Forex trading news and economic data headlines 28 February 2017
News:
- Trump says that money for proposed US spending increases will come from a "revved up economy"
- More Trump hot air can't keep the dollar inflated
- BOE's Hogg: Tolerance for CPI temporarily above target will depend on events
- Hogg: Vast majority of inflation is GBP related
- UK banks would have 12-18 months for Brexit transition says Hogg
- More from Hogg: QE has not created an over-valuation problem in gilt market
- Scotland's Sturgeon says time is running out to change course
- BOJ announces its JGB buying operations for March
- Russia says relations with US are at lowest level since Cold War
- Saudi Arabia wants an oil price rise to around USD 60 per barrel in 2017
- Macron leads Le Pen 61/39% for 2nd round in Opinionway poll
- Broker Pepperstone suspends UK trading
- Nikkei 225 closes up +0.06% at 19,118.99
Data:
- France February CPI flash mm +0.1% vs +0.4% exp
- February 2017 Italian HICP flash 1.6% vs 1.2% exp y/y
- Spain December current account balance EUR +3.4bln vs +3.3bln prev
- Switzerland February KOF leading indicator 107.2 vs 102.1 exp
It's been a session that's been all focussed on Trump and ahead of his 21.00 GMT speech to Congress we also had Fox News release a pre-recorded interview.
Nothing of note came of part one so we'll wait and see what else he can come up with but one imagines the big headlines will be made later. Either way markets are less than convinced we'll get anything of substance.
USDJPY has fallen to 112.12 from 112.60 and USDCHF to 1.0046 from 1.0070 and with equities also on the back foot we've seen core pairs cap as CHF and JPY demand prevails. EURCHF has fallen back through 1.0650 after a steady retreat in Asia from 1.0690
EURUSD has spent the session mostly underpinned around 1.0600 after an early retreat to 1.0577 while GBPUSD has been capped by a bit of month-end EURGBP demand but supported around 1.2410.
USDCAD has risen further to test 1.3200 with oil retreat and CADJPY supply noted while AUDUSD has been stuck between 0.7670-90 with rising gold support battling AUDJPY supply.
It's all eyes on the US and the Trumpster from here.
Coming up: (GMT)
- 12.30 US Fed Kaplan speaks
- 13.30 US Q4 GDP
- 13.30 CAD IPPI/RMPI
- 14.45 Chicago PMI
- 15.00 CB Consumer Conf
- 20.00 US Fed Harker
- 20.30 US Fed Williams
- 21.00 US President Trump makes speech to Congress
