAU/USD remains vulnerable to volatility that may arise from US PCE data later this week as retail traders boost upside exposure. Via DailyFX - Market News https://ift.tt/Mf8cBUY

Dollar Extends Recent Losses

The U.S. dollar shed ground against most of its major counterparts on Tuesday, extending recent losses, as demand for the safe-haven currency dropped amid easing worries about a banking crisis.

Following some recent positive developments in the banking sector and after three regional U.S. Fed bank presidents said the U.S. banking system was not facing a liquidity crisis, the dollar's safe-haven appeal has dropped.

News that First Citizens BancShares Inc. will buy all deposits and loans of Silicon Valley Bridge Bank, and the U.S. Financial Stability Oversight Council's remarks that the U.S. banking system was "sound and resilient" despite stress on some institutions, lifted sentiment in global markets.

The Fed's dovish commentary, the mild 25-basis points rate hike as well as hints that rate hikes were nearing an end, resulted in the Dollar losing ground against its major rivals over the past few sessions.

In U.S. economic news today, the Conference Board released a report showing a slight improvement in U.S. consumer confidence in the month of March.

The Conference Board said its consumer confidence index inched up to 104.2 in March from an upwardly revised 103.4 in February.

The modest increase surprised economists, who had expected the consumer confidence index to slip to 101.0 from the 102.9 originally reported for the previous month.

The dollar index, which drifted down to 102.38, is trading at 102.42, down more than 0.4% from the previous close.

Against the Euro, the dollar slipped to 1.0846 from 1.0799.

The dollar is down against Pound Sterling, dropping to 1.2343, nearly 0.5% down from the previous close.

Against the Japanese currency, the dollar weakened to 130.86 yen from 131.57 yen.

The dollar is weak against the Aussie at 0.6709 against the dollar, easing from 0.6650.

Against Swiss franc, the dollar has firmed to CHF 0.9197 from CHF 0.9156, and against the Loonie, it is weak at C$1.3599.

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source http://www.mt5.com/forex_news/quickview/2209437/

Australian Dollar Softens on CPI as Banking Risk Fears Allayed. Higher AUD/USD?

The Australian Dollar softened after CPI data today after it was buoyed by market sentiment with perceptions that the banking crisis is over. If the RBA pause, will AUD/USD go lower? Via DailyFX - Market News https://ift.tt/Mf8cBUY

Oil Futures Settle At Over 2-week High

Crude oil prices climbed higher and lifted the most active oil futures contract to a more than 2-week closing high on Tuesday.

Easing concerns about global banking sector woes, expectations of higher demand from China, and news about supply disruption risks from Iraq contributed to the jump in oil prices.

A weaker U.S. dollar helped as well.

West Texas Intermediate Crude oil futures for May ended higher by $0.39 or about 0.5% at $73.20 a barrel.

Brent crude futures were up $0.51 or 0.66% at $78.27 a barrel a little while ago.

According to an annual forecast by a research unit of China National Petroleum Corp., China's crude oil imports will likely rise 6.2% this year to 540 million tonnes.

Meanwhile, Iraq's decision to halt exports from Kurdistan resulted in a loss of 450,000 barrels per day, or about half a percent of global oil supply.

Barclays said any protracted outage of Kurdish exports until the end of the year would imply a $3 a barrel upside to the bank's $92 a barrel Brent price forecast for 2023.

Traders now await the release of weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).

The API's report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.

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source http://www.mt5.com/forex_news/quickview/2209435/

US Dollar Dismissed Despite Upbeat Consumer Confidence, Further Pain Ahead?

Despite upbeat US consumer confidence data, the US Dollar did not receive any love on Tuesday as the 2-year Treasury yield gained. Is further pain ahead for the currency during Asia trade? Via DailyFX - Market News https://ift.tt/Mf8cBUY

Gold Futures Recover After Back-to-back Losses, Settle Notably Higher

Gold futures settled notably higher on Tuesday, bouncing back after posting losses in the previous two sessions.

Reports that a probe into tax fraud and money laundering found some major French banks suspect of dividend stripping raised concerns about the banking sector and prompted investors to seek the safe-haven yellow metal.

A weak dollar contributed to the uptick in gold prices. The dollar index dropped to 102.41, losing about 0.42%.

Investors continued to focus on news from the banking sector.

Gold futures for April ended higher by $19.70 or about 1% at $1,973.50 an ounce.

Silver futures for May ended up $0.275 at $23.420 an ounce, while Copper futures for May settled at $4.0855 per pound, gaining $0.0070.

Traders now look for the upcoming personal income and spending data for clues about the timing of the final rate hike by the Federal Reserve.

CME Group's FedWatch Tool currently indicates a 47.4% chance the Fed will leave rates unchanged at its next meeting in early May and a 52.6% chance of a 25 basis point increase.

On the U.S. economic front, the Conference Board released a report unexpectedly showing a slight improvement in U.S. consumer confidence in the month of March.

The Conference Board said its consumer confidence index inched up to 104.2 in March from an upwardly revised 103.4 in February.

The modest increase surprised economists, who had expected the consumer confidence index to slip to 101.0 from the 102.9 originally reported for the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209434/

*U.S. Dollar Falls To 4-day Low Of 1.0819 Against Euro

U.S. Dollar Falls To 4-day Low Of 1.0819 Against Euro

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source http://www.mt5.com/forex_news/quickview/2209391/

Crude Oil Price Surges on Easing Banking Woes and Supply Issues. Higher WTI?

Crude oil prices jumped overnight on a combination of factors, including FDIC throwing SVB Financial a lifeline, the US Dollar weakening and tightening supply. Will WTI recover further? Via DailyFX - Market News https://ift.tt/Hp2fMmu

Gold Futures Settle Lower Again

Gold prices drifted lower on Monday, extending losses from the previous session, as demand for the safe-haven metal dropped after global equities rallied amid easing concerns about banking crisis.

A weak dollar helped limit the yellow metal's downside. The dollar index dropped to 102.88, losing about 0.22%.

Gold futures for April ended lower by $30.00 or about 1.5% at $1,953.80 an ounce.

Silver futures for May ended down $0.194 at $23.145 an ounce, while Copper futures for May settled at $4.0785 per pound, up $0.0035 from the previous close.

Global stocks rallied after Federal Deposit Insurance Corp. or FDIC announced an agreement, under which First-Citizens Bank & Trust Co., affiliated to First Citizens BancShares, Inc., will buy all deposits and loans of Silicon Valley Bridge Bank, N. A. out of FDIC receivership.

Sentiment was also underpinned after U.S. Fed officials said there was no indication that financial stress was worsening.

The U.S. Financial Stability Oversight Council said the U.S. banking system was "sound and resilient" despite stress on some institutions.

St. Louis Federal Reserve President James Bullard said on Friday that the stress in the banking sector will abate, and the Fed needs to push interest rates higher than previously expected.

German Chancellor Olax Scholz said during a news conference in Brussels that Deutsche Bank remains profitable and there's no reason to doubt its future.

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source http://www.mt5.com/forex_news/quickview/2209384/

USD/JPY Bounce Looks Corrective, Lacks News Backing

The US Dollar made modest gains on the Japanese Yen but the Charts don’t look great for Dollar Bulls Via DailyFX - Market News https://ift.tt/Hp2fMmu

*China Jan-Feb Industrial Profits Fall 22.9% On Year

China Jan-Feb Industrial Profits Fall 22.9% On Year

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source http://www.mt5.com/forex_news/quickview/2209346/

Gold Price Trickles Lower as Acceptance Above the $2000 Level Remains Elusive

Spot Gold continued to decline in European trade as sentiment shows modest improvement. Key risks still in play and could drive gold prices in the early part of the week. Via DailyFX - Market News https://ift.tt/Hp2fMmu

*U.S. Dollar Rises To 4-day High Of 131.05 Against Yen

U.S. Dollar Rises To 4-day High Of 131.05 Against Yen

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source http://www.mt5.com/forex_news/quickview/2209345/

US Dollar Slides as Banking Woes Continue and Treasury Yield Sink. Where to for USD?

The US Dollar dipped today as markets take stock of where the banking crisis is headed and Treasury yields search for direction. Will the USD reclaim the ascendency? Via DailyFX - Market News https://ift.tt/Hp2fMmu

*Japan Producer Prices +0.2% On Month, +1.8% On Year In February

Japan Producer Prices +0.2% On Month, +1.8% On Year In February

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source http://www.mt5.com/forex_news/quickview/2209343/

Japan Producer Price Data Due On Monday

Japan will on Monday release February figures for producer prices, highlighting a light day for Asia-Pacific economic activity. Producer prices are expected to rise 1.5 percent on year, easing from 1.6 percent in the previous month.

China will see February numbers for industrial profits; in January, profits were up 0.8 percent on year.

Hong Kong will provide February figures for imports, exports and trade balance. In January, imports were down 30.2 percent on year and exports slumped an annual 36.7 percent for a trade deficit of HKD25.4 billion.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209342/

Nasdaq 100, Dow Jones, S&P 500 Forecast: US Indices Remain Resilient as Technicals Hint at Further Gains Ahead

US Indices continue to navigate their way positively through banking sector uncertainty with increased liquidity and technicals seemingly providing support. The question remains is this sustainable?

Japanese Yen Weekly Outlook: Dollar Weakness Will Remain Key Driver

The Japanese Yen has benefitted more than most from Dollar weakness as markets reassess Fed Policy

GBP/USD Forecast: Pound Loses Steam While USD Remains on High Alert

GBP/USD is trading at a critical juncture around Fibonacci resistance. As the Fed adopts a more dovish tone, the Pound remains constrained by escalating price pressures.

Euro Weekly Forecast: Euro Area Bank Weakness Casts an Ominous Shadow

Deutsche Bank is the latest financial company to be put under the spotlight as the bank’s shares hit a fresh multi-month low.

Australian Dollar Outlook: RBA Pulls up the Anchor

The Australian Dollar consolidated last week as markets took stock of the banking crisis and the Federal Reserve raised rates while the RBA is set to pause. Where to for AUD/USD?

U.S. Dollar Climbs Further Off Recent Lows

Following the rebound seen during yesterday's trading, the value of the U.S. dollar has seen further upside during trading on Friday.

The U.S. dollar index is climbing 0.57 points or 0.6 percent to 103.10, bouncing further off its lowest levels in over a month.

The greenback is trading at 130.75 yen versus the 130.85 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0761 compared to yesterday's $1.0831.

The extended recovery by the dollar comes as the currency has benefited from its appeal as a safe haven amid renewed concerns about the health of the banking sector.

U.S.-listed shares of Deutsche Bank (DB) moved sharply lower in early trading amid a spike by the German lender's credit default swaps.

Credit Suisse (CS) and UBS Group (UBS) also came under pressure after a report from Bloomberg said they are among banks under scrutiny in a Justice Department probe into whether financial professionals helped Russian oligarchs evade sanctions.

UBS' state-backed acquisition of troubled rival Credit Suisse for 3 billion Swiss francs, or $3.2 billion, helped ease concerns about recent banking industry turmoil earlier in the week.

While stocks on Wall Street managed to recover from early weakness, the dollar has seen continued strength throughout the day.

On the U.S. economic front, the Commerce Department released a report showing a continued slump in orders for transportation equipment led to an unexpected decrease in new orders for U.S. manufactured durable goods in the month of February.

The Commerce Department said durable goods orders slid by 1.0 percent in February after plummeting by a revised 5.0 percent in January.

Economists had expected durable goods orders to increase by 0.6 percent compared to the 4.5 percent plunge that had been reported for the previous month.

Excluding the steep drop in orders for transportation equipment, durable goods orders were unchanged in February after rising by 0.4 percent in January. Ex-transportation orders were expected to inch up by 0.2 percent.

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source http://www.mt5.com/forex_news/quickview/2209341/

*Australian Dollar Falls To 3-day Low Of 0.6659 Against U.S. Dollar

Australian Dollar Falls To 3-day Low Of 0.6659 Against U.S. Dollar

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source http://www.mt5.com/forex_news/quickview/2209248/

*Japan Manufacturing PMI 48.6 In March; Services PMI 54.2 - Jibun Bank

Japan Manufacturing PMI 48.6 In March; Services PMI 54.2 - Jibun Bank

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source http://www.mt5.com/forex_news/quickview/2209246/

*Japan Overall CPI +3.3% On Year In February; Core CPI +3.1% On Year

Japan Overall CPI +3.3% On Year In February; Core CPI +3.1% On Year

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209244/

Japan Inflation Data Due On Friday

Japan will on Friday release February data for consumer prices, highlighting a modest day for Asia-Pacific economic activity. In January, overall inflation was up 0.5 percent on month and 4.3 percent on year, while core CPI rose an annual 4.2 percent.

Malaysia will release February numbers for consumer prices, with forecasts calling for an increase of 3.6 percent on year, easing from 3.7 percent in January.

Singapore will provide February data for industrial production, with forecasts suggesting an increase of 0.7 percent on month and a decline of 1.9 percent on year. That follows the 1.1 percent monthly decline and the 2.7 percent annual drop in January.

Taiwan will see February figures for unemployment; in January, the jobless rate was 3.6 percent.

Thailand will release February numbers for imports, exports and trade balance. Imports are expected to rise 2.1 percent, down from 5.5 percent in January. Exports are called lower by an annual 7.0 percent after slipping 4.5 percent in the previous month. The trade deficit is pegged at $1.90 billion following the $4.65 billion shortfall a month earlier.

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source http://www.mt5.com/forex_news/quickview/2209241/

Treasuries See Further Upside Amid Optimism About End Of Rate Hikes

After moving sharply higher over the course of the previous session, treasuries saw further upside during trading on Thursday.

Bond prices fluctuated early in the session but climbed firmly into positive territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 9.4 basis points to 3.406 percent.

The extended upward by treasuries came as traders continued to react to yesterday's monetary policy announcement by the Federal Reserve.

While some traders were initially disappointed the Fed decided to continue raising rates despite recent banking industry turmoil, indications the central bank is nearing the end of its tightening cycle generated some buying interest.

The latest projections suggest the Fed plans just one more quarter-point rate increase this year, with CME Group's FedWatch Tool currently indicating a 27.4 percent chance the rate hike will come in May and a 72.6 percent chance rates will remain unchanged.

Even if the Fed raises rates again at its next meeting, traders may take some comfort in knowing officials feel a range of 5.0 to 5.25 percent will be the so-called "terminal rate."

In U.S. economic news, a report released by the Labor Department unexpectedly showed a slight decrease by first-time claims for U.S. unemployment benefits in the week ended March 18th.

The Labor Department said initial jobless claims slipped to 191,000, a decrease of 1,000 from the previous week's unrevised level of 192,000. Economists had expected jobless claims to rise to 201,000.

The report said the less volatile four-week moving average also edged down to 196,250, a decrease of 250 from the previous week's unrevised average of 196,500.

The Commerce Department also released a report showing new home sales in the U.S. increased from a significantly downwardly revised level in the month of February.

The report said new home sales climbed by 1.1 percent to an annual rate of 640,000 in February after jumping by 1.8 percent to a downwardly revised rate of 633,000 in January.

Economists had expected new home sales to pull back to an annual rate of 645,000 from the 670,000 originally reported for the previous month.

Trading activity on Friday may be impacted by reaction to a report on durable goods orders in the month of February.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209240/

Oil Futures Settle Lower On Demand Concerns

Oil prices drifted lower on Thursday amid concerns the interest rate hikes by several central banks could slow down economic growth and impact the outlook for energy demand.

Federal Reserve Chair Jerome Powell highlighting banking sector credit risks, and larger than expected increase in U.S. crude inventories weighed as well on oil prices.

Optimism about higher demand from China helped limit oil's downside.

West Texas Intermediate crude oil futures for May ended lower by $0.94 or about 1.3% at $69.96 a barrel.

Brent crude futures were down $1.11 or 1.44% at $75.58 a barrel a little while ago.

"Many energy traders remain unconvinced that the demand will be improving enough to bring down stockpiles," says Edward Moya, Senior Market Analyst at OANDA.

"The key takeaway from the FOMC meeting for energy traders is that the Fed is probably going to send this economy into a recession. China's reopening story remains subdued and that is keeping oil grounded around the low $70s," he adds.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209239/

*Yen Rises To 3-day High Of 130.59 Against U.S. Dollar

Yen Rises To 3-day High Of 130.59 Against U.S. Dollar

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source http://www.mt5.com/forex_news/quickview/2209165/

Gold Prices Turn to US Initial Jobless Claims to Gauge SVB Economic Shock

Gold prices gained as the US Dollar and Treasury yields fell after the Federal Reserve rate decision. All eyes turn to US initial jobless claims to gauge the economic impact of SVB’s collapse. Via DailyFX - Market News https://ift.tt/l7yE0jb

Singapore Inflation Data Due On Thursday

Singapore will on Thursday release February figures for consumer prices, highlighting a modest day for Asia-Pacific economic activity. Overall inflation is expected to rise 6.5 percent on year, easing from 6.6 percent in January. Core CPI is called higher by an annual 5.80 percent, up from 5.50 percent in the previous month.

The Hong Kong Monetary Authority will wrap up its monetary policy meeting and announce its decision on interest rates; the HKMA is expected to keep its benchmark lending rate unchanged at 5.00 percent.

Hong Kong also will see February figures for consumer prices, with forecasts suggesting an increase of 2.30 percent on year, slowing from 2.40 percent a month earlier.

The de facto central bank in Taiwan will announce its quarterly decision on interest rates; the bank is expected to keep its lending rate steady at 1.75 percent.

Taiwan also will see February data for industrial production; in January, production was down 20.5 percent on year.

Finally, the markets in Indonesia remain closed on Thursday for the Saka New Year and will re-open on Friday.

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source http://www.mt5.com/forex_news/quickview/2209164/

Dollar Loses Ground Against Major Counterparts After Fed Rate Decision

The U.S. dollar drifted lower on Wednesday as the Federal Reserve raised interest rate by 25 basis points and projected just one more rate hike this year.

The Fed also said additional policy firming may be appropriate, although that marks a shift from saying ongoing increases in rates will be appropriate.

The central bank's latest projections suggest the Fed plans to raise rates just one more time this year to a range of 5.0 to 5.25%.

In its statement, the Fed described the U.S. banking system as "sound and resilient" despite the recent failures of Silicon Valley Bank and Signature Bank.

The Fed acknowledged recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation but noted the extent of these effects is uncertain.

The dollar index dropped to 102.07 after the central bank announced its policy. Despite recovering to 102.52, the index still remains firmly down in negative territory, netting a loss of about 0.7%.

Against the Euro, the dollar has weakened to 1.10857 from 1.0771.

The dollar is trading at 1.2266 against Pound Sterling. recovering from 1.2335.

Against the Japanese currency, the dollar is weak, fetching 131.37 yen a unit, compared with 132.49 yen on Tuesday.

The dollar is down marginally against the Aussie, at 0.6678. Against Swiss franc, the dollar weakened to CHF 0.9175.

The dollar is up slightly against the loonie at 1.3732, after settling at 1.3714 on Wednesday evening.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209163/

Fed Raises Rates By Another Quarter Point, Hints Tightening Cycle Nearing End

Despite recent turmoil in the banking industry, the Federal Reserve on Wednesday announced that is has decided to continue raising interest rates.

The Fed said it has decided to raise the target range for the federal funds rate by another 25 basis points to 4.75 to 4.50 percent.

The latest increase matches the rate hike seen in early February, which came after the central bank raised rates by 75 basis points in November and by 50 basis points in December.

While the Fed also said additional policy firming may be appropriate, that marks a shift from saying ongoing increases in rates will be appropriate.

The central bank's latest projections suggest the Fed plans to raise rates just one more time this year to a range of 5.0 to 5.25 percent.

The continued increase in rates comes as the Fed noted inflation remains elevated, with the central bank seeking to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.

The Fed forecast core consumer price inflation at 3.6 percent by the end of 2023, up slightly from the 3.5 percent forecast in December. The GDP growth projection was lowered to 0.4 percent from 0.5 percent.

In its statement, the Fed described the U.S. banking system as "sound and resilient" despite the recent failures of Silicon Valley Bank and Signature Bank.

The Fed acknowledged recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation but noted the extent of these effects is uncertain.

"The 25bp rate hike and new projections unveiled by the Fed today were towards the more dovish end of potential outcomes," said Andrew Hunter, Deputy Chief U.S. Economist at Capital Economics.

He added, "Nevertheless, with the crisis making us more confident in our view that the economy will fall into recession soon, we suspect the Fed will be cutting rates again before too long."

The central bank's next monetary policy meeting is scheduled for May 2-3, with CME Group's FedWatch Tool currently indicating a 47.9 percent chance the Fed will leave rates unchanged and a 51.6 percent chance of another 25 basis point rate hike.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209160/

*Fed Chair Jerome Powell Begins Post-Meeting Press Conference

Fed Chair Jerome Powell Begins Post-Meeting Press Conference

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source http://www.mt5.com/forex_news/quickview/2209159/

*Yen Falls To 1-week Low Of 143.03 Against Euro

Yen Falls To 1-week Low Of 143.03 Against Euro

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source http://www.mt5.com/forex_news/quickview/2209098/

Gold Price Technical Setup Seems Bearish Before Jerome Powell’s Anticipated Hike

Gold prices face a bearish technical setup ahead of the Federal Reserve and Jerome Powell’s press conference. Will the central bank signal the end to tightening? Via DailyFX - Market News https://ift.tt/jkuJRVA

New Zealand Consumer Sentiment Index Due On Wednesday

New Zealand will on Wednesday see Q1 results of the consumer sentiment index from Westpac Bank, highlighting a light day for Asia-Pacific economic activity. In the previous three months, the index score was 75.6.

Australia will see February figures for the leading economic index from the Melbourne Institute; in January, the index eased 0.1 percent on month.

Finally, the markets in Indonesia are closed on Wednesday and Thursday for the Saka New Year and will re-open on Friday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2209097/

Dollar Turns In Mixed Performance Ahead Of Fed Rate Decision

After staying firm in the Asian session, the U.S. dollar retreated on Tuesday and despite recovering from the session's lows, turned in a sluggish performance ahead of the Federal Reserve's monetary policy announcement.

The Fed began its two-day meeting later today and will announce the policy decision on Wednesday.

The central bank is expected to raise interest rates by 25 basis points 4.75-5%.

The Fed will also release its latest dot-plot projections on interest rates, inflation, unemployment and economic output.

Concerns over the banking crisis ebbed as investors digested a forced takeover of Credit Suisse by UBS over the weekend.

The dollar index, which climbed to 103.52 in the Asian session, dropped to 103.00 but recovered as the day progressed, and was last seen at 103.20, down just marginally from the previous close.

Against the Euro, the dollar weakened to 1.0770, easing from 1.0723.

The dollar is gaining against Pound Sterling, firming to 1.2220 from 1.2277.

Against the Japanese currency, the dollar has strengthened to 132.49 yen, rising from 131.32 yen.

The dollar is firm against the Aussie at 0.6671. Against Swiss franc, the dollar has shed ground, dropping to CHF 0.9225 from CHF 0.9290.

The dollar is up against the loonie, fetching C$ 1.3714 a unit. The annual inflation rate in Canada fell to 5.2% in February of 2023, the least since January 2022, slowing from the 5.9% in the previous month amid significant base-year effects.

On a monthly basis, the Canadian CPI rose by 0.4%, slowing from the 0.5% increase in the previous month.

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source http://www.mt5.com/forex_news/quickview/2209096/

US Dollar Dips as the Fed Ponders the Inflation Versus Bank Crisis Dilemma

The US Dollar is weaker today as risk assets found support from Treasury reassurances and ahead of the Federal Reserve that faces a crucial interest rate decision. Will a pause sink USD? Via DailyFX - Market News https://ift.tt/jkuJRVA

Gold Futures Settle At 6-week Low As Global Equities Rise

Gold prices fell sharply on Tuesday, pushing the most active gold futures contract to a six-week closing low, as global stocks rallied amid easing concerns about the crisis in the banking sector.

A somewhat subdued dollar helped limit the yellow metal's downside. The dollar index moved in a tight range ahead of the Federal Reserve's monetary policy announcement.

The Fed began its two-day meeting today. The central bank is expected to raise interest rates by 25 basis points 4.75-5%.

The Fed will also release its latest dot-plot projections on interest rates, inflation, unemployment and economic output.

Meanwhile, concerns over the banking crisis ebbed as investors digested a forced takeover of Credit Suisse by UBS over the weekend.

The dollar index, which dropped to 103.00 was flat at 103.28 a little while ago.

Gold futures for April ended lower by $41.70 or about 2.1% at $1,941.10 an ounce.

Silver futures for May ended down $0.221 at $22.425 an ounce, while Copper futures for May settled at $3.9940 per pound, up $0.0425 from the previous close.

A report released by the National Association of Realtors on Tuesday showed existing home sales in the U.S. rebounded by much more than expected in the month of February.

NAR said existing home sales spiked by 14.5% to an annual rate of 4.58 million in February after falling by 0.7 percent to a rate of 4.00 million in January. Economists had expected existing home sales to climb to an annual rate of 4.17 million.

Existing home sales surged after falling for twelve straight months but were still down by 22.6% compared to the same month a year ago.

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source http://www.mt5.com/forex_news/quickview/2209093/

EURUSD Wilts As Bank-Sector Woes Hit Risk Appetite Once Again

EUR/USD didn’t enjoy much of a lasting boost from last week’s interest rate rise as the financial sector’s worries take center stage again Via DailyFX - Market News https://ift.tt/IDzgw0T

*Malaysia Feb Imports Up 12.4% Annually Vs. 2.2% In January

Malaysia Feb Imports Up 12.4% Annually Vs. 2.2% In January

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source http://www.mt5.com/forex_news/quickview/2208984/

*Malaysia Feb Trade Surplus MYR 19.6 Bln Vs. MYR 18.1 Bln In January

Malaysia Feb Trade Surplus MYR 19.6 Bln Vs. MYR 18.1 Bln In January

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source http://www.mt5.com/forex_news/quickview/2208985/

*Malaysia Feb Exports Rise 9.8% On Year Vs. 1.4% In January

Malaysia Feb Exports Rise 9.8% On Year Vs. 1.4% In January

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source http://www.mt5.com/forex_news/quickview/2208983/

*Australian Dollar Falls To 0.6689 Against U.S. Dollar

Australian Dollar Falls To 0.6689 Against U.S. Dollar

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source http://www.mt5.com/forex_news/quickview/2208975/

UBS Rescues Credit Suisse, Fed Increases Dollar Liquidity , Gold Hits a One-Year High

In a deal brokered by the Swiss Government, UBS has bought troubled rival Credit Suisse in a deal worth just over three billion US dollars. Via DailyFX - Market News https://ift.tt/IDzgw0T

China Loan Prime Rate Due On Monday

The People's Bank of China will announce its latest loan prime rate numbers, highlighting a light day for Asia-Pacific economic activity. The rate is expected to hold steady at 3.65 percent.

Malaysia will provide February numbers for imports, exports and trade balance. Imports are expected to rise 6.8 percent on year, up from 2.3 percent in January. Exports are called higher by an annual 4.5 percent, accelerating from 1.5 percent in the previous month. The trade surplus is pegged at MYR18.30 billion, up from MYR18.20 billion.

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source http://www.mt5.com/forex_news/quickview/2208974/

Markets Week Ahead: Dow Jones, Nasdaq 100, Gold, US Dollar, Crude Oil, Fed, Powell

The Dow Jones greatly underperformed the Nasdaq as traders flocked to tech stocks in anticipation of aggressive rate cuts from the Federal Reserve later this year after SVB’s collapse. All eyes turn to the central bank and Jerome Powell’s press conference on Wednesday. Via DailyFX - Market News https://ift.tt/1ZCN2nM

Gold (XAU/USD) Forecast: Gold Gains May Not be Over if Banking Angst Continues, FOMC Ahead

Golds recent gains has come about largely on a return of its haven appeal. A continuation of Fridays drop in banking shares and any further surprises could see the precious metal eye a new all-time high.

Crude Oil Prices Get Beaten Down by Sour Sentiment and Rising Supply

Crude oil prices fell to below pre-war levels after fears of a banking crisis and rising inventories resulted in double digit losses for WTI and Brent.

US Dollar Outlook Hinges on Fed’s Next Steps. Will the FOMC Hike or Pause?

The US dollar’s trading bias will be defined by the Fed’s policy outlook next week. Traders should prepare for the possibility of a dovish guidance due to rising financial instability risks. Via DailyFX - Market News https://ift.tt/1ZCN2nM

Nasdaq 100, Dow Jones, S&P 500 Technical Forecast: Mixed Week Offers Neutral View

There was a disproportionate rise in tech stocks last week as the Nasdaq 100 roared higher but the Dow Jones was left behind. Broadly speaking, the US equities technical outlook is neutral.

Australian Dollar Outlook: Banking Saga Rolls on as RBA Seen to Pause

The Australian Dollar jumped higher to finish a tumultuous week in markets that have questioned all asset classes with central banks now reassessing their tightening cycles.

Dollar Extends Losses Against Major Counterparts

The U.S. dollar drifted lower against its major rivals on Friday as traders continued to assess the impact of the crisis in the banking sector, and looked ahead to the Federal Reserve's policy meeting next week.

According to reports First Republic Bank secured a $30 billion lifeline to shore up liquidity. In Switzerland, the Swiss National Bank lent financial support to Credit Suisse.

Meanwhile, traders expect the Fed to raise interest rate by 25 basis points next week.

CME Group's FedWatch tool currently indicates a 43.2% chance the Fed will leave rates unchanged and a 56.8% chance of a 25 basis point rate hike.

In U.S. economic news, the Fed released a report showing U.S. industrial production was unexpectedly unchanged in the month of February.

The Fed said industrial production was unchanged in February following a revised 0.3 percent increase in January. Economists had expected industrial production to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

A separate report from the University of Michigan showed consumer sentiment in the U.S. fell for the first time in four months in March.

The report said the consumer sentiment index slid to 63.4 in March from 67.0 in February. Economists had expected the index to be unchanged.

Surveys of Consumers Director Joanne Hsu noted the decrease was already fully realized prior to the failure of Silicon Valley Bank.

Meanwhile, the report showed decreases in both near-term and long-term inflation expectations, with year-ahead inflation expectations falling to the lowest level since April 2021.

The dollar index dropped to 103.69 before recovering to 103.90, but still remained weak, losing about 0.5% from the previous close.

Against the Euro, the dollar weakened to 1.0662 from 1.0609.

The dollar is weak against Pound Sterling at 1.2171, dropping from 1.2110.

Against the Japanese currency, the dollar weakened to 132.03 yen, losing ground from Thursday's close of 133.75 yen.

The dollar is weak against the Aussie at 0.6697, and against Swiss franc, it is trading at CHF 0.9271, down from CHF 0.9295.

Against the Loonie, the dollar is slightly stronger, fetching C$1.3738 a unit, after having weakened to C$1.3679 earlier in the day.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208973/

GBP Forecast: UK CPI and BoE Rate Decision Complicated by Banking Rout

BoE officials have the unenviable task of hiking into the current banking sector turmoil. UK Inflation data on Wednesday alongside the FOMC meeting and projections

GBP/USD Price Forecast: Cable Consolidates Above the 1.21 Handle

Cable enjoyed a strong bounce yesterday helped by improving sentiment and a weaker US Dollar. Weekly high around 1.2200 may cap gains ahead of a next week's key data releases. Via DailyFX - Market News https://ift.tt/P0BbtHx

Gold Price Holds the High Ground Amid Banking Turmoil. Where to for XAU/USD?

The gold price remains elevated today as the markets assess the implications of the latest rescue package for another bank in crisis mode. If the US Dollar recovers, will XAU/USD go lower? Via DailyFX - Market News https://ift.tt/VuSHRJe

*Singapore Non-Oil Domestic Exports -8.0% On Month, -15.6% On Year In February

Singapore Non-Oil Domestic Exports -8.0% On Month, -15.6% On Year In February

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source http://www.mt5.com/forex_news/quickview/2208909/

Singapore Non-Oil Export Data Due On Friday

Singapore will on Friday release February figures for non-oil domestic exports, highlighting a light day for Asia-Pacific economic activity.

NODX are expected to slip 0.5 percent on month and 16.0 percent on year after adding 0.9 percent on month and tumbling 25.0 percent on year in January - when the trade surplus was SGD6.303 billion.

Malaysia will provide February numbers for imports, exports and trade balance. Imports are expected to rise 6.8 percent on year, up from 2.3 percent in January. Exports are called higher by an annual 4.5 percent, accelerating from 1.5 percent in the previous month. The trade surplus is pegged at MYR18.30 billion, up from MYR18.20 billion.

Japan will see February results for its tertiary industry activity index; in the previous month, the index slipped 0.4 percent on month.

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source http://www.mt5.com/forex_news/quickview/2208908/

Crude Oil Prices Face Competing Themes: Cooling Bank Volatility & Fed Policy Bets

Crude oil prices traded flat on Thursday amid competing fundamental headlines. While financial sector volatility cooled, markets also priced out some Fed rate cut bets. Via DailyFX - Market News https://ift.tt/VuSHRJe

Dollar Loses Ground Against Major Counterparts

The U.S. dollar was weak against its major counterparts on Thursday with traders reacting to the European Central Bank's interest rate decision, and looking ahead to the Federal Reserve's policy meeting next week.

The ECB today hiked interest rates by 50 basis points, in line with its guidance in February, as it expects inflation to remain high for too long. The bank also said policymakers were closely monitoring the financial market turmoil triggered by the banking sector crisis in the US and Switzerland.

ECB assured that its toolkit is fully equipped to ensure sufficient liquidity support to the euro area financial system when needed.

In U.S. economic news, data released by the Labor Department showed initial jobless claims fell to 192,000 last week, a decrease of 20,000 from the previous week's revised level of 212,000. Economists had expected jobless claims to slip to 205,000 from the 211,000 originally reported for the previous week.

A separate report released by the Labor Department showed import prices dipped by 0.1% in February after falling by a revised 0.4% in January. Economists had expected import prices to slip by 0.2%, matching the decrease originally reported for the previous month.

The report also said import prices in February were down by 1.1% compared to the same month a year ago, reflecting the first annual decrease since December 2020.

The dollar index, which dropped to 104.20 in the Asian session, briefly emerged above the flat line to 104.74 in early New York session, but dropped to 104.43 subsequently.

Against the Euro, the dollar is trading at 1.0616, down from the previous close of 1.0578.

The dollar is trading at 1.2113 against Pound Sterling, dropping from 1.2057.

Against the Japanese currency, the dollar recovered to 133.75 after having weakened to 131.72 earlier. The dollar had settled at 133.43 yen on Wednesday.

The dollar is down at 0.6655 against the Aussie. Against Swiss franc, the dollar weakened to CHF 0.9293 from CHF 0.9335.

The dollar is weak against the Loonie at C$ 1.3722, sliding from C$ 1.3769, after crude oil prices climbed higher.

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source http://www.mt5.com/forex_news/quickview/2208907/

Lagarde Says ECB Determined To Bring Inflation Back To 2%

European Central Bank President Christine Lagarde said the central bank is determined to bring inflation back to the 2 percent target and reaffirmed that policymakers stand ready to provide liquidity support when needed in the backdrop of the recent financial market turmoil triggered by the banking sector crisis.

"That should not be doubted, the determination remains intact," Lagarde said in a press conference following the policy decision announcement. The ECB raised interest rates by 50 basis points earlier on Thursday, in line with the guidance in February. However, the bank did not provide any forward guidance on interest rates.

But Lagarde said the bank still had "a lot more ground to cover" if the baseline persists and that future decisions would be entirely data dependent.

The bank raised interest rates as policymakers expect "inflation to remain too high for too long".

Markets were closely watching the decision this week as the ECB was the first major central bank to announce its policy decision following the collapse of the California-based Silicon Valley Bank and some other banks in the US over the last weekend.

The SVB collapse also raised concerns whether the central banks were too aggressive in raising interest rates in their battle against runaway inflation.

In Europe, the banking sector concerns worsened after the embattled Credit Suisse, the second biggest bank in Switzerland, approached the Swiss National Bank for support. The lender chose to accept a $54 billion credit line from the SNB late Wednesday. Some economists were doubtful whether the ECB would indeed raise interest rates by 50 basis points this month, instead opt for a smaller hike of 25 basis points.

Lagarde asserted that there was no trade-off between price stability and financial stability. The ECB chief also said that the latest decisions were taken with a large majority in the Governing Council.

ING economist Carsten Brzeski said the latest decision and communication left the door open to heated debates at the next meetings and with any further rate hike the risk that something breaks increases. "Therefore, today's decisions could mark the start of the final phase of the ECB's tightening cycle: a slowdown in the pace, size and number of any further rate hikes," Brzeski said.

"We stick to our view that the ECB will hike two more times by 25bp each before the summer and then move to a longer wait-and-see stance."

The ECB also presented the latest macroeconomic projections for the euro area that saw an upward revision to both growth and inflation forecasts for this year. The central bank raised the growth projection for this year to 1.0 percent from 0.5 percent seen in December, citing the decline in energy prices and a resilient economy.

However, forecasts for the next two years were lowered to 1.6 percent each from 1.9 percent and 1.8 percent, respectively, owing to the tightening of monetary policy. Headline inflation projection for this year was lowered to 5.3 percent from 6.3 percent. The outlook for next year was cut to 2.9 percent from 3.4 percent. The rate is forecast to near the 2 percent target in 2025 with the outlook reduced to 2.1 percent from 2.3 percent.

Meanwhile, the ECB staff raised the core inflation projection for this year to 4.6 percent from 4.2 percent. The core figure, which excludes the volatile food and energy prices, hit a record high of 5.6 percent in February. Underlying inflation is forecast to ease to 2.5 percent next year and reach 2.2 percent in 2025, due to the fading out of the upward pressures from past supply shocks and the reopening of the economy. The dampening effect of the tighter monetary policy on demand is also expected to help lower the core price pressures.

Lagarde pointed out that the deadline for the ECB staff projections were two weeks before the policy decision, implying that the uncertainty caused by the recent market turmoil was not considered.

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source http://www.mt5.com/forex_news/quickview/2208903/

Swiss Franc Frazzled as Banking Woes Takes Hold. Is the Fed Pivot Here?

The Swiss Franc has been caught up in the evolving banking crisis with the Swiss National Bank intervening today. With ongoing emerging risks, will the ECB change tack today? Via DailyFX - Market News https://ift.tt/2sWdD0A

*Japan Core Machine Orders +9.5% On Month, +4.5% On Year In January

Japan Core Machine Orders +9.5% On Month, +4.5% On Year In January

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source http://www.mt5.com/forex_news/quickview/2208825/

Australia Unemployment Data Due On Thursday

Australia will on Thursday release February figures for unemployment, highlighting a busy day for Asia-Pacific economic activities.

The jobless rate is expected to ease to 3.6 percent from 3.7 percent in January, with the addition of 48,500 jobs following the loss of 11,500 a month earlier. The participation rate is expected to increase from 66.5 percent to 66.6 percent.

New Zealand will provide Q4 numbers for gross domestic product, with forecasts suggesting a decline of 0.2 percent on quarter and an increase of 3.3 percent on year. That follows the 2.0 percent quarterly increase and the 6.4 percent yearly gain in the three months prior.

Japan will release January numbers for industrial production and core machinery orders, plus February trade data. Industrial production is expected to slip 4.6 percent on month, unchanged from the estimate earlier this month. Core machine orders are tipped to rise 1.8 percent on month and fall 3.5 percent on year after adding 1.6 percent on month and falling 6.6 percent on year in December.

Imports are expected to rise 12.2 percent on year, slowing from 17.5 percent in January. Exports are called higher by an annual 7.1 percent, up from 3.5 percent in the previous month. The trade deficit is pegged at 1,069.4 billion yen following the 3,498.6 billion yen shortfall a month earlier.

China will release February data for house prices; in January, prices were down 1.5 percent on year.

Hong Kong will provide February figures for unemployment; in January, the jobless rate was 3.4 percent.

The central bank in Indonesia will wrap up its monetary policy meeting and then announce its decision on interest rates. The central bank is expected to keep its benchmark lending rate unchanged at 5.75 percent.

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source http://www.mt5.com/forex_news/quickview/2208822/

Dollar Climbs Higher Against Major Rivals

The U.S. dollar climbed higher against its major rivals on Wednesday on safe-haven demand following a sell-off in the banking sector amid concerns about the debt woes of Swiss lender Credit Suisse, and the collapse of Silicon Valley Bank.

The market also digested the latest batch of economic data. The Commerce Department data showed retail sales fell by 0.4% in February after spiking by an upwardly revised 3.2% in January. Economists had expected retail sales to decrease by 0.3% compared to the 3% surge originally reported for the previous month.

Producer prices in the U.S. unexpectedly edged slightly lower in the month of February, according to a report released by the Labor Department.

The Labor Department said its producer price index for final demand slipped by 0.1% in February after rising by a downwardly revised 0.3% in January. Economists had expected producer prices to increase by 0.3% compared to the 0.7% advance originally reported for the previous month.

The dollar index climbed to 105.10 before easing to 104.77, still up with a strong gain of about 1.15%.

Against the Euro, the dollar firmed to 1.0578 from around 1.0730.

The dollar strengthened to 1.2057 against Pound Sterling from 1.2160. Against the Japanese currency, the dollar fetched 133.43 yen at close, down from 134.30 yen on Tuesday.

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source http://www.mt5.com/forex_news/quickview/2208821/

Australian Dollar Edges North after Solid Jobs Data. Where to for AUD/USD?

The Australian Dollar was slightly boosted by better-than-anticipated employment data today. It comes against a backdrop of uncertainty that has seen the US Dollar wreak havoc on AUD/USD. Via DailyFX - Market News https://ift.tt/2sWdD0A

Euro Poised Amidst Market Turmoil Ahead of CPI Data and ECB. Higher EUR/USD?

The Euro has stacked on the gains as the US Dollar remains in a tailspin from the fallout of failed banks that have seen Fed hike expectation pared while the ECB looks to crimp CPI. Where to for EUR/USD? Via DailyFX - Market News https://ift.tt/2sWdD0A

China Data On Tap For Wednesday

China is scheduled to release a batch of data on Wednesday, highlighting a busy day for Asia-Pacific economic activity. On tap are February figures for industrial production, retail sales, fixed asset investment and unemployment.

Industrial production is expected to rise 2.6 percent on year, up from 1.3 percent in January. Retail sales are expected to bounce higher by an annual 3.5 percent after sinking 1.8 percent in the previous month. FAI is tipped to advance 4.4 percent on year, slowing from 5.1 percent a month earlier. The jobless rate in January was 5.5 percent.

South Korea will provide February numbers for imports, exports and trade balance. In January, imports rose 3.6 percent on year and exports slumped 7.5 percent for a trade deficit of $5.30 billion.

New Zealand will see Q4 data for current account, with forecasts suggesting a deficit of NZ$7.64 billion following the NZ$10.20 billion shortfall in the three months prior.

Singapore will release Q4 data for unemployment; in the three months prior, the jobless rate was 2.0 percent.

Indonesia will provide February figures for imports, exports and trade balance. Imports are expected to jump 9.74 percent on year after adding 1.27 percent in January. Exports are called higher by an annual 5.00 percent, down from 16.37 percent in the previous month. The trade surplus is pegged at $3.27 billion, down from $3.87 billion a month earlier.

The Bank of Japan will release the minutes from its monetary policy meeting on January 17 and 18. At the meeting, the BoJ kept its interest rates unchanged at -0.1 percent and modified some of its lending programs. The bank will also continue to purchase a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around zero percent.

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source http://www.mt5.com/forex_news/quickview/2208734/

*New Zealand Has NZ$33.79 Billion In 2022; NZ$9.46 Billion Deficit In Q4

New Zealand Has NZ$33.79 Billion In 2022; NZ$9.46 Billion Deficit In Q4

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source http://www.mt5.com/forex_news/quickview/2208733/

Dollar Turns In Subdued Performance Against Major Counterparts

The U.S. dollar turned in a subdued performance against its major rivals on Tuesday after data showing a drop in U.S. consumer prices supported expectations for a smaller rate hike by the Federal Reserve this month.

Data from the Labor Department this morning showed consumer price index rose by 0.4% in February after climbing by 0.5% in January.

Core consumer prices, which exclude food and energy prices, increased by 0.5% in February after rising by 0.4% in the previous month. Economists had expected core prices to rise by 0.4%.

The report also showed the annual rate of consumer price growth slowed to 6% in February from 6.4% in January.

The slowdown in year-over-year price growth may help offset recent concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

The dollar index, which climbed to 104.05 in the Asian session, dropped to 103.50 soon after the release of the inflation data, and despite recovering to 103.90 subsequently, fell again and was last seen at 103.63, up just marginally from the previous close.

Against the Euro, the dollar is down slightly at 1.0735, easing from 1.0679.

The dollar is trading at 1.2154 against Pound Sterling, up from the previous close of 1.2184.

Against the Japanese currency, the dollar is gaining about 0.7% at 134.20 yen.

The dollar is weak against the Aussie at 0.6679. Against Swiss franc, the dollar is trading at CHF 0.9140, after having weakened to CHF 0.9096 earlier. Against the Loonie, the dollar is trading at C$ 1.3690.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208732/

Crude Oil Price Slumps Post CPI As Volatility Lifts Ahead of the Fed. Lower WTI?

Crude oil has steadied so far today after sliding lower to start the week after a bumpy ride for markets with volatility rising as uncertainty remains ahead of the Fed. Will WTI recover? Via DailyFX - Market News https://ift.tt/sFl3ZjW

Oil Futures Settle Sharply Lower On Demand Worries

Crude oil prices fell sharply to a nine-week low on Tuesday amid concerns a fresh financial crisis following the collapse of Silicon Valley Bank (SVB) and Signature Bank could significantly hurt oil demand.

West Texas Intermediate Crude oil futures for April ended down $3.47 or about 4.7% at $71.33 a barrel.

Brent crude futures settled at $77.45 a barrel today, losing $3.32 or about 4.1%.

Despite the Biden administration's assurance that there won't be a relapse of the financial crisis from 15 years ago, worries of a wider contagion persist, hurting oil prices.

Data from the Labor Department showed consumer price index rose by 0.4% in February after climbing by 0.5% in January.

Core consumer prices, which exclude food and energy prices, increased by 0.5% in February after rising by 0.4% in the previous month. Economists had expected core prices to rise by 0.4%.

The report also showed the annual rate of consumer price growth slowed to 6% in February from 6.4% in January.

The slowdown in year-over-year price growth may help offset recent concerns about the outlook for interest rates ahead of next week's Federal Reserve meeting.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208731/

US Dollar Grips on as SVB Fallout Brings US CPI into View Ahead of the Fed

The US Dollar steadied after a discombobulating first few sessions following a weekend of turmoil in US banking that may have implications for the Fed rates path ahead of US CPI today. Via DailyFX - Market News https://ift.tt/sFl3ZjW

Crude Oil Faces Perfect Storm if US Inflation Pours Gasoline on Uncertainty Flame

Crude oil prices extended losses during Tuesday’s Asia-Pacific session. Market uncertainty may be pushed further if another sticky US inflation report reinvigorates Fed rate hike bets. Via DailyFX - Market News https://ift.tt/sFl3ZjW

Australia Consumer Confidence Data Due On Tuesday

Australia will on Tuesday see March results for the consumer confidence index from Westpac Bank, highlighting a light day for Asia-Pacific economic activity. In February, the index dipped 6.9 percent.

Australia also will see February results for the business confidence survey from NAB; in January, the survey score was +6.

Singapore will release January results for unemployment; in the previous month, the jobless rate was 2.0 percent.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208664/

Oil Futures Settle Sharply Lower As SVB Collapse Hurts Sentiment

Crude oil prices fell sharply on Monday amid rising worries over a U.S. banking debacle following the collapse of Silicon Valley Bank.

Although the Biden administration has assured that there won't be a relapse of the financial crisis from 15 years ago, the mood in global stock markets remained quite bearish today.

The U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation said they would "fully protect" depositors, including those with assets above the federally guaranteed $250,000 limit.

Hopes about a pick-up in energy demand in China helped a bit in limiting the downside in oil prices.

West Texas Intermediate Crude oil futures settled with a loss of $1.88 or about 2.4% at $74.80 a barrel, about 2% up from the day's close of $72.33 a barrel.

Brent crude futures were down $2.40 or 2.88% at $80.38 a barrel a little while ago.

The focus is on Tuesday's U.S. inflation data and Thursday's ECB meeting. The central bank is all set to raise interest rates by another 50 basis points at the meeting.

The Federal Reserve's policy meeting is scheduled to be held on March 21-11, while the Bank of England meets a day after the FOMC meeting on March 23.

Goldman Sachs analysts said they no longer expect the Federal Reserve to raise rates by 25 basis points at its next policy meeting on March 21-22.

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source http://www.mt5.com/forex_news/quickview/2208662/

Gold Price Surges as US Dollar is Eroded by SVB Collapse Ahead of US CPI

The gold price has gained amidst the turmoil of the failure of SVB that saw Treasury yields sink, dragging down the US Dollar. If the carnage alters the Fed rate path, what does it mean for XAU/USD? Via DailyFX - Market News https://ift.tt/sFl3ZjW

Dow Jones, Nasdaq 100 Mixed Reaction to SVB Collapse Speaks to Strong Fed Pivot Bets

The Dow Jones fell but the Nasdaq 100 rallied on Monday as markets strongly priced in a Fed pivot in the fallout of SVB’s collapse. For now, markets are prioritizing a dovish Fed over a recession. Via DailyFX - Market News https://ift.tt/8LzXOtR

U.S. Dollar Falls Against Majors

The U.S. dollar weakened against other major currencies in the Asian session on Monday.

The U.S. dollar fell to nearly a 4-week low of 1.0731 against the euro and nearly a 2-week low of 1.2139 against the pound, from last week's closing quotes of 1.0639 and 1.2029, respectively.

The U.S. dollar retreated to 133.69 against the yen and 0.9155 against the Swiss franc, from early highs of 135.05 and 0.9202, respectively. The U.S. dollar dropped to near 4-month lows of 133.52 against the yen and 0.9146 against the Swiss franc in the early Asian session today.

Against the Australian, the New Zealand and the Canadian dollars, the greenback dropped to 6-day lows of 0.6672, 0.6202 and 1.3711 from Friday's closing quotes of 0.6580, 0.6132 and 1.3823, respectively.

If the greenback extends its downtrend, it is likely to find support around 1.09 against the euro, 1.23 against the pound, 131.00 against the yen, 0.90 against the franc, 0.69 against the aussie, 0.63 against the kiwi and 1.35 against the loonie.

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source http://www.mt5.com/forex_news/quickview/2208616/

*U.S. Dollar Falls To Near 4-week Low Of 1.0718 Against Euro

U.S. Dollar Falls To Near 4-week Low Of 1.0718 Against Euro

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source http://www.mt5.com/forex_news/quickview/2208609/

Gold Price Shines as US Dollar Tanks on Sinking Yields from SVB Bailout. Higher XAU/USD?

The gold price clambered higher after the US Dollar took a hit with Treasury yields crumbling on the conjecture that the Fed will not need to be so hawkish. Will lower yields augment gold? Via DailyFX - Market News https://ift.tt/8LzXOtR

Malaysia Industrial Production Data Due On Monday

Malaysia will on Monday release January figures for industrial production, highlighting a light day for Asia-Pacific economic activity. Production is expected to rise 2.6 percent on year, slowing from 3.0 percent in December. Manufacturing production rose 6.9 percent in the previous month.

Japan will see Q1 results for its large manufacturing conditions BSI; in the previous three months, the BDI fell 3.6 percent.

The Philippines will provide January numbers for imports, exports and trade balance. In December, imports were worth $10.26 billion and exports were at $5.67 billion for a trade deficit of $5.67 billion.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208607/

*New Zealand Food Prices +1.5% On Month, +12.0% On Year In February

New Zealand Food Prices +1.5% On Month, +12.0% On Year In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208606/

US Dollar Slides as SVB Repercussions Stalled by the Fed and the Treasury Department

The US Dollar skipped lower on Monday with concerns around the impact of SVB and Signature Bank collapses lingering despite authorities taking aggressive steps to achieve stability. Via DailyFX - Market News https://ift.tt/8LzXOtR

Markets Week Ahead: Dow Jones, S&P 500, Gold, US Dollar, Recession Woes, CPI, ECB

The Dow Jones and S&P 500 tumbled as US bank sector woes triggered rising fears of a recession, cutting back Fed rate hike bets. Gold prices soared as Treasury yields dropped. Ahead, eyes are on US CPI and the ECB rate decision. Via DailyFX - Market News https://ift.tt/Fs9dZq7

Gold Price Weekly Outlook: XAU/USD Fate in the Hands of US CPI?

Gold prices get their shine back but will upcoming US CPI data limit upside? XAU/USD bulls look to hold onto 1850 as support. Via DailyFX - Market News https://ift.tt/Fs9dZq7

Japanese Yen Forecast: SVB Fallout Uncertainty to Weigh on USD/JPY

USD/JPY risks further retreat on rising risk aversion amid uncertainty related to the fallout from the closing of the SVB Financial Group. What are the key levels to watch?

S&P 500, Nasdaq 100, Dow Jones Technical Forecast: Bearish Breakouts in Focus

The S&P 500, Nasdaq 100 and Dow Jones sank last week on bank sector contagion woes. From a technical standpoint, this is leaving Wall Street increasingly vulnerable in the week ahead.

US Dollar Forecast: Inflation Data May Revive Rally but SVB Meltdown Poses Risks

The US dollar has given up all the gains induced by Powell's hawkish comments due to a slump in yields following the SVB meltdown, but US inflation data could revive the greenback's recovery. Via DailyFX - Market News https://ift.tt/Fs9dZq7

Australian Dollar Outlook: Inflation Takes a Back Seat as Risks Accelerate

The Australian Dollar folded like a cheap chair during the week after the RBA put down the hose that had been pointed toward red-hot inflation, but the Fed and USD could be the driver for AUD/USD.

Gold Price Forecast: XAU/USD Heads Toward $1880 After Strong Recovery

Gold prices surged for the second week after rebounding off the 100-week moving average now holding as support around $1,813. Can bulls drive XAU/USD to $1,880?

GBP Fundamental Forecast: Sterling Struggles Ahead of Spring Statement, US CPI

The pound has been in a broad decline, apart from cable which has been dominated by the USD sell-off. Next week’s Spring Statement ought to add to sterling volatility

Dollar Loses Ground Against Major Counterparts After Jobs Data

The U.S. dollar shed ground against its major counterparts on Friday after data showing a rise in the jobless rate and slower wage growth in February tempered expectations for a 50 basis point hike from the Fed this month.

Data from the Labor Department showed that the unemployment rate rose to 3.6% in February from 3.4% in January. The unemployment rate was expected to be unchanged.

Wage growth came in at 0.2% month-over-month and 4.6% year-over-year, below expectations for 0.3% and 4.7%, respectively.

Nonetheless, non-farm payroll employment shot up by 311,000 jobs in February after spiking by a revised 504,000 jobs in January.

Economists had expected employment to increase by 205,000 jobs compared to the surge of 517,000 jobs originally reported for the previous month.

The dollar index, which dropped to 104.04 around mid morning, recovered to 104.64 as the session progressed, but still remained weak, losing about 0.65%.

Against the Euro, the dollar weakened to 1.0639 from 1.0585.

The dollar is trading at 1.2032 against Pound Sterling, easing from 1.1924. Against the Japanese currency, the dollar dropped to 135.13 yen from 136.14 yen.

The dollar is up slightly against the Aussie at 0.6582. Against Swiss franc the dollar drifted lower and fetched CHF 0.9215 a unit, compared with CHF 0.9328 on Thursday. Against the Loonie, the dollar is flat at C$1.3829.

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source http://www.mt5.com/forex_news/quickview/2208605/

Oil Futures Snap 3-day Losing Streak, Settle Notably Higher

Despite lingering concerns about the outlook for energy demand, crude oil prices climbed higher on Friday as the dollar turned weak after data showed an uptick in U.S. unemployment rate in the month of February.

West Texas Intermediate Crude oil futures for April ended higher by $0.96 or about 1.3% at $76.68 a barrel, rebounding after three successive days of losses.

Thanks to the sharp surge in prices today, oil futures cut its weekly loss to less than 4%.

Brent crude futures were up $1.03 or 1.26% at 82.62 a barrel a little while ago.

Data from the Labor Department showed that the unemployment rate rose to 3.6% in February from 3.4% in January. The unemployment rate was expected to be unchanged.

Wage growth came in at 0.2% month-over-month and 4.6% year-over-year, below expectations for 0.3% and 4.7%, respectively.

Nonetheless, non-farm payroll employment shot up by 311,000 jobs in February after spiking by a revised 504,000 jobs in January.

Economists had expected employment to increase by 205,000 jobs compared to the surge of 517,000 jobs originally reported for the previous month.

Russia's decision to trim oil output by 500,000 barrels per day in March contributed a bit to the uptick in oil prices.

Meanwhile, Saudi Arabia and Iran, both founding members of OPEC, re-established diplomatic ties after seven years of estrangement that led to Tehran being targeted with U.S. sanctions for suspicions of building a nuclear bomb.

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source http://www.mt5.com/forex_news/quickview/2208604/

Japan Household Spending Climbs 2.7% In January

The average of household spending in Japan was up a seasonally adjusted 2.7 percent on month in January, the Ministry of Internal Affairs and Communications said on Friday - coming in at 301,646 yen.

That exceeded expectations for an increase of 1.4 percent following the 2.1 percent contraction in December.

On a yearly basis, household spending slipped 0.3 percent - missing forecasts for a drop of 0.1 percent following the 1.3 percent decline in the previous month.

The average of monthly income per household stood at 495,706 yen, down 1.7 percent on previous year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208524/

*South Korea Current Account Deficit $4.52 Billion In January

South Korea Current Account Deficit $4.52 Billion In January

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source http://www.mt5.com/forex_news/quickview/2208523/

*Japan Household Spending +2.7% On Month, -0.3% On Year In January

Japan Household Spending +2.7% On Month, -0.3% On Year In January

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208522/

Japanese Yen Plunges Vs US Dollar As BOJ Keeps Policy Settings Unchanged

USD/JPY jumped after the Bank of Japan left interest rates unchanged and maintained its current bond-yield curve control policy settings. Via DailyFX - Market News https://ift.tt/ly8HO5U

*New Zealand Manufacturing PMI 52.0 In February - BusinessNZ

New Zealand Manufacturing PMI 52.0 In February - BusinessNZ

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source http://www.mt5.com/forex_news/quickview/2208518/

Dow Jones, S&P 500 Plunge as SVB Financial and Silvergate Bank Drive Financial Woes

The Dow Jones, S&P 500 and Nasdaq 100 plunged on Thursday as SVB Financial Group and Silvergate Bank drove risk aversion in the financial sector. Asia markets are bracing. Via DailyFX - Market News https://ift.tt/ly8HO5U

Oil Futures Settle Lower For 3rd Straight Day

Crude oil prices drifted lower on Thursday, extending losses to a third straight day, amid concerns that aggressive policy tightening by the Federal Reserve could slow global economic growth and result in a drop in energy demand.

Growth worries weighed on prices after Fed Chair Jerome Powell once again signaled bigger interest-rate hikes, saying the U.S. central bank was wrong in initially thinking inflation was only the result of "transitory" factors.

West Texas Intermediate Crude oil futures for April ended lower by $0.94 or about 1.2% at $75.72 a barrel, after having climbed to 78.06 a barrel earlier in the day.

Brent crude futures were down $1.07 or 1.28% at $81.59 a barrel a little while ago.

Friday's jobs data and inflation figures due next week could provide additional clues on the U.S. rate outlook.

Meanwhile, weaker-than-expected data from China also pointed to a sluggish economic recovery in the country.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208515/

*China Consumer Prices -0.5% On Month, +1.0% On Year In February

China Consumer Prices -0.5% On Month, +1.0% On Year In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208456/

Australia Building Approvals Tumble 27.6% In January

The total number of building permits issued in Australia was down a seasonally adjusted 27.6 percent on month in January, the Australian Bureau of Statistics said on Thursday - standing at 12,065.

That was in line with expectations following the 15.3 percent increase in December.

Permits for private sector houses sank 13.8 percent on month to 7,560, while permits for private sector dwellings excluding houses plummeted 40.8 percent to 4.340.

On a yearly basis, total permits fell 8.4 percent, permits for houses dropped 12.0 percent and permits for non-houses eased 0.3 percent.

The seasonally adjusted estimate for the value of total building approved fell 18.6 percent in January, following a 1.0 percent rise in December.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208455/

*Japan GDP Flat On Quarter, +0.1% On Year In Q4

Japan GDP Flat On Quarter, +0.1% On Year In Q4

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208450/

Japan GDP Data Due On Thursday

Japan will on Thursday release Q4 numbers for gross domestic product, highlighting a busy day for Asia-Pacific economic activity. GDP is expected to add 0.2 percent on quarter and 0.8 percent on year after slipping 0.3 percent on quarter and 1.0 percent on year in Q3.

Japan also will see January numbers for machine tool orders and February figures for M2 money stocks. In December, machine tool orders slumped 9.7 percent on year. In January, the M2 money stock was up 2.7 percent on year.

Australia will provide January numbers for building approvals, with forecasts suggesting a drop of 27.6 percent on month after jumping 15.3 percent in December.

China will see February figures for consumer and producer prices. Consumer prices are tipped to add 0.2 percent on month and 1.9 percent on year, slowing from 0.8 percent on month and 2.1 percent on year in January. Producer prices are expected to sink an annual 1.3 percent after slipping 0.8 percent in the previous month.

The central bank in Malaysia will wrap up its monetary policy meeting and then announce its decision on interest rates. The bank is expected to keep its benchmark lending rate steady at 2.75 percent.

Malaysia will also release unemployment data for January; in December, the jobless rate was 3.6 percent.

Thailand will see February results for its consumer confidence index; in January, the index score was 51.7.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208449/

*New Zealand Electronic Card Retail Sales Flat On Month, +11.7% On Year In February

New Zealand Electronic Card Retail Sales Flat On Month, +11.7% On Year In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208446/

Fed's Beige Book Says U.S. Economic Activity Increased Slightly

The Federal Reserve released its Beige Book on Wednesday, with the report indicating overall economic activity in the U.S. increased slightly in early 2023.

The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, said six districts reported little or no change in economic activity since the last report, while six indicated economic activity expanded at a modest pace.

The Fed said consumer spending generally held steady, although a few districts reported moderate to strong growth in retail sales during what is typically a slow period.

Several districts indicated that high inflation and higher interest rates continued to reduce consumers' discretionary income and purchasing power, the Beige Book added.

The report noted inflationary pressures remained widespread, although price increases moderated in many districts.

"Some districts noted that firms were finding it more difficult to pass on cost increases to their consumers," the Fed said.

With regard to the labor market, the Beige Book said conditions remained solid, with employment continuing to increase at a modest to moderate pace in most districts despite hiring freezes by some firms and scattered reports of layoffs.

The Fed said labor markets generally remained tight, although a few districts noted that firms are becoming less flexible with employees and beginning to reduce remote work options.

The Beige Book is typically released two weeks ahead of the Fed's next monetary policy meeting, with the next meeting scheduled for March 21-22.

CME Group's FedWatch Tool currently indicates an 80.8 percent chance of a 50 basis point interest rate increase and a 19.2 percent chance of a 25 basis point rate hike.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208443/

Japan Has Y1.977 Trillion Current Account Deficit

Japan posted a current account deficit of 1.977 trillion yen in January, the Ministry of Finance said on Wednesday.

That missed expectations for a shortfall of 818 billion yen following the 33 billion yen surplus in December.

Exports were up 3.4 percent on year to 6.822 trillion yen, while imports climbed an annual 22.3 percent to 10.004 trillion yen for a trade deficit of 3.181 trillion yen.

The capital account showed a deficit of 18.4 billion yen, while the financial account saw a surplus of 1.883 trillion yen.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208361/

*Japan Current Account Deficit Y1.977 Trillion In January

Japan Current Account Deficit Y1.977 Trillion In January

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208359/

*Japan Bank Lending +3.3% On Year In February

Japan Bank Lending +3.3% On Year In February

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source http://www.mt5.com/forex_news/quickview/2208358/

Dollar Rises To 3-month High As Powell's Testimony Raises Rate Hike Concerns

The U.S. dollar climbed to a three-month high on Tuesday, scoring strong gains against its major counterparts in the process, as Federal Reserve Chairman Jerome Powell said the central bank will likely raise rates more than previously expected to fight inflation.

Citing stubbornly elevated inflation and stronger than expected economic data, Powell said during his semiannual monetary policy testimony before the Senate Banking Committee that "ultimate level of interest rates is likely to be higher than previously anticipated."

Powell also said the Fed would be prepared to reaccelerate the pace of rate hikes if the totality of incoming data were to indicate that faster tightening is warranted.

Additionally, the Fed chief reiterated the central bank will likely need to maintain a restrictive stance of monetary policy for "some time" in order to restore price stability.

The Fed's next policy meeting is scheduled to take place later this month. CME Group's FedWatch Tool currently indicates a 70.5% chance of 50 basis point rate increase and a 29.5% chance of 25 basis point rate hike.

The dollar index rose to 105.65, the highest level since December 6, 2022, and was at 105.62 a little while ago, gaining about 1.22%.

Against the Euro, the dollar strengthened to 1.0550, gaining from 1.0686.

The dollar is trading at 1.1824 against Pound Sterling, firming from 1.2028.

Against the Japanese currency, the dollar is trading at 137.14 yen, up 0.89% from the previous close of 135.92 yen.

The dollar is at 0.6588 against the Aussie, rising more than 2% from 0.6730.

Against Swiss franc, the dollar has firmed to CHF 0.9422 from CHF 0.9307.

The dollar is up sharply against the Loonie as well, gaining more than 1% at C$ 1.3755.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208356/

*U.S. Consumer Credit Increases $14.8 Billion In January

U.S. Consumer Credit Increases $14.8 Billion In January

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208353/

Dow Jones, S&P 500 Plunge on Powell Testimony. Is a Larger Fed Rate Hike Next?

The Dow Jones and S&P 500 plunged as increasingly hawkish testimony from Federal Reserve Chair Jerome Powell offered markets a reality check. Is a 50-basis point rate hike the next move? Via DailyFX - Market News https://ift.tt/gwStiUO

Euro Bounces on Hawkish ECB and Ahead Powell’s Testimony. Higher EUR/USD?

The Euro made some ground against the US Dollar on hawkish comments from ECB officials as the market awaits Fed Chair Powell’s commentary later today. Will EUR/USD trend remain intact? Via DailyFX - Market News https://ift.tt/gwStiUO

Gold Futures Settle Flat

Gold futures settled flat on Monday after prices moved in a very tight band right through the day's session, even as the dollar turned in a weak performance with investors assessing the outlook for interest rates.

The dollar index, which dropped to 104.16 recovered to 104.30, but was still down, trailing its previous close by more than 0.2%.

The dollar eased as investors awaited congressional testimony Tuesday and Wednesday from Fed chair Jerome Powell for fresh insights on whether cooling inflation would get the Fed to take it easier on its hikes to interest rates.

Gold futures for April settled at $1,854.60 an ounce, unchanged from the previous close. Gold futures moved between $1,853.00 and $1,864.30.

Silver futures for May ended down $0.103 at $21.135 an ounce, while Copper futures for May settled at $4.0885 per pound, gaining $0.0215.

In the wake of recent hawkish comments from Fed officials, markets now bet the U.S. benchmark rate will reach closer to 5.5% and stay higher for longer.

The Bank of Japan's monetary policy decision is due on Friday, with economists expecting the central bank to maintain its policy rate of -0.1%.

In economic news, new orders for U.S. manufactured goods pulled back sharply in the month of January, according to a report released by the Commerce Department.

The Commerce Department said factory orders slumped by 1.6% in January after surging by a downwardly revised 1.7% in December. Economists had expected factory orders to tumble by 1.8 percent compared to the 1.8 percent jump originally reported for the previous month.

The steep drop by factory orders largely reflected a substantial pullback by durable goods orders, which plunged by 4.5% in January after soaring by 5.1% in December.

Meanwhile, the report said orders for non-durable goods shot up by 1.5% in January after slumping by 1.7% in December.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208259/

Estonia's Average Wages And Salaries Rise 8.9% In 2022

Estonia's average gross wages and salaries increased at a faster pace in 2022, yet people's purchasing power remains low as real wages decreased compared to last year, data from Statistics Estonia showed on Monday.

The average monthly gross wages and salaries grew 8.9 percent to EUR 1.685 billion in 2022. This was faster than the 6.9 percent gain in 2021.

The information and communication industry again registered the highest average gross wages and salaries over the past year. That was followed by gains in the financial and insurance activities and energy sectors.

The lowest wages and salaries were seen in real estate and accommodation and food service activities.

Data showed that the average real wages declined 8.8 percent in 2022 compared to the previous year.

The average gross wages and salaries were 9.2 percent higher than the corresponding period last year during the fourth quarter. Average real wages fell 9.3 percent annually.

The figures for real wages actually reflect the purchasing power of households that are calculated taking into account the consumer price index, Statistics Estonia analyst Argo Tarkiainen said.

"So we can see that while average wages and salaries are steadily increasing, people's purchasing power is still lower than it was before the crisis," Tarkiainen added.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2208223/