Daily Alert: Thursday 30th March 2017

Mark NugentDaily Alert, March 2017

Forex Analysis for Thursday 30th March 2017

Economic Calendar

Wednesday:

The news was dominated by the UK government’s triggering of Article 50 and the immediate reaction from the EU.

The financial calendar yielded no significant news.

Thursday:

European Central Bank policymakers are wary of making any new change to their policy message in April after small tweaks this month upset investors and raised the specter of a surge in borrowing costs for the bloc’s indebted periphery. That’s according to Reuters. One ECB source said the bank has been overinterpreted by markets at its March 9 meeting. Taken aback when markets started to price in an interest rate hike early next year, policymakers are keen to reassure investors that their easy-money policy is far from ending, suggesting reluctance change message before June, six sources in and close to the Governing Council indicated.

Market Reaction

The USD continues to rise as does the S&P500 and oil. Gold is flat. Global equities are broadly positive with the exception of the Japan 225 as we continue to be risk-on. The EUR continues to fall, propelled today by ECB news saying the optimism flowing from their March meeting was not justified. The JPY has been flat now for over a week. GBP was volatile but ended only slightly below the open. CAD and AUD rise, the former on a slight move up in oil and the latter said to be due to rising copper prices despite there being scant evidence for this.

News Media

Blackrock bullish on GBP

Today’s Calendar

The major event today is US Final GDP.

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