EUR withstands tariffs pressure (for now)
March 12, 2018
Europe Market Movements
Currency and CFD News – The Europeans are seeking clarifications from the US administration regarding the import tariffs, but so far, the uncertainty has not undermined the EURUSD which is trading this morning at 1.2326. Today’s economic calendar is very light both in Europe and the UK, so both currencies will respond to international events (if any).
US Market Movements
Friday’s positive NFP boosted US stocks on Friday, showing the fastest growth since 2016 but slow wage growth figures overshadowed the NFP. With a slow day today in the American events calendar, traders will be eyeing US retail sales and the CPI data tomorrow.
Asia/Oceania Market Movements
The AUD started the week positively, as the Americans awarded the Australians a full exemption from the much talked about steel and aluminum tariffs. The NZD is also in a bullish mood, with the NZDUSD pair this morning at 0.7315. NZD traders expect volatility today in response to the speech by RBNZ Governor Grant Spencer at 23:45 GMT. On the stocks front, at the time of writing, the Nikkei was up by 1.77%, as was the Hang Seng by 1.91% and the Kospi by 1%.
The price of oil has been creeping up as the US reduces drilling activities. WTI was trading this morning at $61.90, down 0.2%, and Brent was also down 0.2% at $65.36 a barrel. The price of gold has not moved today, in reaction to the price of the dollar. At 7:00 GMT this morning, Gold Futures were selling at $1,323.1.
|18:00 GMT||USD: Monthly Budget Statement|
|23:45 GMT||NZD: RBNZ Governor Speech|
For this week’s complete economic calendar, click here.