Macro Events & News

FX News Today

  • Stock markets rallied in Asia with Chinese indices leading the advance as markets prepare for a cautious Fed meeting this week.
  • China’s promise to support the economy via a cut in the VAT rate is adding support and helping markets to leave December lows far behind.
  • US futures are also on the rise as are European futures.
  • Japanese exports decline for a third consecutive month. Singapore non-oil exports swUng to surprise 4.9% rise in February after 3 months of decline
  • North Korea may suspend nuclear talks with the US, according to Russia’s TASS.
  • Brexit: May is still trying to get her Brexit deal over the line ahead of the March 21/22 EU summit, with an extension now needed even if the deal goes through.
  • BCC published a report showing that UK business investment is on course to decline by 1.0% in 2019, which would be the worst in a decade.
  • EURUSD above 1.1300, after marking 10-day peak near 1.1345 on tame Fed view.
  • USDJPY tipped lower on N. Korea back-track after printing 9-day peak at 111.90.
  • IEA warned of sharp Venezuela supply drop, but OPEC has spare capacity to offset.
  • The WTI future meanwhile is trading at $58.40.

Charts of the Day


Technician’s Corner

  • EURUSD found some ground on Friday’s closing. It is currently trading above its 10-day peak, in the upper BB pattern. Next Resistance 1.1360(50DMA) and Support at 1.1320 (20DMA).
  • GBPUSD is consolidating in the upper 1.32 area. Overall it remains in an up channel.
  • NZDUSD: Broke 3-day High and currently retesting the upper line of a descending triangle. Bullish inverse Head and Shoulders has also been identified in the hourly chart. Resistance holds at 0.6875-0.6900.
  • XAUUSD rebounded from 1,298 the past hour up to 1,304 area. Any consecutive bullish candles could suggest a positive intraday outlook.

Main Macro Events Today

  • Eurozone Trade data – Eurozone trade data as well as current account data are likely to reflect the global pressure on exports. January’s trade balance is expected to fall to EUR 13.2 bln, vs EUR 15.6 bln in February.
  • US NAHB Housing Market Index – The NAHB Housing Market Index for March kicks off the week, and it is expected to rise to 63 from 62 last time.

Support and Resistance

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Andria Pichidi

Market Analyst

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