Financial Markets Update

The Dollar Index (DXY)
Key news events today
Core PPI m/m
Core Retail Sales m/m
Empire State Manufacturing Index
PPI m/m
DXY From Today
The upcoming data releases may hurt the USD, as the Core PPI m/m is forecasted to be 0.4%, down from the previous month’s reading of 0.5%. Similarly, the Core Retail Sales m/m is predicted to be -0.1%, lower than the previous month’s reading of 2.3%. The Empire State Manufacturing Index is expected to be -7.9, worse than the last reading of -5.8%.
Central Bank Notes:

The Committee has raised the federal funds rate target range to 4.5-4.75% and plans to continue increasing it to return inflation to 2%

The Committee will monitor incoming information and adjust the stance of monetary policy as appropriate to achieve its goals

A majority vote from the Committee supported the decision to raise the target range

Next meeting is on 23 March 2023

Next 24 Hours Bias
Bearish

OIL:

Looking at the H4 chart, my overall bias for BOC is bearish as the current price is below the Ichimoku cloud, and there is a descending trend line. Expecting the price to head down towards the 1st support level at 79.222 which is the recent overlap swing low, before the price drops to the 2nd support at 75.827.
In an alternate scenario, the price could possibly head up towards the 1st resistance level at 88.598 which is the recent swing high.
Areas of consideration:

H4 time frame, 1st resistance at 88.598

H4 time frame,1st support at 79.587

H4 time frame, 2nd support at 75.827