Daily market review 23 March

12:30 *** Retail Sales With Auto Fuel – February (UK)

12:30 ** Retail Sales Ex Auto Fuel – February (UK)

After three months of decline in this indicator, economists expect a slight increase in retail trade volumes, including cost of fuel. The growth of these indicators is a fairly good driver for the economy. Confirmation or excess of the forecast is favorable for GBP.

15:30 ** Unemployment Claims – March (USA)

Economists do not expect significant changes in the labor market, so only a deviation from the forecast of more than 10-15 thousand may be accompanied by an increase in trading activity. Reduction of this indicator can support USD (for a short time).

15:45 ** Federal Reserve Chairperson Janet Yellen Speaks – March (USA)

He will give an opening speech at a research conference on community development, organized by FOMC in Washington. I do not expect to hear important comments for the market, so I will not count on a surge in trading activity either.

19:30 ** FOMC Member Neel Kashkari Speaks – March (USA)

19:30 ** SNB Member of the Governing Board AndrĂ©a Maechler Speaks – March (Switzerland)

EUR / USD

At 9:00 GMT, the ECB monthly report on the money market, growth prospects, accumulation trends and various economic issues will be published. The main activity of EURUSD trades should be deployed after this information is released at will.

In the breakdown of the range of 1,0800-1,0820, targets for buyers are held at 1,1000-1,1070.

USD / JPY

So far the situation looks like, like a new intraday corridor is found – 110,80-111,40. In the priority, we save sales on a pair with a target at 110.00-109.40.

Someone calls the reason for falls USDJPY “the flight of investors from risky assets”, someone believes that “only the rhetoric of representatives of the FOMC on the forthcoming monetary policy can support the resumption of growth USDJPY.”

GBP / USD

The information field will be occupied with reports of a terrorist attack in London, which is already called an “attempt to distract from Brexit”, but we would call it “an attempt to press on the pound,” which actively takes place in short-term portfolios of “bull investors.”

Today at the European session quotes have repeatedly reached the resistance of 1,2500, from which, from our point of view, will definitely try to increase sales. But we would not hurry with the purchases USD, and the GBP sale. As the practice of 2016 shows, the terrorist acts ceased to be actively developed in the currency market in accordance with speculators’ expectations. Now the priority may be an investment summit in London, and the forthcoming publication of data on UK retail sales for February.

Intraday we will keep the nearest targets of the mark of 1.2524 – 1.2548. Medium-term for the time being, the purpose of buying a GBPUSD currency pair in the range of 1.2700-1.3000.

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