The UK’s key inflation rate rallied in February, although stayed close to January's two-year minimum, assisting customers to preserve their spending power even as Brexit was still uncertain…
Forex today: a lot of news, few movements
New airstrikes in Syria. At night two additional areas were attacked. The US denies their participation. However, there was no specific reaction in the markets.
- The US dollar is climbing down. The greenback is near 89. Although yesterday’s economic data were quite good, it did not support the USD.
This week FOMC’s members give speeches. Traders, pay attention to their announcements.
- The RBA presented monetary policy meeting minutes today. There was no sensation. The central bank confirmed their stable policy in regard to the AUD: “An appreciation in AUD would slow expected inflation”. One single hint that the bank announced today was the claim: “Given current circumstances, the board agreed next move in rates likely to be up”.
However, the aussie did not react a lot. The AUD/USD pair is still above the pivot point of 0.7770. No important data for the aussie is anticipated in next several days, however, if the USD continues to fall, the AUD has chances to break the resistance at 0.7790.
- After the confident upward movement, the pound is slowing down. Average earnings index growth is less than expected. However, claimant count change and unemployment rate figures are better than expected.
The GBP/USD pair reached the resistance at 1.4376 but rebounded. We can expect the movement to the support at 1.4303. If bears are stronger than bulls, the next support for the pair is at 1.4263. However, according to the Ichimoku cloud, the uptrend will be resumed soon. It will continue for at least several days.
- Yesterday the USD/CAD reached the resistance at 1.2622 (200-days MA) but could not break it and rebounded. Today the pair is standing still. Foreign securities purchases and manufacturing sales m/m will be out today (15:30 MT time). If data are greater than expected, the Canadian dollar has chances to recover. Moreover, tomorrow the BOC will release the interest rate and monetary policy report. The rate is supposed to remain unchanged. Investors anticipate the same interest rate, so it is not expected to shake the loonie. The support lies at 1.2540.
However, if the report brings something unexpected for the CAD, the USD/CAD will rise. The resistance is still at 1.2622.
- The New Zealand dollar is depreciating ahead of the Global Dairy Trade auction. On the daily and weekly charts, Ichimoku cloud signals about the downward movement. The resistance is at 0.7315.
There is no change in the direction of other currencies.
That is all for today. Follow markets news with us!
The Monetary policy committee of the Bank of England will vote on the level of interest rate and release its monetary policy summary on March 21, at 14:00 MT time.
French quarterly surge is expected to strengthen in the first half of 2019 because consumer spending derives benefits from improving household incomes as well as reviving business confidence after protests at the end of 2018…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…