Forex trading news and economic data headlines 17 March 2017
Speaking of "cake" and "eat it", EU wants the money before starting trade talks
EURUSD thumped after poll results
Here's why Morgan Stanley wrapped up their Euro short trades
Macron gives ground in the Opinionway French election poll
January 2017 Eurozone construction output -2.3% vs -0.2% prior m/m
January 2017 Eurozone trade balance -0.6bn vs 22.0bn exp SA
G20 draft to reiterate commitment to avoid competitive devaluations
May to fight Sturgeon by promoting closer UK union
Carney's gas bagging but it's not on monetary policy
January 2017 Italian trade balance -0.547bn vs 5.798bn prior
China to allow interbank borrowing services from 20th March - Livesquawk
EU's Moscovici: Trade is good for the economy
Q4 2016 France wages 0.1% vs 0.1% exp q/q
OPEC will need to extend deal to sustain prices
The stein glasses will be clinking this weekend as German industrial workers celebrate an inflation busting wage hike
European session trade ideas 17 March 2017 - Burn the witch
France's Fillon would make a really bad trader
Economic data due 17 March 2017
WSJ: Investors in Asia turned cautious Friday ahead of a G20
Air-raid sirens sounded throughout the UK as the EU supposedly drew up some battle lines for Brexit. The clowns in Europe want the UK to settle its bills before they'll start negotiating on trade. However, they don't want to give the UK an invoice until after their bosses the German elections. What absolute cads! The move risks kicking back the start of negotiations until the end of the year. That all said, it's a Bloomberg sources story so get the salt shaker out ;-)
And thus a fairly stable FX market came to life as the EU shots came across the UK's bows.
EURUSD had already taken a dunking after Le Pen gained a tick in the latest daily poll. It was her first gain in a while but it's hard to use that as the reason as it was a gain in the 1st round where' she's been leading since the get go. Who are we to argue with the minds of those with the big trading accounts, and so the euro dropped to the low of 1.0733 and a definitive dead cat bounce has now seen it make a new low at 1.0728, and counting.
There's a sniff of yen buying behind all this too as early London dollar brightness turned sour and the yen has gained across the board with USDJPY sniffing around 113.00 from the 113.49 highs and the crosses looking very sorry for themselves. Yen repatriation? You can't rule it out.
Elsewhere it's been a bit ho-um, AUDUSD is lurking around 0.7700 from lows of 0.7664, while USDCAD has been stuck in a rough 40 pip range.
It still feels like there's some hangover from Wednesday's FOMC and an unwillingness for traders to start committing money to the next big trade. There's probably more than a few eyes turning towards the weekend but the US has a quadruple witching day to deal with in futures and options so that should keep a few standing by their beds.
