Forex News for 7th March, 2023

• Slower job growth caused the IVEY Purchasing Managers Index (PMI) in Canada to drop from 60.1 the month prior to 51.6 in February.
• Following a 1.7% gain in December, US manufacturer orders decreased by 1.6% in January, driven mostly by reduced reservations for civil aircraft.
• Although exports increased less than imports in January, Australia’s trade surplus decreased to AUD 11.69 billion, its lowest level since August.
• In line with expectations, the Reserve Bank of Australia increased interest rates by 25 basis points, to 3.6%, with a possible last rate increase before turning data-dependent.
• With $116.9 billion, China’s trade surplus for January through February was higher than expected. However, exports and imports both shrank more than the market anticipated, which caused Asian stocks to decline.
• In a two-hour press conference, China’s new foreign minister Qin Gang warned of “catastrophic consequences” if the US did not take action on its current relations policies.
• The unemployment rate in Switzerland dropped from 2.2% in January to 2.1% in February.
• Japan’s real earnings decreased 4.1% year over year in January, the worst loss since May 2014 and the eleventh straight month of declines.
• Valentine’s Day spending helped the UK retail sector grow 4.9% YoY in February, but less goods were sold overall, giving consumers less value for their money.
• After falling 4.0% in February due to inflation and the resumption of major athletic and cultural events, Australia’s retail sales increased by 1.9% in January, which boosted the catering industry.

 

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