Forex News for 01 Mar, 2023

  • The greatest loss in eight months, Japan’s preliminary industrial production fell 4.6% monthly compared to a projected 2.9% decline in January.
  • Japan’s retail sales surged 6.3% higher year over year compared to an expected 4.2% increase and the previous 3.8% reading.
  • Stronger indicators of a recovery in China, such as expanded airline schedules and traffic congestion, are pushing up the price of crude oil.
  • The ANZ business confidence index for New Zealand increased from -52.0 to -43.3 to reflect less pessimism.
  • Australian CPI and GDP data to be released today (1 March, 2023)
  • The Australian economy is exhibiting strength, as evidenced by domestic data released recently. In the fourth quarter, the current account surplus was AUD 14.1 billion, compared to the anticipated AUD 5.5 billion, and January retail sales increased by 1.9%.
  • Despite the economy’s strong performance, the Australian Reserve Bank (RBA) is concerned about the impact of 325 basis points worth of tightening on fixed-rate borrowers when their loans expire this year.
  • The USD/JPY pair reached a new high of 136.86 following indications that there might be a deeper retracement.
  • The dollar index paused yesterday after weak US durable goods data. The incoming BoJ Deputy Governor Shinichi Uchida and the leading candidate for the BoJ Governor position, Kazuo Ueda, both expressed dovish views in testimony before the Japanese Parliament’s Upper House.
  • Crude oil prices are stagnant on Tuesday, possibly due to the market anticipating crucial economic data later in the week.
  • This week, key Purchasing Managers Index data will be released from major economies such as China and the United States, as well as a new report on US energy inventory levels from the Energy Information Agency. Crude oil stockpiles are predicted to be significantly lower than the shocking 7.6 million barrel build from the previous week.

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