The slide in the Australian dollar has paused following surprisingly strong China manufacturing and services data. Would it be enough to trigger a sustainable rebound in AUD/USD?
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Saturday, 4 March 2023
GBP Weekly Forecast: Pound Eyes UK GDP Alongside US NFP
GBP/USD is preparing for some price volatility next week including UK GDP, Fed Chair Jerome Powell and US NFP data Via DailyFX - Market News https://ift.tt/QuEKxSk
Treasuries Show Strong Move Back To The Upside
After moving sharply lower over the two previous sessions, treasuries showed a strong move back to the upside during trading on Friday.
Bond prices surged early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled 10.9 basis points to 3.964 percent.
With the steep drop on the day, the ten-year yield gave back ground after ending Thursday's trading above 4.0 percent for the first time since early last November.
The rebound by treasuries came amid easing concerns about the outlook for interest rates following recent comments from Federal Reserve officials and the latest economic data.
The Institute for Supply Management released a report this morning showing a very slight slowdown in the pace of growth in U.S. service sector activity in the month of February.
The ISM said its services PMI edged down to 55.1 in February from 55.2 in January, although a reading above 50 still indicates growth in the sector. Economists had expected the index to slip to 54.5.
The report also showed the prices index fell to 65.6 in February from 67.8 in January, pointing to a slowdown in the pace of price growth.
"Overall, there isn't much in the ISM services report to suggest the Fed needs to raise rates significantly higher than previously planned," said Andrew Hunter, Deputy Chief US Economist at Capital Economics.
Next week's trading is likely to be driven by reaction to congressional testimony by Federal Reserve Chair Jerome Powell as well as the closely watched monthly jobs report.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2208212/
Friday, 3 March 2023
*Japan Unemployment Rate 2.4% In January
Japan Unemployment Rate 2.4% In January
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2208124/
US Dollar Bounces Back Again as the Fed and ECB Map Out Rate Hikes. Higher USD?
The US Dollar skipped higher on Treasury yields gaining on solid data and the Fed re-iterating its hawkish stance while will EUR/USD dipped despite impending ECB rate hikes. Via DailyFX - Market News https://ift.tt/tnujdJ1
Australia Services Sector Returns To Expansion In February - Judo Bank
The services sector in Australia bounced back up into expansion in February, the latest survey from Judo Bank revealed on Friday with a services PMI score of 50.7.
That's up from 48.6 in January, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction.
Higher activity was supported by firms working through their existing orders and with better supply performance, according to survey respondents. The level of backlogged work declined at one of the fastest rates on record in February. Consumer services firms saw the fastest improvement in activity.
The survey also showed that the composite PMI improved to 50.6 in February from 48.5 in January.
The latest improvement was supported by service activity growth as manufacturing output stagnated in February. Firms also worked through their backlogs amid a lack of new orders growth.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2208121/
*Australia Services PMI 50.7 In February, Composite PMI 50.6 - Judo Bank
Australia Services PMI 50.7 In February, Composite PMI 50.6 - Judo Bank
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2208120/
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