Daily Alert: Tuesday 21st March 2017

Mark NugentDaily Alert, March 2017

Forex Analysis for Tuesday 21st March 2017

Monday: In the run-up to the French election, Macron outperforms the rest of the contenders in yesterday’s TV debate. The EUR rises, but only by 80 pips or so.

Tuesday: Australia the RBA minutes noted that some areas of the economy have improved and that economic growth is to accelerate gradually to above potential over the next 2 years. However, they highlighted that the rise in the currency could complicate transition (slight jawboning) and as such AUD/USD fell from 0.7730 to test the 0.77 area but this was rejected and price has consolidated just above.

The Trump trade is clearly taking a significant breather: the USD was flat yesterday and US equities mostly down. Gold is up and oil consolidates. US 10-year treasuries have been trending down for 6 days. The FTSE250 hits new highs and the Euro50 is close to that today. Japan 225 spikes down to touch resistance before closing just above it. The EUR is buoyed by the French election debate. Widespread consolidation is seen elsewhere in the currency markets although the CAD grinds downwards.

Today we have UK CPI and CAD Retail Sales.

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