Forex trading news and economic data headlines 27 February 2017
News:
- UK government says there should not be a second Scottish independence referendum
- The sub 1.2400 support in GBPUSD is shaping up again
- Pound a little steadier after early Asian wobble
- Time to shake out those piggy banks and search down the back of the sofa
- Warren Buffett says stocks are "actually cheap" with interest rates at current levels but market unpredictable.
- China's SAFE will allow foreign investors to trade in FX and bond markets
- Russia may cut oil ouput by 300kbpd faster than expected
- ECB ready the brush ahead of consumer inflation data
- Macron gains over Le Pen in Opinionway French election poll
Data:
- Eurozone January M3 money supply 4.9% vs 4.8% exp
- February 2017 Eurozone economic sentiment 108.0 vs 108.0 exp
- January 2017 Italian non-EU trade balance -0.89bn vs 5.68bn prior
- SNB total sight deposits w-e 24 Feb CHF 548.17bln vs 543.46bln prev
- Spain February CPI flash mm -0.3% vs -0.2% expected
- China end-January banking sector total assets +14.4% yy at 228 trln yuan
- Switzerland Q4 non-farm payrolls up +0.3%
Steadier sterling and a continued yearning for the yen but overall a non-eventful session as head into a new week.
After its Asian dip below 1.2400 and another one to 1.2382 from 1.2420 early in the European we've seen pound pairs generally finding some dip-demand but EURGBP has remained underpinned on month-end flow/expectations.
0.8535 has once again proved a sticky point but there's been buyers below 0.8520 and that's helped to cap GBPUSD progress past 1.2435 along with some on-going GBPJPY supply.
EURUSD has found itself tightly bound around 1.0580 by EURGBP demand/EURJPY supply while USDJPY has also been pinned into a 112.10-35 range as markets try and fathom out the next move.
Gold has drifted a little lower undermining AUDUSD while softer oil has helped put a bid under USDCAD around 1.3080 again.
Equities opened firmer but have tailed off with only the FTMIB showing any resilience.
US durable goods next data off the rank at 13.30 GMT with pending home sales to follow at 15.00 GMT. US Fed's Kaplan up to the mic an hour later.
