March 31, 2023
April 2023 EVENTS
February's ISM Manufacturing PMI printed at 47.7. The consensus forecast for March is 49.
Possible influence: Volatile US Dollar, Gold and US Stocks
Russia has reduced its daily oil output by 500,000 barrels per day starting on March 1st, and is expecting to continue to hold its output at that level through April.
Possible influence: Volatile Oil
The RBA will meet to decide on interest rates. The current rate is 3.60%.
Possible Influence: Volatile Australian Dollar
European Commission President Ursula von der Leyen outlined her vision for the future of EU-China relations at a speech before the trip. "It is clear that our relations have become more distant and more difficult in the last few years," she said, but added, "I believe it is neither viable or in Europe's interest to de-couple from China." Tensions between the EU and China significantly worsened over a host of issues, including the Taiwan question, China's repression of the Uyghurs in Xinjiang, and the EU's WTO dispute with China over its trade restrictions against member state Lithuania.
Possible Influence: Volatile EUR, GER40 and European Stocks.
The Unemployment rate for February was 3.6%. It is expected to remain 3.6% for March. Non-Farm Payrolls are expected to fall to 235,000 for March, lower than February’s figure of 311,000.
Possible Influence: Volatile US Dollar, Gold and US Stocks
The Bank of Canada will meet to set interest rates. They are currently 4.5%. The forecast is that the rate will remain unchanged at 4.5%.
Possible Influence: Volatile Canadian Dollar and Canadian Stocks
Core CPI (excluding food and energy) was 5.5%, Year-over-Year in February. March’s Core CPI is expected to climb to 5.6%, Year-over-Year. Top-line CPI for February came in at 6.0%, Year-over-Year and the forecasts range from 5.2% to 6.0%, Year-over-Year, in March.
Possible Influence: Volatile US Dollar, Gold and US Stocks
Retail Sales 0.4 %, Month-over-Month, in February. Retail Sales for March are expected to fall 0.4%, Month-over-Month.
Possible Influence: Volatile US Dollar, Gold and US Stocks
The Bank of Japan will meet to set its interest rates. The current rate is -0.10% and is expected to remain the same level.
Possible Influence: Volatile Japanese Yen
The first reading of 4th Quarter GDP in the United States is expected to come in at 2.9%. The 4th Quarter’s final GDP reading was 2.6%.
Possible Influence: Volatile US Dollar, Gold and US Stocks
1st Quarter earnings season kicks off in April with the major banks first to report. Companies reporting financials in April include Wells Fargo, JP Morgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Charles Schwab, Johnson & Johnson, IBM, Tesla, United Airlines, American Airlines, Coca-Cola, General Motors, General Electric, McDonalds, Visa, Google, Las Vegas Sands, Facebook, PayPal, Boeing, b Apple, Intel, Chevron, Exxon Mobil, Caterpillar, and Amazon.
Possible Influence: Volatile US Stocks
The War in Ukraine continues in its second year. Fierce fighting in Ukraine’s East have left many dead on both sides and minimal territorial gains for Russia. Ukraine is expected to start a major counter-offensive in the Spring, as early as April.
Possible Influence: Volatile US Dollar, Natural Gas, Wheat, Volatile Russian Ruble, Gold, Oil, Palladium, and US Stocks
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