Daily News: Monday, March 5

Daily News: Monday, March 5

Finally, Italian parliamentary and German coalition elections happened. Let’s look how they affected the single currency and which events happened during the weekend.

  • As the information from Italy and Germany was mixed, the euro showed an unclear movement.

Based on the positive news from Germany where the Social Democrats agreed to work in a coalition with Angela Merkel’s Christian Democrat bloc, the single currency climbed to the important level at 1.2360. However, Italian elections’ results did not let it go further, so the euro turned around and started declining. Final votes have not been counted yet, but at the moment, the anti-establishment parties are outperforming. The majority of the Euro-sceptic parties in the parliament will lead to the unstable environment in the European Union. However, there are some factors that can support the single currency. They are Brexit negotiations and a US market situation.

  • The Australian dollar is falling. It was a big amount of data today in the morning, however, it was mixed and could not support the Aussie. Building approvals (m/m) and company operating profits (q/q) data were bigger than expected, but the actual MI inflation gauge (m/m) was less than the forecast one. Tomorrow there will be a bigger amount of important data: current account (2:30 MT time), retail sales (2:30 MT time), and interest rate (5:30 MT time). However, according to the forecast, the data will not support the Aussie as well. The interest rate will remain unchanged, the current account will be less than the previous one.
  • The US tariffs on imported steel and aluminum caused worries of investors. Global trade wars hit risk appetite that led to the stock fall. US equity futures declined as well.
  • The yen is continuing to appreciate against the dollar. USD/JPY opened below an important level of 105.5 and went further. Now the pair is trading near 105.35. The next crucial level is 105.
  • The gold is continuing to rise since Friday. The commodity is trading above 1328 an ounce.
  • As there is no important data for the Cable, the pound does not show a big movement, however, it lost some points since Friday.
  • USD/CHF is rising today. Swiss CPI data that is anticipated tomorrow at 10:15 MT time. If the actual data is greater than the forecast one, the Swiss franc will be able to move closer to the resistance at 0.9398.
  • There were no important data for other currencies yet. So their positions have not changed a lot since the Friday session.
  • China’s National People’s Congress opens today. Debt, gambling, and property tax can be discussed at meetings. Policy shifts can move the big banks, green stocks or bonds. So do not forget to follow.

Similar

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Crude holds revenues on API estimates

On Wednesday, crude held revenues in Asia because industry estimates revealed a much sharper draw in American crude inventories expected, although higher than seen gasoline stocks affected market sentiment…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera