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Market Analysis

March, 2023

  • 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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  • 9 March 2023 2:26 pm

    Oil fell for the third day as recession fears increased

    Oil fell for the third day in a row on Thursday, as concerns about the economic repercussions of higher interest rates offset the impact of an unexpected drop in US crude inventories and hopes for a recovery in Chinese demand. Federal Reserve Chairman Jerome Powell’s comments this week about the …

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  • 9 March 2023 1:51 pm

    European stocks opened lower, affected by the decline of German Immobilien

    European stocks opened lower on Thursday, with German real estate company LEG Immobilien tumbling to the bottom of the Stoxx 600 index on a dividend hold, while investors worried about interest rate hikes continuing for a longer period. Shares in LEG Immobilien plunged 10.6 percent in early trade, with the …

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  • 9 March 2023 12:52 pm

    Turkish lira recorded a record low against the dollar

    The Turkish lira, which is prone to sharp fluctuations before normal trading time, stabilized early on Friday after tumbling 4.25 percent to a record low of 19.80 against the dollar on Thursday evening. By 0439 GMT, the lira had settled at 18.9575 against the dollar, the same closing level on …

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  • 9 March 2023 12:30 pm

    Japan’s Nikkei index is at its highest level in 6 and a half months

    Japan’s Nikkei index hit a six-and-a-half-month high on Thursday, extending its winning streak for the fifth consecutive session, with risk appetite improving on expectations that the Federal Reserve will slow down its monetary tightening policies and the lack of imminent changes in the Bank of Japan’s monetary stimulus policy. The …

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