Macro Events & News

FX News Today

  • The Dollar pulled ahead from a nine-day low on Thursday, largely helped by the Pound snapping back after a sharp rally made on Brexit relief.
  • MPs surprised the government and voted by 312 to 308 to reject a no-deal Brexit under any circumstances. The vote is not binding – under current law the UK could still leave without a deal on 29 March.
  • There will be another vote tonight, with British lawmakers widely expected to vote in favour of a Brexit delay.
  • US grounded Boeing’s 737 Max 8 and 9 fleet as announced by the FAA, with Boeing itself recommending that the 737 Max should be taken out of service. More than 370 such planes are operated. Boeing saw its value decline by $26.6 billion this week.
  • Data from China point to the negative as unemployment has risen and industrial production growth has slowed, even though retail sales continue to grow.
  • Gold declined as the Dollar strengthened, still trading at about 1300. Oil reaffirmed its gains and is trading around $58.

Charts of the Day

Technician’s Corner

  • EURUSD continued its rise after the rejection of the no-deal Brexit. The pair broke through its 200HMA, and the Resistance point at 1.13, but has not managed to stay above the 1.1330 Resistance. Indicators are showing mixed signals.
  • GBPUSD gained after the rejection of a no-deal Brexit, breaking through the 200HMA yesterday, but bouncing off both the 1.3336 Resistance level and the 1.3245 Support.
  • XAUUSD lost as the Dollar gained yesterday, coming down from the 1310 highs and currently trading at 1302. The MACD and Stochastics are issuing negative signals.
  • USDJPY continues its slow upwards movement, breaking through the sideways channel as it is currently trading above its 200HMA level at 111.50, with immediate Resistance at 111.68. MACD and Stochastics are showing signs of saturation.

Main Macro Events Today

  • Jobless Claims (USD, GMT 12:30) – Continuing and Initial Jobless Claims are expected to have risen last week, by 2K and 20K respectively, reaching 225K and 1.775K.
  • New Home Sales (USD, GMT 14:00) – New Home Sales are expected to have marginally declined in January, to 0.62M from 0.621M in December.
  • Brexit Vote (EUR, GBP, N/A) – The UK Parliament will vote on whether a Brexit delay should be pursued.

Support and Resistance

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Dr Nektarios Michail

Market Analyst

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