Forex News for March, 2023

March 27, 2023
  • Neel Kashkari, a member of the FOMC, stated that the Fed is closely monitoring the risks of a possible recession caused by recent bank turmoil. This implies that the Fed may have reached its peak interest rates.
  • Putin has announced that Russia has the capability to transfer tactical nuclear weapons to Belarus.
  • North Korea fired two short-range ballistic missiles into its eastern waters while the United States moved an aircraft carrier strike group towards a South Korean naval base.
  • First Citizens BancShares Inc acquired all of SVB’s loans and deposits in exchange for providing the FDIC with equity rights worth up to $500 million.
  • Japan’s services producer price index rose from 1.6% to 1.8% year-on-year in February, marking the third consecutive monthly increase.
  • China’s industrial enterprises saw a 22.9% decline in profits compared to the same period last year due to high costs and weak demand.
  • The Ifo business-climate index in Germany rose from 91.1 to 93.3 in March, its highest reading since May 2022, driven by improved business expectations.
  • In his speech, the Governor of Sweden’s Riksbank acknowledged that Swedish inflation has stubbornly remained high at 9.4%, well above the bank’s 2% target, and therefore, it is probable that the central bank will need to increase its interest rate from the current 3%.
  • The global markets have started the week with mixed and quiet trading, although the futures in the S&P 500 Index and the NASDAQ 100 Index are currently trading higher than their respective Friday’s close. It is expected to be a quiet Monday with no significant data releases scheduled for the day.
  • The price of Bitcoin is still demonstrating a bullish trend as it continues to stay above the crucial support level of $27,458.
Author Amsterdam