The GBP USD finished higher on Monday in mostly range bound
trading in New York.
economic data has supported the Pound, but gains have been limited by political
uncertainty. This outlook changed overnight following the release of a new poll
showing that the main opposition Conservative Party is gaining ground. This
outcome will reduce the chances of a hung parliament and increases the chances
that a solution may be hammered out regarding the U.K. budget deficit.
Overall, the U.S. Dollar traded mixed against the major
currencies but held steady through out the day session. The slow volatility
stems from the lack of fresh U.S.
economic news and the lack of news regarding Greece and its budget woes. Forex
traders were also keeping things tight ahead of the upcoming Bank of Japan
meeting and the Reserve Bank of New
Zealand and Federal Reserve meetings on
The Bank of Japan is expected to keep interest rates
unchanged at historically low levels. The market moving news will be how the
BoJ assesses the economy and inflation. Demand for higher risk assets, namely
stock market, has been pressuring the Yen lately. Deflation has also
contributed to the weakness. Traders will be looking for a rosier outlook for
the economy and hints of inflation from the BoJ policy makers.
One sticking point between the government and the BoJ has
been the topic of quantitative easing or stimulus. The government continues to
pressure the central bank for expanded stimulus. While the BoJ may pass on
expansion by limiting its purchase of Japanese Government Bonds, it may
consider lengthening the maturities to appease the government officials.At this time it doesnâ€™t look like the Bank of
Japan will do anything to encourage traders to buy the Yen so the USD JPY
uptrend is likely to continue as long as U.S. equity markets keep rising.
The NZD USD was the big gainer today. Although the Reserve
Bank of New Zealand is expected to keep interest rates unchanged at 2.50%, traders
feel that the RBNZ may be moving more quickly toward increasing interest rates
25 basis points sooner than previously estimated. Recent better than expected
economic reports are most likely moving the central bank closer to hiking rates
before the previously mentioned second half of the economy.
The AUD USD closed lower on Monday after an early attempt to
rally failed. Stronger demand for higher risk assets helped the Aussie
overnight, but U.S. stock
market weakness pressured this Forex pair after the New York mid-session. Traders are expressing
uncertainty about whether recent economic information supports another rate
hike by the Reserve Bank of Australia
in May. A breakout over .9337 will be a strong indication that rates will be
hiked once again. A trade through an uptrending Gann angle at .9250 could
trigger a technical sell-off.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
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Forex News Real-time forex market news reports and features providing
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Actionable trading levels delivered to YOUR charts in real-time.
Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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