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General Market Analysis 01/03/23

Asian stock markets are set to open the new month on the back foot following on from a Wall St session that disappointed investors. The Dow led the decline finishing in the red by 0.71% with the S&P and Nasdaq dropping by 0.3% and 0.1% respectively. The dollar and Gold both remained bid as haven flows once again entered the market.  

As we enter a fresh trading month, Investors are preparing for more volatility as the market and central banks digest the latest round of data releases and assess whether global rate tightening is having the desired impact on inflation. Last months numbers in the US would suggest that the Fed has more work to do and currency traders in particular will be looking for the weaker numbers in other countries for interest rate differential trading opportunities. We have already seen a lower-than-expected CPI print in Australia this morning with an immediate downside reaction for the Aussie dollar and traders are expecting to see quick reactions to any surprises on data releases as the month progresses.  

Looking ahead to today’s trading sessions and there is a raft of tier 3 data due out in the European session, but the main potential market moving events are occurring in the US session. The Bank of England Governor Andrew Bailey is speaking in London and this is followed by the first tier 1 data release of the month in US in the form of ISM Manufacturing PMI data with the market expecting a 47.8 print.  

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