Forex trading news and economic data headlines 3 March 2017
News:
- There is no economic case for breaking up the UK says May
- Euro runs higher as French election poll has Macron beating Le Pen in the first
- Opinionway daily poll: Macron/Le Pen 62/38% in the 2nd
- The rats are deserting the Fillon sinking ship
- Japan's GPIF announces record profits in Q4 2016
- PBOC says interest rate fluctuation in China will be decided by market forces
- Where's the pound headed now as support collapses?
- EURGBP continues its surge higher as pound wobbles again
- How to trade using the order board information
- RBA to keep rates on hold next week - Reuters poll
- Option expiries for the 10 am NY cut today 3 March
- Nikkei 225 closes down -0.49% at 19,469.17
Data:
- February 2017 UK Markit/CIPS services PMI 53.3 vs 54.1 exp
- Eurozone Markit February services PMI final 55.5 vs 55.6 exp
- Germany Markit February services PMI final 54.4 as exp
- Germany January retail sales mm -0.8% vs +0.3% exp
- France Markit February services PMI final 56.4 vs 56.7 exp
- January 2017 Eurozone retail sales -0.1% vs 0.4% exp m/m
- Italy Q4 GDP final qq 0.2% as expected
- Italy Markit February services PMI 54.1 vs 52.9 exp
- Spain Markit February services PMI 57.7 vs 55.2 exp
- Russian and Irish services PMI readings both fall in Feb
- Japan February consumer confidence index 43.1 vs 43.5 exp
Not the busiest of sessions with little news of note and USDJPY hemmed in by large option expiries at 114.00-50 but the pound has grabbed attention with another poor performance.
USDJPY and Nikkei were in retreat into the latter's close but still off session lows and since then it's been a steady move back up from 114.25 to 114.54 as yen demand returns. GBPJPY demand has helped put a bid into cable at 1.2200-15 in addition to the natural demand it had in any case.
Similarly EURUSD has benefitted from the EURJPY buying along with EURGBP demand which kicked in from 0.8580 after weak UK services PMI data. High so far 0.8628 before running into fresh supply.
Gold and oil have both been softer and that's kept USDCAD underpinned albeit running into decent offers while AUDUSD has found a bit of AUDJPY demand to keep AUDUSD mostly above 0.7550.
USDCHF has struggled to make gains with EURUSD finding that cross-based support with EURCHF also making a move back up to look at 1.0680.
Equities have been on the back foot again but off their lows.
Attention now turns to the US Fed talking heads including Yellen at 18.00 GMT
