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Forex Today: Oil surge and weak Eurozone PMIs drive markets as US Dollar firms
The US Dollar Index (DXY) is trading around the 99.50 region, experiencing a relative surge as rising United States (US) Treasury yields and hawkish Fed expectations offset mixed risk sentiment. Elevated Oil prices reinforce inflation concerns, supporting the Greenback.
Fxstreet
Tue, Mar 24
US S&P Manufacturing PMI rises to 52.4, Services PMI declines to 51.1
The business activity in the US private sector continued to expand at a moderate pace in March, with S&P Global Composite Purchasing Managers' Index (PMI) coming in at 51.4 (preliminary), down slightly from 51.9 in February.Fxstreet
Tue, Mar 24
South Korea: Balanced BoK outlook under Shin – DBS
DBS Group Research economist Ma Tieying assesses South Korea’s markets after President Yoon nominated Shin Hyun-song as the next Bank of Korea (BoK) governor. She argues Shin’s focus on financial stability does not translate into imminent tightening, seeing rate hikes as unlikely.Fxstreet
Tue, Mar 24
EU: Australia trade deal underscores strategic pivot – Rabobank
Rabobank’s Senior Macro Strategist Bas van Geffen notes that, against a backdrop of geopolitical risk, the EU is pushing to diversify its economic alliances, signing a free trade agreement with Australia after deals with Mercosur, India and Indonesia.Fxstreet
Tue, Mar 24
ADP Employment Change 4-week average increases to 10K
Private-sector hiring in the US appears to have regained a bit of momentum early in March. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 10K jobs per week in the four weeks through March 7.Fxstreet
Tue, Mar 24
ECB's Sleijpen: Energy prices likely to become entrenched more quickly than in 2022
European Central Bank policymaker Olaf Sleijpen said on Tuesday that the rising energy prices are likely to become entrenched in wider economy more quickly than they did during the 2022 energy crisis, as reported by Reuters.
Fxstreet
Tue, Mar 24
EUR/HUF: Forint outlook tied to oil and politics – Societe Generale
Societe Generale analysts say EUR/HUF’s February decline stalled near 374 before a sharp rebound toward 400, with the 50‑DMA at 383/381 acting as key support. They expect possible consolidation between 383 and 396, warning that a break below support could revive the broader downtrend.
Fxstreet
Tue, Mar 24
Euro area: War impact weighs on outlook – Commerzbank
Commerzbank’s Senior Economist Dr. Vincent Stamer notes that the Euro area composite PMI fell from 51.9 to 50.5 in March, with services weakening and manufacturing flattered by longer delivery times. He links this to the war in Iran, which is hurting expectations and lifting input prices.Fxstreet
Tue, Mar 24
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