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Flight To Quality Flows


Flight quality buying is supporting the U.S. dollar index in light of ongoing concerns about the banking system in Europe.

Gold Bars and US Currency

The euro currency is lower, moving away from recent seven-week highs.

The S&P Global Flash euro zone PMI composite output index, which gauges activity in the manufacturing and services sectors, increased to 54.1 in March from 52.0 in February.   Economists estimated the PMI to come in at 51.9.

The S&P Global/CIPS U.K. services PMI fell to 52.8 in March 2023 from 53.5 in February, which is below market expectations of 53.

Japan’s consumer prices increased at a slower pace in February. Overall consumer prices increased 3.3% from a year earlier in February, compared with January’s 4.3% increase.

The Bank of Japan has said it expected consumer prices to fall below its 2.0% target in the fiscal year beginning in April as the increase in import prices begins to slow.


Stock index futures are lower due to renewed concerns over the global banking system.

Durable goods orders in February declined 1.0% when an increase of 1.5% was expected.

The 8:45 central time March PMI manufacturing index is anticipated to be 47.2, and the PMI services index is predicted to be 50.3.

Futures have held up well considering recent strains in the international financial system.


Futures are higher across the board in a renewed flight to safety flow of funds.

Global bonds rallied as renewed concerns over the banking sector increased demand for safe assets and enhanced the belief that central banks will not be able to keep raising interest rates for long.

James Bullard of the Federal Reserve will speak at 8:30.

The technicals and fundamentals for futures have become more supportive in the past two weeks.


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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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