Scroll down to see last week’s recap.
Events:
Tuesday, 28th of March:
- The Conference Board (CB) Consumer Confidence measure for March is expected to decrease from 102.9 to 101.0. It measures the level of consumer confidence in economic activity. CB Consumer Confidence is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism. A higher-than-expected reading is seen as positive/bullish for the USD, while a lower-than-expected reading is seen as negative/bearish for the USD.
Wednesday, 29th of March:
- The Pending Home Sales report for February is expected to show a decline from 8.1% to -3.0%, compared to January. The National Association of Realtors (NAR) Pending Home Sales Report measures the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. A higher-than-expected reading is seen as positive/bullish for the USD, while a lower-than-expected reading is seen as negative/bearish for the USD.
Thursday, 30th of March:
- The German Consumer Price Index (CPI) for March is expected to decrease from 8.7% to 7.3% compared to March 2022. It measures the changes in the price of goods and services purchased by consumers. A higher-than-expected reading is seen as positive/bullish for the EUR, while a lower-than-expected reading is seen as negative/bearish for the EUR.
- The US Gross Domestic Product (GDP) for Q4 2022 is expected to decline from 3.2% to 2.7%, compared to Q3. GDP measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher-than-expected reading is seen as positive/bullish for the USD, while a lower-than-expected reading is seen as negative/bearish for the USD.
Friday, the 31st of March:
- The yearly UK Gross Domestic Product (GDP) for Q4 2022 is expected to increase to 0.4%, compared to 0.2% in Q4 2021 and the quarterly report is expected to remain the same compared to Q3 2022. GDP measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher-than-expected reading is seen as positive/bullish for the GBP, while a lower-than-expected reading is seen as negative/bearish for the GBP.
- The German Unemployment Change for March is expected to uplift to 3K compared to 2K in the previous month. It measures the change in the number of unemployed people during the previous month. A higher-than-expected reading is seen as positive/bullish for the EUR, while a lower-than-expected reading is seen as negative/bearish for the EUR.
- The Eurozone Consumer Price Index (CPI) for March is expected to decrease to 7.2% compared to 8.5% in March 2022. It measures the change in the price of goods and services from the perspective of the consumer. CPI is a key indicator to measure changes in purchasing trends and inflation. A higher-than-expected reading is seen as positive/bullish for the EUR, while a lower-than-expected reading is seen as negative/bearish for the EUR.
- The Canadian Gross Domestic Product (GDP) for January is expected to rise to 0.4% compared to -0.1% in December 2022. It measures the annual change in the inflation-adjusted value of all goods and services produced by the economy. GDP is the broadest measure of economic activity and the primary indicator of the economy’s health. A higher-than-expected reading is seen as positive/bullish for the CAD, while a lower-than-expected reading is seen as negative/bearish for the CAD.
Notable Earnings:
Recap from Last Week (20.03.23 – 24.03.23):
Cryptocurrency:
- Binance, the world’s largest cryptocurrency exchange, paused spot trading on Friday due to what its chief executive Changpeng Zhao called a minor glitch. “Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one)” Zhao tweeted, adding that he expected the issue to be resolved within two hours. “Waiting for more precise ETA. Deposits & withdrawals are paused as a SOP (standard operating procedure).”
Zhao signed off with his customary reassurance to clients that their deposits are safe. “Funds are #SAFU,” he said, referring to the exchange’s Safe Asset Fund for Users, a reserve fund initially seeded with $1 billion in assets. - Bitcoin (BTC) reacted negatively to the news of Binance’s action, dropping nearly 2%. However, it was still up by 0.6% for the day, against a backdrop of fresh selling in European and US banking stocks.
- Coinbase (COIN) stock fell 3.9% after Oppenheimer downgraded the cryptocurrency exchange to ‘perform’ from ‘outperform’ the day after the SEC informed the company of the possibility of an enforcement action involving some of its products.
Stocks:
- First Republic Bank (FRC) stock fell 4.8%, PacWest Bancorp (PACW) stock dropped 2.8%, and Western Alliance (WAL) stock fell 3.4% as turbulence in the banking sector continues. Deutsche Bank (DB) stock fell 11% after a record surge in the cost of insuring against the risk of a default from the German lender.
- Block (SQ) stock fell 2.3%, continuing to drop after losing 15% on Thursday in the wake of short-sellers Hindenburg Research accusing the payments firm of systematically misleading its investors and clients and avoiding regulation. Block denied the accusations, saying it is considering legal action.
- Chevron (CVX) stock fell 2.1% and Exxon Mobil (XOM) stock fell 2.1% after crude oil prices fell sharply, dropping to the lowest levels this week after the US government backed away from its intention to immediately refill the Strategic Petroleum Reserve.
- Ouster (OUST) stock fell 8.1% after the lidar maker reported a widening of its quarterly net loss, even as CEO Angus Pacala forecasts savings with its Velodyne merger.
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