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4 Global Market Updates- 9 March, 2023

by Elena Martin   ·  March 9, 2023  

4 Global Market Updates- 9 March, 2023

by Elena Martin   ·  March 9, 2023  
In this article, we have covered the highlights of global market news about the USD/JPY, NZD/USD, EUR/USD and GBP/USD.

USD/JPY might potentially make a move to 138.20 – UOB

While we anticipated that the US Dollar would increase yesterday, we believed 138.20 might be outside reached. The Dollar then increased to 137.91, fell to 136.46, and climbed again to finish the day at 137.34 (+0.15%). Price movements are probably a result of a consolidation period. The range in which the USD is projected to move today is between 136.50 and 137.55.

For the next three weeks: “Yesterday (March 08, spot at 137.30), we underlined that the spike in momentum from Tuesday is projected to lead to more US Dollar gains, perhaps reaching 138.20. Our opinion has stayed the same. The only indication that the US Dollar is not gaining further would be a break of 136.20 (a level that has remained a “strong support” level).

NZD/USD: Further retracement may retest 0.6050, according to UOB

NZD/USD may soon go to the 0.6050 area, according to Markets Strategist Quek Ser Leang and Economist Lee Sue Ann of UOB Group.

In the last 24 hours, the New Zealand dollar has fluctuated between 0.6086 and 0.6138 before finishing relatively unchanged at 0.6105 (-0.03%), contrary to our forecasts that it would decline much more. NZD may move in a range today that is predicted to be between 0.6090 and 0.6140.


For the next three weeks: “Our assessment from yesterday (March 08, spot at 0.6110) that the current NZD weakening has continued has not changed. Overall, NZD is expected to decline to 0.6050 as long as it remains below 0.6180 (the previous day’s “strong resistance” mark was around 0.6195).

EUR/USD should trade in a band of 1.0500-1.0600 for the foreseeable being – ING

At 1.0550, the EUR/USD exchange rate fluctuates up and down in a small channel. The ING economists predict that the price will stay between 1.0500 and 1.0600.

ECB splitting could be expensive.

“We were taken aback by remarks made by ECB dove Ignazio Visco yesterday, in which he publicly criticized ECB colleagues for making pronouncements regarding monetary policy in the future. Currency markets have never been supportive of public disagreement among monetary authorities. Also, when the ECB raises rates during the summer, it is expected that Christine Lagarde, president of the ECB, will have an even more difficult time in this regard.

“For the time being, anticipate EUR/USD to trade in a band of 1.0500-1.0600; whether it needs to fall below 1.0500 will be determined by tomorrow’s US employment data.”

Despite a weaker USD, GBP/USD maintains small advances in the mid-1.1800s but lacks bullish confidence.

The GBP/USD pair increases for the second day on Thursday, building on the slight overnight recovery from the area around 1.1800, or its lowest level since November. While any significant upside still looks elusive, the pair maintains a moderately optimistic tone and trades above the mid-1.1800s in the early portion of the European session.


The recent robust run-up to more than a three-month high, considered a crucial reason supporting the GBP/USD pair, has caused the US Dollar (USD) bulls to pause. Nonetheless, the Federal Reserve’s (Fed) potential for more aggressive policy tightening and the threat of an impending recession operate as a tailwind for the safe-haven Greenback and should limit significant increases, at least temporarily.

According to the markets, the likelihood of a big 50 bps lift-off at the forthcoming FOMC monetary policy meeting on March 21–22 is now more likely than before. The hawkish remarks of Fed Chair Jerome Powell, who reiterated that interest rates would need to rise and even accelerate to contain persistently high inflation, raised the bets. This benefits the USD bulls and supports the high US Treasury bond rates.

Meanwhile, the market mood is still precarious due to mounting concerns about economic headwinds brought on by quickly rising borrowing rates. In addition, investors’ desire for perceived riskier assets is tempered by waning confidence about a robust economic rebound in China, as seen by a weaker tone in the equities markets. This supports the Greenback’s near-term bullish outlook.

Please click here for the Market News Updates from 8 March, 2023.