Friday 27th March: European Open Briefing

Global Markets:

  • Asian stock markets: Nikkei down 0.90 %, Shanghai Composite gained 0.50 %, Hang Seng up 0.05 %, ASX rose 0.60 %
  • Commodities: Gold at $1202 (-0.20 %), Silver at $17.06 (-0.50 %), WTI Oil at $50.36 (-2.00 %), Brent Oil at $58.12 (-1.65 %)
  • Rates: US 10 year yield at 1.991, UK 10 year yield at 1.602, German 10 year yield 0.214

News & Data:

  • Japan National Core CPI 2.2 % y/y, Expected: 2.1 %, Previous: 2.2 %
  • Japan National CPI 2.2 %, Previous: 2.4 %
  • Japan Tokyo Core CPI 2.2 % y/y, Expected: 2.2 %, Previous: 2.2 %
  • Japan Tokyo CPI 2.3 % y/y, Previous: 2.3 %
  • Japan Unemployment Rate 3.5 %, Expected: 3.5 %, Previous: 3.6 %
  • Japan Retail Sales -1.8 % y/y, Expected: -1.5 %, Previous: -2.0 %
  • Japan Household Spending 0.8 % m/m, Expected: 0.5 %, Previous: -0.3 %
  • Japan Household Spending -2.9 % y/y, Expected: -3.2 %, Previous: -5.1 %
  • PBOC Fixes Yuan At 6.1397 (previous 6.1375)

Markets Update:

After a third failure to sustain momentum above 1.1030, EUR/USD fell sharply and extended losses towards 1.0855 overnight. Price action suggests further losses are ahead, as bears clearly remain in control. Dealers report decent selling interest in the 1.0945/50 area and then again at 1.1000/10. Similar price action in GBP/USD, which almost reached 1.50 after better than expected UK retail sales. It stopped just a few pips shy of the level and then eventually fell back to 1.48. Next key support at 1.4720 and then 1.4685. USD/JPY bounced just ahead off the pivotal 118.20 support area and made it back above 119.00. The major obstacle remains the 120.00 level, and until we get a clear break above, the overall bias remains bearish.

Upcoming Events:

  • 07:45 GMT – French Consumer Confidence (93.0)
  • 08:30 GMT – Swedish Retail Sales (0.3 % m/m)
  • 08:45 GMT – Bank of England Governor Carney speaks
  • 09:00 GMT – Italian Industrial New Orders
  • 09:00 GMT – Norwegian Unemployment Change (89k)
  • 09:00 GMT – Norwegian Unemployment Rate (3.0 %)
  • 09:15 GMT – Bank of England MPC Member Broadbent speaks
  • 10:00 GMT – Italian Retail Sales (0.1 % m/m)
  • 10:30 GMT – FOMC Member Fischer speaks
  • 12:30 GMT – US GDP (2.4 % q/q)
  • 12:30 GMT – US GDP Price Index (0.1 % q/q)
  • 14:00 GMT – US Michigan Consumer Sentiment (92.0)
  • 19:45 GMT – Fed Chair Yellen speaks

The post Friday 27th March: European Open Briefing appeared first on .

Source:: Friday 27th March: European Open Briefing

Won't your trader friends like this?
IC Markets
About the Author
IC Markets is one of the world’s only True ECN forex brokers providing trading solutions for active day traders and scalpers as well as traders that are new to the forex market. IC Markets offers its clients cutting edge trading platforms, low latency connectivity and superior liquidity. IC Markets is revolutionizing on-line forex trading, on-line traders are now able to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals. Visit IC Markets Website [space height="20"] [social type="facebook"]https://www.facebook.com/icmarkets[/social] [social type="twitter"]https://twitter.com/IC_Markets[/social] [social type="google-plus"]https://plus.google.com/+Icmarketsforex/posts[/social] [social type="youtube"]http://www.youtube.com/user/ICMarkets/[/social]

Related Posts

Leave a Reply

*