Forex trading news and economic data headlines 28 March 2017
News:
- The ForexLive Article 50 competition: Guess the pound level and win a prize!
- Head of German chambers of commerce says Brexit will significantly hurt business
- Macron/Le Pen 62/38 in 2nd round Opinionway French election poll
- Latest IPSOS poll has Macron with a 62/38 second-round lead over Le Pen
- Spain's de Guindos is convinced the next ECB executive job will be for a Spaniard
- Spain's de Guindos confident that parliament will approve budget
- Iran says extension of OPEC/non-OPEC deal to cut output is likely
- Abe says he will fulfill duty to public by pushing on with policies
- Month-end EURGBP demand should help to limit gains for the pound
- Markets are treading water once again
- AUD and CAD have a wobble as commodity prices retreat
- Option expiries for the 10 am NY cut today 28 March
- Nikkei 225 closes up +1.14% at 19,202.87
Data:
- Italy January industrial new orders mm -2.9% vs -2.6% exp
What started off as quite a lively session has flattered to deceive since, albeit still providing some pip-making opportunity.
EURGBP got an early lift to 0.8658 from 0.8638 with month-end BUBA demand potentially in the frame and that gave cable a push down through 1.2550 to trigger stops to 1.2539. It wasn't long though before euro weakness prevailed overall and we saw EURGBP down to 0.8618 pushing cable up to 1.2596 only to retreat once more.
Meanwhile EURUSD was clinging onto 1.0850 and USDJPY found support to test 110.80 again before it too ran out of steam and is falling back into 110.50 as I type.
Early wobbles in commodity markets gave cause for slippage in AUD and CAD which saw AUDUSD fall below 0.7600 for the first time since 15 March and USDCAD up to 1.3416 but both have since found a few buyers.
USDCHF has been tightly bound as has been EURCHF with little risk-based plays of note but a general safe-haven demand still prevailing.
Equities opened firmer as expected and have stayed in positive territory albeit retreating from highs.
US trade report the data of note at 12.30 GMT (13.30 BST) but we also have Fed heads talking too including Aunty Janet at 16.50 GMT
