Forex News for 2 March, 2023
- Australian CPI (inflation) figures revealed annual inflation to be 7.4% . However, the expected figure was 8.1%.
- The US economy is supposedly slowing down, as seen by lower-than-expected data on consumer confidence.
- At close to its all-time high of 4.857%, the US 2-Year Treasury Yield is currently rising steadily and strongly.
- The US Dollar is presently the weakest major currency, while the New Zealand Dollar is the strongest. Yet, these are only temporary changes that defy the general trend.
- Canada’s GDP shrank by 0.1% from one month to the next, slightly worse than the no change that was predicted.
- Although the recent UK-EU “Windsor Framework” agreement gave the pound some momentum, it has been challenging for it to hold onto those gains.
- Analysts believe that because the pact won’t improve commercial ties between the EU and the rest of the UK, it won’t likely have a significant economic impact on the UK economy.
- ECB President Christine Lagarde emphasised the need for further rate increases to control inflation.
- Some commodities are doing quite well, like sugar and cocoa which are still moving up after recent significant bullish breaks.