Wednesday March 22, 2017 - 18:17:19 GMT
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WEEKLY Forex Economic Calendar:
22 Mar Wed
21:00 NZ- RBNZ Decision
23 Mar Thu
09:30 GB- Retail Sales
12:30 US- Weekly Jobless
14:00 US- New Homes Sales
24 Mar Fri
All Day flash PMIs
12:30 CA- CPI
26 Mar Sun
00:00 EZ/GB Clocks + One hour
Forex Market: items driving the market in the mid-week period:
- wednesday saw a terrorist event in London that resulted in several fatalities.
- Equities turned cautious Wednesday after the Tuesday equity sell-off. This was the first opportunity for the Far East to react. Markets had gone too long without a consolidation. So not many are terribly worried at this juncture. This is a prime example of the risk of trading on "conventional wisdom" The yield on the 10-yr note has fell to a low of 2.375%. The catalyst for this overdue equity correction was worry that the Trump agenda is being stalled by his own party's right wing and the opposition Democrats.
- The May goverment in the U.K. is scheduled to invoke Article 50 next Wednesday (March 29). Higher CPI data in February will make the BOE more vigilant. The BOE targets inflation but will not be hiking rates soon.
- There is a growing perception that the ECB in the very early stages of stepping back from its excessive policy ease. This could take a while.
- While Wednesday featured flows INTO Japan from Europe, we had been seeing funds recently flowing from Japan to Europe as part of a new round of "carry trades"? Carry trades appear to be on hold while equity prices adjust.
Lots to consider. Please comment...
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