Session Wraps - Major Forex Headlines wrapped up by trading session

Author: Mike Paterson

Forex trading news and economic data headlines 28 March 2017

Article 50:

Other news:

Data:

All eyes on the UK/Europe and the Article 50 fallout after a GBP fall in Asia is partly covered ahead of UK PM May's speech to parliament at 11.30 GMT

GBPUSD had a delayed fall to 1.2376 in Asia after the announcement that May had signed the Article 50 letter and after another test we finally broke up through some decent offers/resistance at 1.2420. Stops were triggered to 1.2435 then a second wave of buying saw 1.2460, the area from where it first fell after a gradual USD demand retreat from 1.2550 yesterday.

EURGBP rallied to 0.8736 in Asia but has since fallen to test support/bids into 0.8650 and overall the pound has reversed a few of its losses as we wait on the next wave of rhetoric and detail.

USDJPY has slipped back to 110.92 from 111.30 as USD supply prevails . AUSDUSD has traded tightly while USDCAD has retreated from 1.3400 to 1.3355.

Not a lot on the data slate to look forward to although we do have a couple of CB talking heads but it's all about Brexit today.

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Author: Eamonn Sheridan
6

Forex news for Asia trading Wednesday 29 March 2017

GBP sold off during the Tokyo morning from circa 1.2450 all the way down to just under 1.2380 before finding a bit of a bounce. It was a sharpish fall, dropping those 70-odd points over about half an hour - forty minutes. The only fresh info was UK PM May signing the Article 50 letter in readiness to hand to Europe (to be delivered to Donald Tusk tomorrow). Its not like its fresh news that the UK is leaving the EU, but there it is, cable off 70 or so points.

It has since bounced somewhat, retracing around half of its fall. For the UK session coming up, here are the Brexit trading risk times for Wednesday 29th March.

Other currencies were much more subdued (except when expressed as GBP crosses, of course). EUR/USD edged a few points higher, USD/CHF is little changed at all.

AUD/USD edged a few points higher, testing its overnight high in a small range. NZD/USD is little changed. USD/CAD a few tics higher.

The yen showed little activity also, data today (retail sales, February) were a miss, and the BOJ bought fewer bonds on the session they did previously. But yen impact was minimal, USD/JPY is around 111.30 as I update, on its session high and around 25 points from the session low. (Up-update ... back to around 111.20)

Gold has sneaked a little lower , a few dollars in it only. Oil is a few cents to the better.

Regional equities:

  • Nikkei -0.15%  
  • Shanghai +0.14%
  • HK +0.20%
  • ASX +0.89%
More:

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Author: Adam Button
3

Forex news for March 28, 2017:

Markets:

  • S&P 500 up 20 points to 2361
  • WTI crude up 60-cents to $48.33
  • Gold down $4 to $1250
  • US 10-year yields up 3 bps to 2.41%
  • AUD leads, GBP lags

This is trading politics.

With economic data, there are peaks and valleys but it tends to follow a theme. Politics is a rollercoaster. At the New York open on Monday, healthcare reform was dead and the Republican party was falling apart. Now, Republicans are talking about working with Democrats and healthcare reform is back on the agenda.

In addition, economic data is improving. Consumer confidence and the Richmond Fed roared higher Tuesday. Oil also got a lift in what was partly a relief rally and partly a reflection of Libyan production disappointment.

EUR/USD started US trading at 1.0860 and crept 10 pips higher before it began to drop. It was a fairly quick dip overall and didn't stop until 1.0799, which was precisely Friday's closing level. In short, it's back to where we started the week and there are bigger questions about whether yesterday's gain was a false breakout.

USD/JPY looks to have formed a bottom at 110.00. It was tested for the second day but it could only get to 110.18, which was touched at the start of US trading. From there it was a march higher as stocks and yields moved up. We finished 100 pips from the lows and a half-cent higher on the day.

Wednesday is Article 50 day so the focus will be on the pound. Cable touched 1.2596 early in Europe but edged down to 1.2560 as US traders arrived and the sank to 1.2441 as dollar buying accelerated later.

The drama was mostly confined to USD, JPY, EUR and GBP. The commodity currencies have been on their own track this week and it was similar on Tuesday.

UAD/USD slowly tracked to 0.7655 from 0.7600 then peeled back 25 pips as the dollar got a bid.

USD/CAD was on the defensive. I was expecting a bit more optimism from Poloz but he's being careful not to give CAD bulls any ammunition. Instead it was a 1.3% rise in oil prices that pulled USD/CAD to 1.3360 from 1.3400.

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Author: Mike Paterson
2

Forex trading news and economic data headlines 28 March 2017

News:

Data:

What started off as quite a lively session has flattered to deceive since, albeit still providing some pip-making opportunity.

EURGBP got an early lift to 0.8658 from 0.8638 with month-end BUBA demand potentially in the frame and that gave cable a push down through 1.2550 to trigger stops to 1.2539. It wasn't long though before euro weakness prevailed overall and we saw EURGBP down to 0.8618 pushing cable up to 1.2596 only to retreat once more.

Meanwhile EURUSD was clinging onto 1.0850 and USDJPY found support to test 110.80 again before it too ran out of steam and is falling back into 110.50 as I type.

Early wobbles in commodity markets gave cause for slippage in AUD and CAD which saw AUDUSD fall below 0.7600 for the first time since 15 March and USDCAD up to 1.3416 but both have since found a few buyers.

USDCHF has been tightly bound as has been EURCHF with little risk-based plays of note but a general safe-haven demand still prevailing.

Equities opened firmer as expected and have stayed in positive territory albeit retreating from highs.

US trade report the data of note at 12.30 GMT (13.30 BST) but we also have Fed heads talking too including Aunty Janet at 16.50 GMT


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