FX News Today
- Stock markets outside of mainland China headed south.
- The first offshore default by a Chinese state owned company in 20 years sparked a fresh wave of risk aversion and concerns over the health of the Chinese economy, as it has failed to repay a US dollar bond in Hong Kong.
- Border tensions between India and Pakistan added to the risk-off sentiment.
- European stock futures are also heading south, in tandem with US futures, amid ongoing Brexit uncertainty.
- German GfK consumer confidence held steady at 10.8 in the advanced reading for March, unchanged from the February reading.
- WTI crude dropped $2.00/bbl on Pres Trump tweet “Oil prices getting too high.”
- USDJPY fell amid risk-on theme, but still above 110.70.
- EURUSD firmer to around 1.1350 area.
- Gold is still unable to move decisively past the 1330 mark.
Charts of the Day
Main Macro Events Today
- Inflation Report Hearings
- UK Prime Minister Theresa May will update parliament today.
- US Housing data – Housing starts are estimated to rise 0.3% to a 1.260 mln pace in December, following a 3.2% jump to 1.256 mln in November. Building Permits are set at 129M in December.
- Fed Chair Powell Testifies – Fed Chairman Powell gives his semi-annual report to Congress. He will testify before the Senate Banking Committee.
- CB Consumer Confidence – It is expected to rise to 124.0 in February, from an 18-month low of 120.2 in January, and versus an 18-year high of 137.9 in October.
Support and Resistance
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Andria Pichidi
Market Analyst
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