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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