Market Opportunities : Week 06-03-2023 - 10-03-2023

AUDUSD: Reserve Bank of Australia interest rate decision on March 7 is an important event in the March 6 – 10 week. Traders are waiting to see if the policy makers continue interest rate hikes. Majority of traders expect a 50 basis point increase in the benchmark rate and reaffirmation of majority of policymakers’ support for further aggressive rate hikes will give the AUDUSD a bullish boost.

USDIDX: United States Nonfarm Payrolls report on March 10 is the key economic event of the second week of March. The February Nonfarm Payrolls will indicate whether the US labor market strength persists, supporting views Federal Reserve will implement a 50 basis point rate hike at next meeting of March 21 – 22. Strong non-farm payrolls report will be bullish for USDIDX.