Foreign exchange morning paper Yesterday’s important news 1, the Federal Reserve in March interest rate resolution still emphasized the fight against inflation, unanimously decided to raise interest rates by 25BP, concerned about the related impact of the credit tightening caused by the banking crisis, maintained the median interest rate forecast for this year at 5.1%, considered a pause in interest rate hike, rate cut is not the basic expectation for this year, and if necessary will be raised to a higher level, the recent balance sheet expansion is temporary, does not affect monetary policy. 2. Swaps are pricing in a rate cut of 70BP by the end of the year from the peak of 4.93% reached in May (in sharp contrast to the Fed’s dot plot), with a 50-50 chance of a May rate hike. 3, the SEC charged Sun with illegally selling cryptocurrency securities, according to U.S. court documents. 4. Us Treasury Secretary Janet Yellen said that she will work with the Financial Stability Oversight Council to restore the ability of non-bank financial institutions to be regulated as systemic financial institutions. It is not considered to insure all uninsured deposits. 5. Three Opec delegates said Opec + may continue to cut production by 2 million barrels a day until the end of 2023, despite falling prices. 6. EIA crude inventories rose 1.117 million barrels in the week to March 17, compared with expectations of a 1.565 million barrel decline and a 1.55 million barrel increase last week. 7. The CBI industrial orders gap recorded -20 in March, the lowest since February 2021. 8. Westpac expects 20 per cent of deposits to have flowed out of the bank since the start of the year. 9, Fitch downgraded the long-term issuer default rating (IDR) of Daikyo Bank to ‘B’. 10, The Financial Times said some of Asia’s biggest banks may suspend sales of AT1 bonds after Credit Suisse wrote down $17bn. 11. The euro zone posted a seasonally adjusted current account surplus of 17 billion euros in January, the largest since September 2021. 12. Advisers to Chancellor Scholz expect the German economy to grow 0.2 percent this year. 13. European Central Bank President Christine Lagarde said: ‘We are neither committed to further rate hikes nor finished with them.’ Inflation remains high and uncertainty about the future path of inflation has increased. The ECB will adopt a strong strategy and be data-dependent. 14. Data released by the Office for National Statistics on February 22 showed that the CPI in the UK rose by 10.4% year-on-year in February, higher than market expectations. After the data, traders had fully priced in a quarter-point interest rate hike from the Bank of England on Thursday. 15. World Bank President Thomas Malpass said a global recession was not impossible. Today’s focus is on data and events 02:00 US to March 22 Fed rate decision 02:30 Fed Chair Powell holds monetary policy news conference 16:30 Swiss National Bank announces interest rate decision 16:30 Swiss National Bank President Jordan holds a press conference on monetary policy 20:00 UK to 23 March Central bank rate decision 20:30 U.S. Initial jobless claims for the week ended March 18 The fundamentals and technical training course is updated regularly on a weekly basis. The course explains foreign exchange related knowledge points systematically and in detail. B station video: space.bilibili.com/68967327/#/ Watermelon video: https://www.ixigua.com/home/1675277877643454/?list_entrance=search Students who like the teacher can add the teacher’s wechat account: 15123332022 or the QR code below to get one-on-one guidance from the teacher. Every working day there are financial morning news, yesterday’s market review, today’s trading strategy, market outlook, real-time call single, single analysis.