{"id":61309,"date":"2023-03-01T15:29:24","date_gmt":"2023-03-01T04:29:24","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=61309"},"modified":"2023-03-01T15:29:24","modified_gmt":"2023-03-01T04:29:24","slug":"ic-markets-asia-fundamental-forecast-01-march-2023","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/ic-markets-asia-fundamental-forecast-01-march-2023\/","title":{"rendered":"IC Markets Asia Fundamental Forecast | 01 March 2023"},"content":{"rendered":"\n<p><strong>What happened in the US session?<\/strong><\/p>\n\n\n\n<p>The US CB Consumer Confidence index fell to 102.9 in February, down from 106.0 in January, marking a second consecutive month of decline. This figure also missed the forecasted value of 108.5, suggesting that US consumers may have become more cautious in their outlook.<\/p>\n\n\n\n<p><strong>What does it mean for the Asia Session?<\/strong><\/p>\n\n\n\n<p>The USD recovery is likely to continue against the antipodeans amid weaker-than-expected data releases from the antipodeans.<\/p>\n\n\n\n<p><strong>The Dollar Index (DXY)<\/strong><\/p>\n\n\n\n<p><strong>Key news events today<\/strong><\/p>\n\n\n\n<p>ISM Manufacturing PMI<\/p>\n\n\n\n<p><strong>What can we expect from DXY today?<\/strong><\/p>\n\n\n\n<p>The upcoming release of the ISM Manufacturing PMI is expected to improve slightly, with a consensus estimate of 47.9 (previous 47.4). However, a reading below 50 still indicates a contraction in the manufacturing sector.<\/p>\n\n\n\n<p><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Committee has raised the federal funds rate target range to 4.5-4.75% and plans to continue increasing it to return inflation to 2%<\/li>\n\n\n\n<li>The Committee will monitor incoming information and adjust the stance of monetary policy as appropriate to achieve its goals<\/li>\n\n\n\n<li>A majority vote from the Committee supported the decision to raise the target range<\/li>\n\n\n\n<li>Next meeting is on 23 March 2023<\/li>\n<\/ul>\n\n\n\n<p><strong>Next 24 Hours Bias<\/strong><\/p>\n\n\n\n<p>Weak Bearish<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Gold (XAU)<\/strong><\/p>\n\n\n\n<p><strong>Key news events today<\/strong><\/p>\n\n\n\n<p>No major news events.<\/p>\n\n\n\n<p><strong>What can we expect from Gold today?<\/strong><\/p>\n\n\n\n<p>The US Consumer Confidence report indicated a reduction in inflation expectations compared to the previous month, potentially hurting gold prices as the yellow metal is often seen as a hedge against inflation.<\/p>\n\n\n\n<p><strong>Next 24 Hours Bias<\/strong><\/p>\n\n\n\n<p>Bearish<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>The Australian Dollar (AUD)<\/strong><\/p>\n\n\n\n<p><strong>Key news events today<\/strong><\/p>\n\n\n\n<p>CPI y\/y<\/p>\n\n\n\n<p><strong>What can we expect from AUD today?<\/strong><\/p>\n\n\n\n<p>CPI year-on-year is expected to be 8.1%, lower than the previous rate of 8.4%, indicating that Australia\u2019s overall inflation rate may slow down slightly, easing rate hike pressures from the RBA. On the other hand, the GDP quarter-on-quarter growth is projected to be 0.7%, somewhat higher than the previous quarter&#8217;s rate of 0.6%.<\/p>\n\n\n\n<p><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cash rate stands at 3.35%<\/li>\n\n\n\n<li>Future rate rises are expected as RBA targets the 2-3% inflation target<\/li>\n\n\n\n<li>Next meeting on 7 March 2023<\/li>\n<\/ul>\n\n\n\n<p><strong>Next 24 Hours Bias<\/strong><\/p>\n\n\n\n<p>Weak Bearish<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>The Kiwi Dollar (NZD)<\/strong><\/p>\n\n\n\n<p><strong>Key news events today<\/strong><\/p>\n\n\n\n<p>Building Consents m\/m<\/p>\n\n\n\n<p><strong>What can we expect from NZD today?<\/strong><\/p>\n\n\n\n<p>The Building Consents m\/m is forecasted to decrease by 7.2%, following a drop of 4.4% in the last month. This suggests a downward trend continuation in the building industry. The decline in building approvals may weigh on the NZD, which could weaken against other major currencies.<\/p>\n\n\n\n<p><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Monetary Policy Committee increased the OCR from 4.25% to 4.75%<\/li>\n\n\n\n<li>Higher interest rates are needed to reduce inflation and support employment sustainably<\/li>\n\n\n\n<li>Severe storms in North Island will increase inflation and disrupt production.<\/li>\n\n\n\n<li>Next meeting is on 5 April 2023<\/li>\n<\/ul>\n\n\n\n<p><strong>Next 24 Hours Bias<\/strong><\/p>\n\n\n\n<p>Bearish<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>The Japanese Yen (JPY)<\/strong><\/p>\n\n\n\n<p><strong>Key news events today<\/strong><\/p>\n\n\n\n<p>Final Manufacturing PMI<\/p>\n\n\n\n<p><strong>What can we expect from JPY today?<\/strong><\/p>\n\n\n\n<p>The JPY is expected to remain stable in the short term. The Final Manufacturing PMI for Japan is forecasted to be 47.4, the same as the previous reading, indicating a continued contraction in the manufacturing sector.<\/p>\n\n\n\n<p><em>Central Bank Notes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cash rate stands at -0.1%&nbsp;&nbsp;<\/li>\n\n\n\n<li>Expanded range for 10-year JGB yield fluctuations to 0.5%<\/li>\n\n\n\n<li>Next meeting is on 8 March 2023&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Next 24 Hours Bias<\/strong><\/p>\n\n\n\n<p>Weak Bearish<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happened in the US session? The US CB Consumer Confidence [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":59489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215],"tags":[],"class_list":["post-61309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis"],"_links":{"self":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/61309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/comments?post=61309"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/61309\/revisions"}],"predecessor-version":[{"id":61310,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/61309\/revisions\/61310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media\/59489"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/media?parent=61309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=61309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=61309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}