Forex News for 28 March, 2023

  • In April, U.K. retailers saw positive sales expectations for the first time in seven months, according to the Confederation of British Industry’s report.
  • Governor Bailey’s statement hinted that the Bank of England is not overly concerned about the banking sector. He stated that “With the Financial Policy Committee taking charge of maintaining financial stability, the Monetary Policy Committee can focus on its vital role of achieving the inflation target.”
  • According to the British Retail Consortium, the acceleration of food prices has resulted in shop price inflation increasing from 8.4% to 8.9% month-on-month in March, marking the highest rate in at least 18 years.
  • WTI Crude Oil is one of several commodities displaying impressive performance, while Cocoa has achieved its highest price in several months.
  • Jefferson, a member of the FOMC, has given a hawkish statement, warning of inflation expectations and emphasizing the urgency of reducing inflation to 2% as soon as possible.
  • Later, Australian CPI (inflation) data will be released, which is projected to indicate a decrease in the annualized rate from 7.4% to 7.2%.
  • A 5% surge in crude oil prices was observed during the U.S. trading session as talks between the Iraqi federal government and Kurdish officials collapsed, resulting in a failure to resume oil exports of around 400,000 barrels per day from a Turkish port.
  • The Governor of the Bank of England is scheduled to testify before the British Parliament regarding the recent collapse of two US banks. There is a slight possibility that this could lead to some instability in the British Pound.
  • Following a significant rebound in the US banking sector yesterday, global stock markets are broadly higher, raising expectations that the banking crisis is coming to an end. Over the past day, most global equity indices have finished higher.

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