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    Latest News

    Weekly Report & World News 06.03.2023

    Key Points

    Positive appetite helped boost GBP.

    Canada and Australia Interest Rate Decisions this week.

    Non-Farm Employment expecting another positive figure.


    Market News


    Sterling notched its first weekly advance in four last week, benefitting from the broadly softer greenback, amid a quiet economic docket, and a significant improvement in risk appetite as the week progressed

    From a technical view, cable has done remarkably well of late to hold above the 200-day moving average, and to reclaim the 1.20 handle, perhaps emboldening the bulls a touch in the near-term

    Looking ahead, this week’s UK calendar is devoid of any particularly interesting releases, besides Friday’s monthly GDP report, likely to show that the year started with rather sluggish economic momentum



    The common currency also managed to take advantage of the weaker dollar last week, chalking up its best weekly advance since mid-January, bouncing solidly from the 1.05 handle

    Another round of hawkish rhetoric from various ECB speakers assisted the EUR, as did last week’s inflation report, which showed core inflation rising to a fresh record high last month, leading markets to continue repricing the future rate path, now seeing the terminal rate sitting north of 4%

    This week, things are a little quieter, with no top-tier releases due from across the continent, and revised Q1 GDP figures unlikely to command particularly much attention



    The greenback struggled last week, losing ground against a basket of peers for the first week in five, facing headwinds as Treasury yields ticked marginally lower at the long end of the curve, and risk appetite improved significantly, both coming after better than expected ISM PMI figures

    Nevertheless, the retracement in the USD was, perhaps, less about anything that happened last week, and more about the bulls simply running out of steam, with the hawkish Fed repricing having run its course, meaning further upside catalysts were somewhat thin on the ground

    Speaking of the Fed, Chair Powell’s semi-annual testimony on Capitol Hill (Tues & Weds) will be one of the main focuses this week, along with Friday’s labour market report, with nonfarm payrolls set to increase by around 215k, and unemployment likely to remain at 3.4%


    World News

    The UN have agreed a treaty, after two weeks, which agrees that two thirds of the worlds ocean do not belong to anyone. The treaty will provide a legal framework for establishing vast marine protected areas and all activities that occur in the high seas will be subject to environmental impact assessments, with member states held responsible for their actions.


    The Russian frontline at Bakhmut, could collapse as it continues to face ammunition shortages, which could cause forces to retreat. This will weaken the entire Russian frontline, which will be a huge blow for the Russian forces, as they continue to struggle in the war, following their minimal battlefield success in recent months.

    Data Releases

    Date Region Release Previous Consensus
    Tuesday 7th March AU Interest Rate Decision 3.35% 3.60%
    Wednesday 8th March CA Interest Rate Decision 4.50% 4.50%
    Wednesday 8th March US JOLTS Job Openings 11.01m 10.61m
    Friday 10th March US Average Hourly Earnings m/m 0.30% 0.30%
    Friday 10th March US Non-Farm Employment Change 517k 206k


    Share Index Prev. Close Open
    FTSE100 7947.11 7947.11
    DAX 15578.39 15597.9
    CAC40 7348.12 7385.75

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