Morning wrap (23.03.2023)

10:11 am 23 March 2023

  • US indices finished yesterday's session lower. S&P 500 dropped 1.65%, Dow Jones moved 1.63% lower and Nasdaq plunged 1.60%. Russell 2000 finished 2.83% lower 
  • Indices from Asia-Pacific tradedmixed today - Nikkei fell 0.17%, S&P/ASX 200 moved 0.67% lower while Kospi and Nifty 50 rose 0.30% and 0.06% respectively

  • Indices from China traded 0.39-0.69% higher

  • DAX futures point to a higher opening of today's European cash session

  • Fed Chair Jerome Powell said officials don’t see rate cuts this year and that they are prepared to raise rates higher than expected if needed. 

  • Treasury Secretary Janet Yellen said that the US government was not considering a “blanket insurance” for bank deposits

  • BoA lowered its terminal Fed Funds forecast to 5 - 5.25% from previous 5.25 - 5.5%

  • Goldman Sachs expects gold to reache $2050 mark in 12 months

  • Moody's warns that long period of tight finances risks stresses spreading beyond banking

  • China's Evergrande unit warns it may halt production due to lack of funds 

  • RBNZ Chief Economist Conway said that if inflation expectations don't fall policymakers may have to do more

  • Coinbase received a notice from US regulators on enforcement action due to alleged violations

  • Cryptocurrencies are trading higher today - Bitcoin gains 1.9%, Ethereum adds 1.4%

  • Mixed moods can be spotted on energy commodities market- oil drops over 0.7% while US natural gas prices gains over 2.3%

  • Precious metals moved higher- silver rose 0.5%, gold trades 0.75% higher

  • AUD and NZD are the best performing major currencies while USD and CHF lag the most

US30 broke below major support at 32620 after yesterday's Powell comments Source: xStation5

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