Forex News Roundup for 15 March, 2023

• Yesterday, Bitcoin’s price reached a nine-month high of almost $26,500, but it has since experienced a major negative correction. The picture for the cryptocurrency won’t change unless it can reclaim the crucial psychological milestone of $25k.
• The US Dollar has stabilised on the foreign currency market, while the Euro and the Australian Dollar are strong and the New Zealand Dollar is weak.
• Yesterday’s release of UK claimant count change data revealed a little increase in unemployment for the previous month.
• Inflation decreased from 6.4% to 6.0% on an annualised basis, as predicted by the majority of analysts, according to US CPI data released yesterday. The Federal Reserve, which is coping with a financial crisis brought on by the failure of Silicon Valley Bank and Signature Bank, has been relieved of some of its pressure as a result.
• If the Fed decides not to raise rates at its upcoming meeting on March 22 or raises them by just 0.25%, the markets are likely to be more forgiving.
• A spate of US economic statistics, including the Empire State Manufacturing Index, PPI, and Retail Sales, will be released today. The first two will be watched carefully.
• Although the US stock markets have generally recovered, the banking industry is still experiencing sharp drops.
• Given that Charles Schwab’s stock price has dropped by more than 20% over the past three days, it is presumed that the company is having financial problems.
• The recent collapse in the US dollar was stopped by the drop in inflation, which also prompted a recovery in short-term US government yields and stock markets. Yesterday, the S&P 500 Index ended 1.65% higher.
• The British Pound could fluctuate today when the UK government releases its yearly budget.   

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