Forex trading news and economic data headlines 15 March 2017
News:
- UK's Davis leaving EU without a deal is not so frightening
- "No deal" contingency planning is underway says Brexit's Davis
- Softer UK wages will keep Carney walking along Dove Lane
- Pound soars as someone presses the 06.00 GMT deal button again
- Dutch voters head to the polls in what could be an acid test for other European elections ahead
- Le Pen will give Schengen the boot as her first move for France
- ECB's Praet: Current inflation outlook doesn't support changing monetary policy stance
- EU's Tusk says they need to intensify free-trade talks globally
- Weidmann says G20 should not backtrack on resistance to protectionism
- IEA keeps 2017 global oil demand growth forecast at 1.4mln bpd
- RBI reported to be buying USD to curb rupee gains
- RBA's Harper says its not the right time to lift rates, or lower them
- Australia's Turnbull says suppliers have pledged to deliver more gas to market
- Option expiries for the 10 am NY cut today 15 March
- Nikkei 225 closes down -0.16% at 19,577.38
Data:
- February 2017 UK claimant count -11.3k vs -5.0k exp
- Q4 2016 Eurozone employment 0.3% vs 0.2% prior q/q
- Final French Feb inflation sees a small uptick in HICP mm to +0.2% vs +0.1% exp
- US MBA mortgage applications 3.1% vs 3.3% prior
- February 2017 Italy HICP final 1.6% vs 1.6% exp y/y
- Switzerland Feb producer and import prices mm -0.2% vs +0.4% exp
Another busy session as the market awaits FOMC, Dutch elections, SNB, BOE et al and we had another 06.00 GMT moment for GBP pairs thrown in to kick things off in volatile fashion.
All was quiet until the clock turned 6 and instead of yesterday's pound pummelling we saw GBP grabbing as possibly the same player taking advantage of thin liquidity as Europe pressed the buy button.
Seemingly GBPJPY-led againup to 140.65 from 139.80 but no news out to trigger the move as such. GBPUSD up to 1.2230 from 1.2178 then 1.2257 in another rush with EURGBP falling to 0.8665 0.8680 from 0.8720.
I suggested at the time to sell into the rally and it proved prudent as we retraced over 50% of the gains helped by a softer wages vs stronger jobs report. Wages still remain a real issue here in the UK as I've been banging on about for ages now.
USD tones have remained generally softer as markers factor in a US rate rise with the rhetoric on speed of hiking in the future. USDJPY has trawled around 114.60, EURUSD 1.0630, USDCAD 1.3460 and AUDUSD 0.7585
Equities and oil have also been trading tightly while gold/metals have been a little firmer.
A bit of US data to take on board at 12.30 GMT, then a few option expiries at 14.00 GMT before the main act takes to the stage beginning at 18.00 GMT with the decision then presser at 18.30 GMT
After all the hype and second-guessing will we really be any the wiser afterwards ?
