Forex News Roundup for 29 March 2023

• The annualized rate of Australian CPI (inflation) has decreased from 7.4% to 6.8%, which is a significant decline and exceeds the projected figure of 7.2%. The Australian Dollar experienced a slight decline after the announcement since this may reduce the anticipated requirement for rate increases by the RBA.
• Numerous commodities, including WTI Crude Oil, are performing impressively, while the Sugar ETF CANE has attained its highest price in several years.
• BOJ Deputy Governor Shinichi Uchida has indicated that some modifications to the yield curve strategy “may be necessary” if “various conditions are met.”
• Canada experienced a budget deficit of 6.44B CAD during the first ten months of the 2022-2023 fiscal year, a decrease from the 75.29B CAD deficit reported in the same period last year.
• In February, Australia’s inflation rate declined from 7.4% to an eight-month low of 6.8%, resulting in the RBA halting rate hikes.
• The yield on the 2-year U.S. Treasury note rose above 4%, putting pressure on the U.S. tech industry.
• The U.S. goods-trade deficit increased by 0.6% m/m in February to $91.6B, the highest level since October, due to a larger decline in the value of exports than imports.
• Consumer confidence, as measured by the U.S. CB, surprisingly increased from 103.4 to 104.2 in March, but indicated that consumers are reducing spending on non-essential items such as amusement parks, lotteries, and dining out.
• “The banking crisis is not over yet,” cautioned President Biden.
• The US CB’s release of Consumer Confidence data yesterday indicated that consumer confidence in the United States was higher than anticipated.

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