Forex trading news and economic data headlines 28 March 2017
Article 50:
- May to officially address Parliament on Article 50 at 11.30 GMT
- Hammond says he's very confident UK will not get a worse case outcome
- More from Hammond: Article 50 letter will go further in setting out Brexit talk aims
- More from Hammond (2): UK will secure a deal where British courts and parliament have control
- Latest EU leak on Brexit deal less than conciliatory
- EU draft Brexit statement: Europe is ready for Brexit - Euractiv
- Algos lead the way lower for the pound after May pulls the Article 50 trigger
- Cable pops 1.2420 and triggers stops
Other news:
- Fitch says the introduction of US border tax poses risks to global sovereigns
- Latest poll sees SPD closing the gap on Merkel
- Option expiries for the 10 am NY cut today 29 March
- Nikkei 225 closes up +0.08% at 19,217.48
- Macron/ Le Pen now 64/36 in 2nd round in Opinionway poll
Data:
- UK mortgage approvals 68.3k vs 69.1k exp
- Germany February import price index mm +0.7% vs +0.4% exp
- Switzerland March Credit Suisse ZEW expectations 29.6 vs 19.4 prev
- Italy March business confidence 105.1 vs 104.3 prev
- Switzerland February UBS consumption indicator 1.5 vs 1.44 prev
All eyes on the UK/Europe and the Article 50 fallout after a GBP fall in Asia is partly covered ahead of UK PM May's speech to parliament at 11.30 GMT
GBPUSD had a delayed fall to 1.2376 in Asia after the announcement that May had signed the Article 50 letter and after another test we finally broke up through some decent offers/resistance at 1.2420. Stops were triggered to 1.2435 then a second wave of buying saw 1.2460, the area from where it first fell after a gradual USD demand retreat from 1.2550 yesterday.
EURGBP rallied to 0.8736 in Asia but has since fallen to test support/bids into 0.8650 and overall the pound has reversed a few of its losses as we wait on the next wave of rhetoric and detail.
USDJPY has slipped back to 110.92 from 111.30 as USD supply prevails . AUSDUSD has traded tightly while USDCAD has retreated from 1.3400 to 1.3355.
Not a lot on the data slate to look forward to although we do have a couple of CB talking heads but it's all about Brexit today.
