Forex trading news and economic data headlines 20 March 2017
News:
- China is preparing to counter any US trade penalties - Livesquawk
- Russia's Siluanov says rouble over-valued by 10-12%
- Germany's "wise men" raise GDP and inflation growth forecasts
- Macron/Le Pen back up to 60/40 in Opinionway French election poll
- SNB's Jordan says his policy is not one of competitive devaluation
- Security alert leads to evacuation of French financial prosecutor's office
- Dijsselbloem calls for ESM to be turned into a European IMF
- The USDJPY love affair with the 112.50 level is still strong
- Pound makes early gains as cable stops triggered
- SNB total sight deposits w-e 17 March CHF 557.17bln vs 555.41bln prev
- Economists see RBNZ leaving interest rates on hold this week
- Option expiries for the 10 am NY cut today 20 March
- More option expiries of note this week 21-24 March
Data:
- Q4 2016 Eurozone labour costs 1.6% vs 1.5% prior y/y
- Germany February PPI mm +0.2% vs +0.4% exp
A quiet start to the session with Japan on holiday and traders/bots still making their minds up eventually sprang into life as someone went gunning for GBPUSD stops at 1.2410.
Having held at 1.2405 since Thursday there were a few shorts squeezed and we saw 1.2436 posted in a rush before running into fresh sellers and retreating back to test 1.2400.
USD demand has largely prevailed since then with USDJPY having held 112.50 once more and rallying to 112.84. That demand has also seen EURUSD down to 1.0750 after failing to breach 1.0780 offers/resistance.
USDCAD has enjoyed the ride higher to 1.3357 from 1.3300 helped by softer oil prices and AUDUSD failed at 0.7750 then retreated to 0.7720 support area.
Commodities and equities also softer as the greenback finds a little support but there's no conviction in the moves right now and tight ranges prevailing for the last part of the session.
No real data of note to come today but a few CB talking heads up later before attention turns to UK CPI tomorrow and BOE gov Carney also scheduled to speak soon after.
