Daily Alert: Wednesday 8th March 2017

Mark NugentDaily Alert, March 2017

Forex Analysis for Wednesday 8th March 2017

Tuesday: House of Lords voted 366 to 268 votes to pass an amendment to the Article 50 bill that requires the Government to allows MPs a “meaningful vote” on the final Brexit deal. (Newswires)

Govt Ministers are said to urge for UK PM May to call for a snap election to give her a clear mandate for her Brexit plan. (Newswires)

Saudi Oil Minister Al-Falih stated they will seek an extension of output reduction deal in May and added that inventory levels will be considered on whether to extend the deal. Al-Falih also stated that OPEC and non-OPEC have removed 1.4mln bpd from markets and that global oil demand is picking up. (Newswires)

Wednesday: Poor Chinese Trade Balance figures at -60B vs expectation of 173B.

The USD rose slightly but the major global equity indices: the 3 US indices; FTSE100 and Japan 225 were all down. The EUR is holding steady prior to Thursday’s ECB meeting. The GBP falls after the UK Government loses again to the Lords in the Article 50 debate. Both AUD and NZD drop on this morning’s poor Chinese trade data.

Today we have the UK Annual Budget Release.

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