Here is what you need to know about the important news between March 13th 2023 and March 17th 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
During the weekend, US Treasury Department, Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) took joint actions to tame the risks emanating from the SVB and Signature Bank. “All depositors of Silicon Valley Bank and Signature Bank will be fully protected,” said the authorities in a joint statement released a few minutes back. S&P 500 Futures and US Treasury bond yields consolidate the previous day’s losses after the late plan for the US authorities to tame the financial crisis.
Gold
Silicon Valley Bank’s failure highlight the deepening cracks in the U.S. economy caused by a rapid increase in interest rates. The Fed had embarked on its most hawkish hiking spree in over 50 years to curb runaway inflation.
But this weighed heavily on metal markets, as rising yields drove up the opportunity cost of holding non-yielding assets. Still, the prospect of a less hawkish Fed spurred broader gains in metal prices.
Oil.
The commodity prices initially dropped to the two-week low before bouncing off $74.90 on the US Dollar’s slump despite witnessing the better-than-forecast Nonfarm Payrolls (NFP) reports.
Market sentiment was fragile as worries about further monetary tightening by the Fed have been exacerbated by high crude oil inventories in the U.S., analysts from ANZ Bank said in a note on Monday morning.
Stocks
In the week ahead, market participants will be closely monitoring consumer and producer price index data, retail sales, business inventories, building permits, Philadelphia Fed manufacturing, Michigan consumer sentiment and expectations, as well as industrial production. FOMC member Bowman is also scheduled to speak. Among earnings, companies scheduled to report include FedEx Corporation, Adobe Systems Incorporated, and Dollar General Corporation.
Economic calendar most important releases – All times are GMT.
Tuesday, March 14, 2023
07:00 GBP Claimant Count change
12:30 USD CPI m/m
12:30 USD CPI y/y
12:30 USD Core CPI m/m
Wednesday, March 15, 2023
12:30 USD Core PPI m/m
12:30 USD Core Retail Sales m/m
12:30 USD Empire State Manufacturing Index
21:45 NZD GDP q/q
Thursday, March 16, 2023
00:30 AUD Employment Change
00:30 AUD Unemployment rate
13:15 EUR Main Refinancing Rate
13:15 EUR Monetary Policy Statement
13:45 EUR ECB Press Conference
Friday, March 17, 2023
13:45 USD Prelim UoM Consumer Sentiment
Thanks for reading! Have a great week!
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