Here is what you need to know about the important news between March 06th 2023 and March 10th, 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 starts the week in an inconclusive mood around the 104.50 zone, as investors seem to have digested Friday’s marked retracement against the backdrop of the absence of traction in US yields and some tepid improvement in the risk complex.
So far, the dollar appears side-lined above the 104.00 yardstick amidst renewed speculation that the Federal Reserve might not raise rates as high as previously thought despite the persistent hawkish narrative from Fed speakers.
Gold
Gold price is seen consolidating its recent gains to a nearly three-week high touched on Friday. Markets bet that the Federal Reserve’s target rate will likely peak in the coming months, before the bank either pauses or reverses its hawkish stance due to increased economic pressure.
Oil.
WTI crude oil returns to the bear’s radar, after a four-day winning streak, as the energy benchmark takes a U-turn from a three-week high to print 0.70% intraday losses around $79.30 during early Monday.
In doing so, the black gold traces the RSI (14) as it reverses from the overbought territory. However, the sluggish MACD signals hint at the lack of momentum and hence challenge the Oil bears.
Stocks
In the week ahead, investors will be looking towards factory orders, two speeches from Fed Chair Powell, ADP employment change, trade balance, JOLTs job openings, average hourly earnings, nonfarm payrolls, unemployment rate, and a speech from the Fed’s Barr.
During Friday’s trade, the Dow Jones Industrial Average added 387.4 points or 1.2% to 33,391, the S&P 500 lifted 64.3 points or 1.6% to 4,045.7, and the Nasdaq Composite gained 226 points or 2% to 11,689.
Economic calendar most important releases – All times are GMT.
Tuesday, March 07, 2023
03:30 AUD Cash Rate
03:30 AUD RBA Rate Statement
15:00 USD FED Powell Testifies
21:55 AUD RBA Gov Lowe Speaks
Wednesday, March 08, 2023
13:15 USD ADP Non-Farm Employment Change
15:00 CAD BOC Rate Statement
15:00 CAD Overnight Rate
15:00 USD Fed Chair Powell Testifies
15:00 USD JOLTS Job Openings
Thursday, March 09, 2023
13:30 USD Unemployment Change
Friday, March 10, 2023
Tentative JPY Monetary Policy Statement
Tentative JPY BOJ Press Conference
13:30 CAD Unemployment Change
13:30 CAD Employment Change
13:30 USD Average Hourly Earnings m/m
13:30 USD Non-Farm Employment Change
13:30 USD Unemployment Rate
Thanks for reading! Have a great week!
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