FX News Today
- A rally in Chinese equities led to a broad rise in Asian stock markets, after confirmation from US President Trump that he will delay the planned increase in tariffs on Chinese goods, which had been scheduled to start in March.
- This saw the CSI 300 and Shanghai Comp rallying 5.58% and 5.29% respectively.
- The Hang Seng rose 0.44%, while Topix and Nikkei gained 0.71% and 0.48% respectively, as Trump cited “substantial progress” in the talks and said that he would plan a summit meeting with China’s President Xi Jinping at his Mar-a-Lago estate to conclude an agreement, if there is additional progress.
- More concrete signs then that trade tensions can be resolved through talks and US futures are moving higher, while the April WTI future is trading at USD 57.16 per barrel.
- USD traded mixed at 1.1345 against the Euro and at 110.60 against the Yen.
- No Brexit Vote this week after all but one should take place by March 12.
Charts of the Day
Main Macro Events Today
- BoE Carney Speech – The BoE Governor is due to hold a press conference in London.
- FOMC Clarida Speech – Richard Clarida is expected to participate in a moderated discussion titled “A conversation with Community Leaders” in Dallas, Texas.
- Wholesale Inventories – The change in the total value of goods held by wholesalers is expected to stand at 0.3%, the same rate as the previous month.
Support and Resistance
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Dr Nektarios Michail
Market Analyst
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