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German ZEW Survey, Nike and GameStop Earnings

calendar 21/03/2023 - 11:12 UTC

The AUD/USD pair traded lower after the Reserve Bank of Australia published the minutes of its last monetary policy meeting, which indicated that given the current global developments and uncertain outlook, the board might decide to hold rates steady at upcoming meetings.

While the dollar traded overall weaker these days against other major currencies, among emerging markets the trend was somewhat mixed. Pairs like the USD/MXN and USD/CNH were close to unchanged, while others like the USD/INR and USD/ZAR continued to move to the upside, with the latter reaching a level above 18.5 this week.

Cryptos traded moderately weaker with Bitcoin declining towards the $27k-range and Ethereum falling below $1,750. While these major cryptos are still clearly showing a bullish performance on a weekly basis, some altcoins which did not follow the strong performance of Bitcoin like Shiba Inu Coin and Dogecoin are now in the red on a weekly basis.

Stock market indices in the U.S. and Europe recovered from the intraday lows on Monday and in many cases like for the US 500 and Germany 40 closed higher that day. While the performance of U.S. stock market futures was relatively flat by Tuesday morning, European indices like the Europe 50, France 40 and Germany 40 were all up by half a per cent or more. And while the US 500 index is trading very close to the levels seen a month ago, the VIX is still significantly elevated over the same period.

On Tuesday Canadian consumer price index (CPI) data and U.S. existing home sales statistics can be expected.


As the dollar continued to weaken against other major currencies, the EUR/USD pair rose above the 1.07-level. Not only did the weakness of the dollar affect the move but also the recovery of the common European currency against some other major currencies like the Australian dollar (AUD) and New Zealand dollar (NZD).

German producer price index (PPI) data for February showed that inflation remains still high at a year-on-year rate that month at 15.8%. Though this is below the 17.8% inflation seen in the previous month, the rate of price increases is not slowing down as rapid as anticipated.

The eurozone trade balance deficit meanwhile significantly reduced from €18.1 billion to just €11.3 billion in January.

On Tuesday the results of the German ZEW survey on business expectations and current conditions can be expected.



Gold prices remained in an elevated position with market participants possibly still concerned about the overall state of the economy after the FDIC and others had to step in to halt a possibly wider-reaching collapse of the banking industry. The price of a troy ounce of the precious metal crossed on Monday for the first time in a year briefly above the $2,000-threshold in the spot markets.

Silver prices also remained in an elevated position around $22.5 per troy ounce, while palladium continued to decline closer towards the $1,400-level.



Oil prices rebounded from the recent lows after WTI crude oil futures briefly traded even below $65 per barrel during the session on Monday. Gasoline prices also moved moderately up from their intraday lows, though it remains to be seen whether concerns about the overall state of the economy after multiple bank depositors’ bailouts will still affect the overall market sentiment.

As usual on Tuesday the American Petroleum Institute (API) publishes its Weekly Statistical Bulletin that increase also data on crude oil, gasoline and distillate stockpiles in the U.S. Then on Wednesday the Energy Information Administration (EIA) follows up with a similar dataset in its Weekly Petroleum Status Report.


US 500

After a dip in the morning hours on Monday, stock market indices like the US 500 recovered over the course of the day and the index traded by Tuesday morning close to the 4,000-mark.

Pinduoduo (-14.12%) was besides some underperforming banks like First Republic, one of the worst performing equities during the session on Monday. The stock was likely reacting to the weaker than anticipated performance, even though the company reported that revenue was up by 46%. Bad news followed the company also on Tuesday as Google suspended its app after allegedly finding malware in some versions.

Only few major companies are expected to publish their respective results this week, including Tencent Music, HUYA, GameStop and Nike on Tuesday, Chewy on Wednesday and Accenture on Thursday.

US 500

The materials contained on this document should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument, in any manner whatsoever. Any indication of past performance or simulated past performance included in this document is not a reliable indicator of future results. For the full disclaimer click here.

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