NZD/USD Fundamental + Technical Macroeconomic Update | 3.14.23
On Wednesday, the S&P/ASX 200 Index increased by 0.8%, going above 7,060. This rise was due to an increase in technology and banking stocks, following similar trends on Wall Street. Investors are hopeful that the worst is over from the collapse of Silicon Valley Bank and Signature Bank. Additionally, a US inflation report that matched expectations calmed the market, with investors betting on a smaller interest rate hike by the Federal Reserve next week. However, recent data shows that Australian consumer sentiment remains at historic lows due to concerns about inflation, interest rates, and the broader economy. Business sentiment also dropped to a three-month low in February. The technology sector was led by Computershare, Block Inc, and Xero, while the "Big Four" banks (CBA, ANZ Group, Westpac, and NAB) also saw gains.
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