Forex News for 20 Feb, 2023

  • The RBNZ is expected to raise rates this week while the FOMC meeting minutes could confirm the likelihood of the return of 50bps rate hikes.
  • A new set of PMI reports from the U.S, Australia, Japan, and Europe should also give clues on the pace of global economic recovery.
  • Global PMI reports – This week’s parade of manufacturing and services PMIs should give us a clearer picture of global growth trends.
  • Australia’s manufacturing and services PMI might edge closer to the 50.0 mark, however, the manufacturing PMI is expected to dip to contraction territory.
  • Both of Japan’s PMIs are seen improving from their January numbers as output and new orders continue to gain strength.
  • Manufacturing and services activity in France, Germany, the Eurozone, and the U.K. are expected to extend their slight recoveries this year.
  • The U.S. is expected to break three consecutive months of declines in both the manufacturing and services sectors.
  • The RBNZ is now expected to slow down to a 50 bps rate hike after raising its rates by 75 bps.
  • The FOMC meeting minutes may reveal how many members are willing to crank it back up to 50 bps per meeting or hold rates higher for longer.
  • This week’s set of PMI data from the Eurozone may impact the bullish momentum of EUR/USD.

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