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Market Analysis

March, 2023

  • 10 March 2023 2:54 am

    Market Drivers – US Session 09/03/2023

    During the American session, US yields decreased even more. US 2-year yields decreased to 4.95% and 10-year yields to 3.92%. The US Dollar suffered from the falling rates. The DXY dropped to 105.20 for the second day in a row. The retreat of the Greenback is still a correction from …

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  • 10 March 2023 2:42 am

    GBP/USD steadily climbs ahead of the UK data, US NFP

    After a two-day recovery from its lowest levels since late November 2022, the GBP/USD pair now seesaws inside a choppy range. Buyers benefit from expectations of no UK recession and optimistic efforts to entice new stock market listings. Prior to the important US jobs report, the US dollar is weakened …

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  • 10 March 2023 2:28 am

    Gold price higher ahead of NFP Data

    Both Friday’s Nonfarm Payrolls report and next week’s the US Consumer Price Index are in the focus of exceptional attention for traders and investors. Gold price is up about 0.9% from a low of $1,812.02, and it has since risen strongly to challenge $1,835.64 as the US dollar lost additional …

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  • 10 March 2023 12:58 am

    WTI testing $75.60 support ahead of US NFP data

    WTI bears are active in the market as the NFP data release is approaching. The third day of losses for WTI saw a decrease of almost 1.53%. In late Wall Street activity, West Texas Intermediate is down almost 1% for the day. Notwithstanding a weaker US Dollar before Friday’s US …

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  • 9 March 2023 11:21 pm

    Rogers: BoC’s pause is conditional

    Carolyn Rogers, senior deputy governor of the Bank of Canada, stated on Thursday that policymakers are seeking additional proof that the present interest rate levels are enough. She will speak in advance at the Manitoba Chambers of Commerce at at 18:55 GMT, discussing “the causes of high inflation and how …

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  • 9 March 2023 10:19 pm

    EUR/USD traders eagerly await key events, data

    Bears on the EUR/USD pair are keeping an eye on price action and searching for opposite structures to align with. The 1.0470s area is being watched, but a break above the 78.6% may discourage bears from getting too engaged.Ahead of the crucial US Nonfarm Payrolls on Friday, the EUR/USD pair …

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  • 9 March 2023 9:26 pm

    Biden’s $6.8 trillion budget, suggests tax increases

    US President Joe Biden unveiled his proposed budget for 2024. It contains a strategy to reduce the fiscal deficit by $3 trillion over the following ten years as well as greater taxes on the rich and big businesses.By raising taxes on oil and gas firms, increasing the corporate tax rate …

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  • 9 March 2023 8:20 pm

    Eurozone economy expected to grow, not shrink in 2023

    Forecasts for the Eurozone’s economy have been updated by economists. The forecasts for the Eurozone in 2023 have been dramatically improved, going from -0.5% to 0.3%.In the medium term, economic growth will be boosted by lower energy prices, significant government subsidies, and general economic resiliency. As a result, both interest …

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  • 9 March 2023 7:14 pm

    EUR/USD advances, regains some buying interest

    The EUR/USD pair is advancing on Thursday, it is also regaining some buying interest to the 1.0580/85 band following two daily drops in a row.The continuation of the downtrend seems favoured for the time being. Against that, the pair could dispute the 2023 low at 1.0481 (January 6) once the …

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  • 9 March 2023 7:10 pm

    US Nonfarm Payrolls Preview: the possibility of a surprise

    After Fed Chair Powell’s remarks on Capitol Hill last Tuesday, there is a great deal of anticipation around the impending NFP statistics. Powell effectively stated that if economic data came in far above forecasts, the Fed would raise interest rates by 50 basis points at its next meeting. He emphasised …

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  • 9 March 2023 6:16 pm

    US: Weekly Initial Jobless Claims rise to 211K

    The US Department of Labor (DOL) reported 211,000 initial unemployment claims in the week ending March 4, according to weekly statistics released on Thursday. This print follows the previous week’s print of 190,000 and was lower than the market forecast of 195,000. The advance seasonally adjusted insured unemployment rate was …

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  • 9 March 2023 5:08 pm

    UK says financial reforms will be within same ‘orbit’ as EU, US

    To minimise disruption to global corporations, Britain’s updated financial market laws will be broadly aligned with US and European Union standards, according to financial services minister Andrew Griffith on Thursday. Britain exited the EU in 2020 and has subsequently suggested the “Edinburgh Reforms” in response to efforts to strengthen the …

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  • 9 March 2023 3:43 pm

    Forex: Dollar holds near three-month highs on rates outlook

    The dollar held steady on Thursday near a three-month high, supported by the message from Federal Reserve Chairman Jerome Powell about the need for more interest rate hikes and possibly a faster pace. On the second day of congressional testimony on Wednesday, Powell reiterated his message, but noted that the …

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