Forex News Roundup for 17 March, 2023
March 17, 2023
- The approaching ECB decision, which is anticipated to result in another interest rate hike, is the focus of traders’ attention.
- If the ECB decides to raise rates, the EUR/CHF could start climbing again.
- Prior to significant releases from New Zealand and Australia, the bearish channel barrier was examined in yesterday’s watchlist.
- In February, US core retail sales decreased by 0.1% m/m as anticipated after the prior estimate was revised upward.
- In March, the US Empire State Manufacturing Index sank to -24.6, substantially below the forecasted reading of -7.9.
- As a result of the potential effects of a banking crisis on growth, Goldman Sachs has increased the likelihood of a US recession from 25% to 35%.
- The previous data was revised downward, and the New Zealand economy shrank by 0.6% q/q in Q4 2022, missing the anticipated 0.2% growth deceleration.
- In anticipation of a bank run, Credit Suisse is taking proactive measures to increase liquidity by borrowing up to 50 billion CHF from SNB and conducting public tender offers for debt instruments.
- While core PPI did not increase in February as anticipated, US headline producer prices decreased by 0.1% m/m.
- In February, US headline retail sales declined by 0.4% m/m, missing forecasts of a 0.3% decline, although the prior figure was improved.
- Aside from the ECB’s monetary policy statement and press conference, upcoming economic events include the US initial unemployment claims and Philadelphia Fed index.