Forex News for 2 March, 2023

• According to Australian CPI (inflation) figures, annualised inflation has decreased from 8.4% to 7.4%, a far sharper decline than the rate of 8.1% that had been widely anticipated. 
• The US 2-Year Treasury Yield is currently trading near to its all-time high at 4.857% and is continuing to rise consistently and strongly.
• Data on US consumer confidence came in lower than anticipated, supporting the idea that the US economy is slowing down.
• Canada’s GDP decreased by 0.1% from one month to the next, which is just slightly worse than the no change that was anticipated, according to figures released yesterday.
• The New Zealand Dollar is currently the strongest major currency, while the US Dollar is the weakest. These, however, are transient changes that go against the prevailing tendency.
• The recent “Windsor Framework” agreement between the UK and EU has given the pound some momentum, but it has found it difficult to hang on to those gains. 
• As per Experts, The deal won’t likely have a large economic impact on the UK economy because it won’t strengthen trade relations between the EU and the rest of the UK.
• According to a recent survey by the Bank of England, Brexit will be merely “one among many” issues, rather than a major source of uncertainty for UK firms.
• ECB president Christine Lagarde stressed on additional rate hikes to tame inflation.
• A few commodities are doing extremely well, and two in particular—sugar and cocoa—are continuing to advance following recent major bullish breaks.

 

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