{"id":42857,"date":"2023-03-06T12:45:00","date_gmt":"2023-03-06T12:45:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=42857"},"modified":"2023-03-09T17:57:09","modified_gmt":"2023-03-09T17:57:09","slug":"midday-brief-central-bank-week-in-focus","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-brief-central-bank-week-in-focus\/","title":{"rendered":"Midday brief – Central Bank week in focus"},"content":{"rendered":"\t\t
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The greenback<\/a> retraced on Monday as traders await Fed\u2019s Chair testimony. The Swiss inflation accelerated more than expected in February. China\u2019s recovery optimism faded as the country set moderate growth targets, different from economists\u2019 more ambitious targets expectations. Downbeat retail sales in Europe showed dropping consumer spending in the region.<\/p>

USDCAD<\/a> was flat at +0.06% ahead of Jerome Powell\u2019s highly anticipated testimony. The Canadian dollar failed to ride on the dollar\u2019s broad weakness as downbeat crude oil<\/a> prices weighed. During the day, the Richard Ivey School of Business will publish the Ivey PMI data for February which has been surveyed to drop from the previous month. On the other hand, the US factory orders will be released. The pair rose from 1.3582 as resistance for bullish momentum may be seen at 1.36500.<\/p>

GBPCHF<\/a> traded -0.29% lower following upbeat inflation data from Switzerland. The Consumer Prices Index from the country rose 3.4% year-on-year while the month-on-month data was at 0.7% vs 0.4% expected ahead of the SNB\u2019s rate decision on 23 March. Further downside pressure may be capped by upbeat construction PMI data from the UK which settled at 54.6 against a survey of 49.1 for February. Buyers got rejected at the 1.12800 mark as sellers targeted 1.1200 immediate support. A move lower may give bears 1.1000, a 21-week low.<\/p>

EURZAR soared +0.45% despite disappointing data from the Euro area. Investors’ confidence dropped to -11.1 in March from -8.0 after economists had forecasted a 1.7 rise. This was accompanied by downbeat retail sales data which printed a 0.3% vs 1.0% expected. The GDP in South Africa is estimated to have declined in the final quarter of 2022 as estimates lay at 2.2% vs 4.1% previous reading. The pair rose from a 19.27 low and was challenged by resistance at 19.40. Bulls may need to breach the 19.60 mark for sustained buying.<\/p>

European stocks were broadly lower as Eurozone retail sales missed estimates. UK100<\/a> dropped by -0.42% as bulls retract from the 7950 level, and 7850 support remains a key support. CAC40<\/a> dropped -0.50% from the 7400 resistance and near-term targets are at the 7300 level. DAX<\/a> was up +0.09% after shading some gains and key levels to watch out for are the 15650 and 15500 levels.<\/p>

US stock futures plunged on Monday as investors took caution ahead of Fed Chair Powell\u2019s testimony. US500<\/a> futures slumped by -0.15% from the 4050 level and the next key support level is the 4000 psychological level. US100<\/a> futures dropped by -0.20% retreating from the 12400 level and bears could target the 12200 level. US30<\/a> futures were down -0.15% and 33200 remains a key barrier to the downside. Gains are capped by the 33500 level.<\/p>

In commodities, gold<\/a> paused for a rate hike clue early Monday morning. Bulls are back below the 1850 level, after slightly trading at 1858 on Friday. The yellow metal was down -0.34% and the next level to watch out for is 1880 if resistance fails to hold.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The greenback retraced on Monday as traders await Fed\u2019s Chair testimony. The Swiss inflation accelerated more than expected in February. China\u2019s recovery optimism faded as the country set moderate growth targets, different from economists\u2019 more ambitious targets expectations. Downbeat retail sales in Europe showed dropping consumer spending in the region. USDCAD was flat at +0.06% […]<\/p>\n","protected":false},"author":4,"featured_media":19859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[750,42,301,28,601,31],"yoast_head":"\nMidday brief - Central Bank week in focus - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/midday-brief-central-bank-week-in-focus\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday brief - Central Bank week in focus Midday brief - Central Bank week in focus\" \/>\n<meta property=\"og:description\" content=\"The greenback retraced on Monday as traders await Fed\u2019s Chair testimony. The Swiss inflation accelerated more than expected in February. 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