Trading Insights: Most regional stock markets trending higher
So far, 2023 has been a good year for global stock market investors
Cross asset bullet commentary:
- ECB to hike rates again: Next week on March 16 the European Central Bank (ECB) will announce its latest interest rate decision, its expected that the ECB will hike another 0.5%
- Euro Stoxx 50 Index remains within its bull channel which started on October 13th 2022, yesterday's break above the 4,303 resistance seems to be another bull market trigger event which could imply that the uptrend still has further to advance
- Bank of Canada meets tomorrow (March 08) for its latest rate decision, it's expected that the BoC will not make any changes and will hold the rate at 4.5%
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- USD/CAD bullish trend seems to be holding with longs eyeing the 1.3705 resistance, any move above the 1.3705 could place the next major round number 1.38 as a potential short term (14-25 day) upside target, while downside risk is seen below the 1.3470 area
Today’s Economic Events
US wholesale inventories
- Although the forecast is calling for inventories to remain flat m/m, any surprise in the data release today could increase market volatility across USD assets
US Fed Chairman Powell is to testify to US congress
- This is a normal scheduled event that politicians enjoy as its more of a show than a market moving event, but short term volatility does happen during these testimonies if the Fed Chairman says something different to what is already known in the financial markets. Bottom line, this event is more hype than anything else
|Time: GMT+0||Country/Region||Economic Indicator||Previous||Forecast||Actual||Units|
|3:30:00 AM||AU||Interest Rate||3.35||3.6||3.6||%|
|3:30:00 AM||AU||Interest Rate Change||0.25||0.25||0.25||%|
|7:00:00 AM||DE||Manufacturing Orders m/m||3.2||-0.9||1||%|
|3:00:00 PM||US||Wholesale Inventories m/m||-0.4||-0.4||-||%|
|3:00:00 PM||US||Fed Chair (Powell) testimony to US congress||-||-||-||-|
Not investment advice. Past performance does not guarantee or predict future performance.
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