Forex News for 30 March, 2023

March 30, 2023
  • Contrary to the anticipated 1.8 million rise and previous 1.1 million accumulation, the EIA crude oil stocks revealed an unexpected loss of 7.5 million barrels. This implies a greater demand.
  • The long-term downward trend in the US Dollar’s price in the forex market is presently being halted by consolidation. With the publication of the US Final GDP (likely to show 2.7% growth) and Unemployment Claims data later today, it may take a turn in the right way. The Canadian Dollar appears to be the weakest major currency in the medium term, while the Euro and the Japanese Yen are the two strongest.
  • Several commodities are performing well, and the Sugar ETF CANE is now trading close to multi-year highs.
  • The Australian trade union body has proposed a 7% minimum wage increase, but a 5% hike is expected to take place in June.
  • The Spanish flash CPI declined from 6.0% y/y to 3.3% in March, which was lower than the estimated 3.9% reading, as electricity and fuel prices offset gains from the previous year.
  • Pending home sales in the US rose by 0.8% m/m in February, registering the third consecutive monthly gain, despite an estimated 2.9% slump and a previous 8.1% increase.
  • The US stock markets showed a strong upward movement yesterday, with the NASDAQ 100 Index completing a 20% increase from its December 2022 low, meeting the technical definition of a bull market. Although the Nikkei 225 Index and the Hang Seng Index are trading lower today.
  • Bitcoin experienced a bullish push in the past day, but it failed to match its long-term high set a few days ago.
  • The New Zealand ANZ business confidence index fell from -43.3 to -43.4 in March, but inflation indicators experienced a small dip.
Author Amsterdam