(Dow Jones via eFXnews) EUR/USD - to range-trade. Undermined by surprise drop in euro-zone February composite PMI to contractionary 49.7 in February from 50.4 in January (vs forecast for rise to 50.8); skepticism about Greece's ability to carry out harsh belt-tightening measures demanded by official creditors to secure EUR130 billion funding package; fears that payouts on Greek sovereign CDS will be triggered, with repercussions on other peripheral euro-zone debt when Greek government imposes a "collective action clause" to force remaining resisting bondholders to accept 53.5% write-down of privately-held Greek sovereign debt; concerns that Portugal may have to restructure its debts. But EUR sentiment soothed by higher-than-expected 1.9% on-month rise in euro-zone December new industrial orders (vs +0.7% foreast). EUR/USD losses also tempered by sovereign demand for euro; EUR demand on buoyant EUR/JPY cross.
Data focus: 0900 GMT German February Ifo business climate index.
WEEKLY Forex Economic Calendar: 24 Jan Tue
09:30 GB- Brexit Court Ruling
15:00 US- Existing Homes Sales 25 Jan Wed
00:30 AU- CPI
09:00 DE- IFO Survey
15:30 US- Crude 26 Jan Thu
09:30 GB- GDP
13:30 US- Weekly Jobless
14:45 US- flash Service PMI
15:00 US- New Homes Sales
23:30 JP- CPI 27-Jan Fri
13:30 US- Durable Goods
13:30 US- GDP
15:00 US- University of Michigan
Markets are digesting the U.K. Supreme Court ruling today, which upheld a lower court saying that Parlimentary approval is needed for the Prime Minister to invoke Article 50, which puts the U.K. exit from the EU into motion. The Court also ruled that the approval of the devolved Parliaments in Scotland, Wales and Northern Ireland was not required. So Parliament will have to pass a law invoking EU article 50. There is no worry that this should impact PM May's end of March deadline for Brexit.
If approval of the devolved parliaments had been required, this could have become a messy proceess with Scotland opposing Brexit.
Late Monday U.S. Treasury Secretary-designate Mnuchin muddied the waters when he said that an excessively strong US dollar may be negative in the short term. This report sent the USD lower. Details of the Trump dollar policy are awaited. Use the EURUSD 1.0700 line as a key benchmark of USD strength or weakness.
The U.S. economic calendar today includes: flash Markit PMI, Existing Homes Sales and the Richmond Fed Survey.
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