Market insights

Market Comment - 9th March 2023

Good morning,

Whilst there was a raft of data out yesterday most FX rates remained relatively stable. Highlights from yesterday were the Bank of Canada keeping their interest rate at 4.5% (maybe this signals the ongoing global hikes may be slowing), and the early hours saw China come in with a lower inflation number than expected at 1% growth year on year.

Things have slowed down today on the news front with US initial jobless claims the highlight.

Early tomorrow morning is a different story though. Firstly there's the Bank of Japan interest rate decision followed by their monetary policy statement and press conference. Analysts are expecting the BoJ to keep interest rates at negative (yes, negative) -0.1% meaning it theoretically costs money to save. With their last inflation number at 4.4% this seems to be a different stance to, say, the UK, the US and Europe.

However it's Friday breakfast time where things could get lively. The UK announces it's month on month GDP, industrial and manufacturing production and the UK trade balance. Good to keep an eye on with GBP/EUR and GBP/USD at the level they are currently trading at.

There's also German inflation numbers out at the same time where analysts are expecting an eye watering 9.3% year on year growth.

Business news centres on the varying reactions by consumers to the current cost of living situation. It appears to be quite polarising from those cutting back hard and battening down the hatches to those that have stretched their debt levels to unmanageable levels.


Today’s Economic Calendar

US: 13:30 Initial Jobless Claims

JPN: Friday 00:30 BoJ Interest Rate Decision

JPN: Friday 00:30 BoJ Monetary Policy Statement

JPN: Friday 00:30 BoJ Press Conference

UK: Friday 07:00 Month on Month GDP Numbers

UK: Friday 07:00 Industrial and Manufacturing Production

UK: Friday 07:00 Trade Balance

GER: Friday 07:00 Inflation Numbers


As ever we look forward to keeping you in the loop and look out for our next update.

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