{"id":61384,"date":"2023-03-03T15:20:10","date_gmt":"2023-03-03T04:20:10","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=61384"},"modified":"2023-03-03T15:20:10","modified_gmt":"2023-03-03T04:20:10","slug":"ic-markets-asia-fundamental-forecast-03-march-2023","status":"publish","type":"post","link":"https:\/\/www.icmarkets-vnk.com\/blog\/ic-markets-asia-fundamental-forecast-03-march-2023\/","title":{"rendered":"IC Markets Asia Fundamental Forecast | 03 March 2023"},"content":{"rendered":"\n<p><strong>What happened in the US session?<\/strong><\/p>\n\n\n\n<p>US unemployment claims for the latest reported period were 190K, beating forecasts of 196K and the previous period&#8217;s figure of 192K. The result suggests a strengthening labour market, with potential bullish implications for the USD.<br \/><\/p>\n\n\n\n<p><strong>What does it mean for the Asia Session?<\/strong><\/p>\n\n\n\n<p>The session will likely see mixed price movement, with AUD as a highlight since the anticipated rise in gold, based on the latest Eurozone inflation, clashes with Australia\u2019s easing price increases.<\/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 Services PMI&nbsp;<\/p>\n\n\n\n<p><strong>What can we expect from DXY today?<\/strong><\/p>\n\n\n\n<p>Forecasted data of 54.5 for US ISM Services PMI data indicates a slight decline from the previous 55.2. Actual data meeting\/exceeding forecast can positively impact USD while falling short can lead to a negative impact.<\/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 stubbornly high inflation in the Eurozone could increase the demand for gold as a hedge against price increases. This may lead to a rise in the price of gold.<\/p>\n\n\n\n<p><strong>Next 24 Hours Bias<\/strong><\/p>\n\n\n\n<p>Bullish<\/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>No major news events.<\/p>\n\n\n\n<p><strong>What can we expect from AUD today?<\/strong><\/p>\n\n\n\n<p>With no significant news for AUD, short-term price direction may refer to the latest CPI y\/y data release. (actual 7.4%, forecast 8.1%, and previous 8.4%). Lower real inflation could lead to a more dovish monetary policy, stimulating the economy with low-interest rates.<\/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>Mixed to 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>RBNZ Gov Orr Speaks<\/p>\n\n\n\n<p><strong>What can we expect from NZD today?<\/strong><\/p>\n\n\n\n<p>RBNZ Governor Orr&#8217;s upcoming speech may have references to the New Zealand economy or interest rates in the future that may influence the NZD\u2019s price direction. Traders should monitor Orr&#8217;s remarks and adjust positions accordingly.<\/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>Mixed<\/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>Tokyo Core CPI y\/y<\/p>\n\n\n\n<p>Unemployment Rate<\/p>\n\n\n\n<p><strong>What can we expect from JPY today?<\/strong><\/p>\n\n\n\n<p>Tokyo Core CPI y\/y forecasted at 3.3% (down from 4.3%), indicating a potential bearish impact on JPY. The unemployment rate predicted at 2.5% (same as previous) suggests a stable economy that may support JPY. The overall effect may be mixed.<\/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>Mixed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What happened in the US session? US unemployment claims for the [&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-61384","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\/61384","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=61384"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/61384\/revisions"}],"predecessor-version":[{"id":61386,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/posts\/61384\/revisions\/61386"}],"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=61384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/categories?post=61384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets-vnk.com\/blog\/wp-json\/wp\/v2\/tags?post=61384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}