Forex News for 21 Feb, 2023

  • The Reserve Bank of Australia’s meeting minutes reveals a more hawkish slant in monetary policy since the Bank had previously discussed raising interest rates by 0.50%. 
  • The minutes stated that additional increases were anticipated over the upcoming months and that the Interest rate was still at a low level. 
  • The outlook for the Australian economy is generally positive, but the fact that CPI is rising faster than both PPI and wage-price inflation raises the possibility of a problem. The AUD/USD currency pair is trading lower and appears negative despite all of this.
  • The US dollar is strong and moving up a bit as US Treasury yields keep going up. The yield on 2-year Treasury notes is nearly at a record high. 
  • The current weakest major currency is the Swedish Krona.
  • Certain commodities are doing fairly well, and some of them, like sugar and cocoa, are still rising after making large bullish breakthroughs recently.
  • Important Canadian CPI (inflation) data, which will be released later today, is anticipated to indicate a modest reduction based on a month-over-month change increase of 0.7%.
  • The RBNZ will deliver its interest rate and monetary policy statement on Wednesday.

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