<ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/sp-global-marchus-services-pmi-538-vs-505-expected-20230324/“>S&P Global March flash US services PMI 53.8 vs 50.5 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canada-retail-sales-for-january-14-versus-07-estimate-20230324/“>Canada retail sales for January 1.4% versus 0.7% estimate</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-february-durable-goods-orders-10-vs-06-expected-20230324/“>US February durable goods orders -1.0% vs +0.6% expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-bullard-sees-80-chance-financial-stress-abates-20230324/“>Fed’s Bullard: Sees 80% chance financial stress abates</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-bullard-inflation-remains-too-high-macro-data-stronger-than-expected-20230324/“>Fed’s Bullard: Inflation remains too high, macro data ’stronger than expected'</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/fed-barkin-the-case-for-raising-rates-this-week-was-pretty-clear-20230324/“>Fed Barkin: The case for raising rates this week was pretty clear</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/feds-bostic-fed-rate-rise-was-not-an-easy-decision-20230324/“>Fed’s Bostic: Fed rate rise was not an easy decision</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/baker-hughes-us-oil-rig-count-4-20230324/“>Baker Hughes US oil rig count +4</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/atlanta-fed-q1-gdpnow-tracker-32-vs-32-prior-20230324/“>Atlanta Fed Q1 GDPNow tracker 3.2% vs 3.2% prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/boes-mann-i-voted-for-25-bps-partly-because-inflation-expectations-began-to-moderate-20230324/“>BOE’s Mann: I voted for 25 bps partly because inflation expectations began to moderate</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/yellen-convenes-private-meeting-of-financial-stabilty-oversight-council-20230324/“>Yellen convenes private meeting of financial stabilty oversight council</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-lagarde-told-eu-leaders-ecb-fully-equipped-to-provide-liquidity-to-financial-system-20230324/“>ECB’s Lagarde told EU leaders ECB fully equipped to provide liquidity to financial system</a></li></ul><p>Markets:</p><ul><li>Gold down $14 to $1979</li><li>US 10-year yield down 2.8 bps to 3.37%</li><li>WTI crude oil down 64 cents to $69.32</li><li>S&P 500 up 22 points to 3971. On the week up 1.4%</li><li>JPY leads, NZD lags</li></ul><p>The mood was poor at the start of North American trade as banking worries — particularly Deutsche Bank — haunted the market. US regional stocks were also under pressure and bonds had a strong bid. That had led to US dollar and yen buying as safe havens as US 2-year yields hit now post-SVB lows.</p><p>The mood changed as Fed speakers and data rolled out. The PMIs in particular were a reminder that the bulk of US economic data has surprised to the upside this year and there are no concrete signs of a slowdown; if anything it’s the opposite.</p><p>That led to some selling in bonds and the dollar began to slowly pare gains ex-JPY. Equities turned more decisively later in the day as they followed regional bank shares once again. News that Yellen was meeting with regulators was well-received but might have also stoked expectations of weekend action. That could lead to disappointment on Monday if nothing unfolds.</p><p>Overall, it was a volatile week and there won’t be too many people disappointed to see the weekend arrive. The machinations of Fed week and non-stop banking news leave the market needing an opportunity to digest.</p><p>The weekly charts show some nice progress for the yen but it stalled today and began to reverse. That’s where the focus is going to remain.</p>
This article was written by Adam Button at www.forexlive.com.