Forex News Roundup for 29 March 2023

March 29, 2023
  • The annualized rate of Australian CPI (inflation) has dropped significantly from 7.4% to 6.8%, which is better than the anticipated figure of 7.2%. Consequently, the Australian Dollar has slightly weakened as this may reduce the projected requirement for rate hikes by the RBA.
  • In February, Australia’s inflation decreased from 7.4% to an eight-month low of 6.8%, prompting the RBA to put its rate hikes on hold.
  • WTI Crude Oil and Sugar ETF CANE are exhibiting robust performance, with the latter reaching a multi-year high price.
  • The yield on the 2-year U.S. Treasury note has surged past 4%, causing the U.S. tech sector to come under pressure.
  • In February, the U.S. goods-trade deficit widened by 0.6% m/m to $91.6B, which is the largest since October, due to the decrease in the value of exports surpassing the decrease in the value of imports.
  • Shinichi Uchida, the Deputy Governor of BOJ, has stated that there may be a need for modifications to the yield curve plans if specific conditions are met.
  • Canada’s budget deficit for the first ten months of the 2022-2023 fiscal year was 6.44B CAD, down from the 75.29B CAD deficit recorded in the same period last year.
  • As per President Biden, the banking crisis may prolong.
  • The recently published US CB Consumer Confidence data revealed higher-than-anticipated consumer confidence in the United States.
  • In March, U.S. CB consumer confidence increased unexpectedly from 103.4 to 104.2, but consumers were observed to be cutting back on discretionary spending like amusement parks, lotteries, and dining out.
Author Amsterdam