Here is what you need to know about the important news between February 27th, 2023, and March 3rd 2023, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
The index rises for the fifth consecutive session and looks to extend the recent breakout of the key barrier at 105.00 the figure at the beginning of the week, always underpinned by the firmer tone in US yields and persevering speculation of a potential tighter-for-longer stance by the Fed.
The above appears also propped up by recent solid results from US fundamentals, which in turn accentuate the resilience in the US economy.
Gold
Open interest in gold futures markets rose by more than 1K contracts on Friday, resuming the uptrend after the previous daily drop according to preliminary readings from CME Group. On the other hand, volume shrank by nearly 9.5K contracts. Friday’s daily retracement in gold prices was amidst increasing open interest, which is supportive of further decline in the very near term and with the immediate target at the key contention area around $1800 per ounce
Oil.
Prices of the WTI added to Thursday’s gains on Friday, although the uptick was amidst diminishing open interest and volume, leaving the door open to a potential correction in the very near term. That said, the commodity should meet initial contention in the area of last week’s lows in the sub-$74.00 mark per barrel..
Stocks
Ahead in the week, market participants will be monitoring fresh core durable goods orders, pending home sales, CB consumer confidence, ISM manufacturing and services PMIs, as well as speeches from the Fed’s Logan and FOMC members Bostic and Barkin.
On the earnings front, companies including Helmerich and Payne Inc, Target Corporation, Lowe’s Companies Inc (NYSE:LOW), Merck & Company Inc, Occidental Petroleum Corporation, and Zoom Video Communications Inc are slated to release results throughout the week.
Economic calendar most important releases – All times are GMT
Monday, February 27, 2023
13:30 USD Core Durable Goods Orders m/m
Tuesday, February 28, 2023
04:10 JPY BOJ Gov-Designate Ueda Speaks
13:30 CAD GDP m/m
Wednesday, March 01 , 2023
00:30 AUD CPI y/y
10:00 GBP BOE Gov Bailey Speaks
13:00 USD ISM Manufacturing PMI
Thursday, March 02 , 2023
Tentative NZD RBNZ Gov Orr Speaks
Friday, March 03, 2023
15:00 USD ISM Services PMI
Thanks for reading! Have a great week!
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