(AI video summary)
Australian dollar/yen
Angeline Ong gives us a sneak peek at the key events and indicators to watch on Wednesday, March 27th. We'll start with Australia and look at the Consumer Price Index (CPI) for February. This indicator measures changes in the prices of goods and services and compared to last year he is expected to show an increase of 3.5%. Ong also draws attention to the AUD/JPY pair. There, she noticed a strong upward triangle pattern, suggesting that the currency pair is likely to continue its uptrend.
France and Eurozone data
Moving on to France, the Consumer Confidence Index for March will be released. These numbers show how optimistic consumers are about the economy. The consensus estimate is set at 90, indicating a positive outlook. In the euro area, we will be focusing on business confidence, a measure of how optimistic or pessimistic businesses and consumers are about the economy. The forecast for March was 96.1, indicating confidence remains relatively high.
US data and crude oil stocks
In the United States, the Energy Information Administration (EIA) has released some interesting data regarding crude oil inventories. This data gives insight into the level of oil inventories in the country and can influence oil prices. Currently, oil prices remain within a certain range, waiting for an opportunity for prices to rise or fall. Factors such as the recent attack on Ukraine, reduced production capacity at Russian refineries and the weakening US dollar are impacting investors' decision-making processes.
H&M earnings report
Finally, Ong mentioned the big earnings announcement from popular fast fashion retailer H&M. Investors will be pinning their hopes on quarterly sales, as the company's stock is down 14% so far this year. Analysts expect the company's sales to be $53.2 billion.
