Sterling rises on Brexit transition deal
March 20, 2018
Europe Market Movements
Sterling is going strong this morning the announcement of a transition deal with the EU. Experts now expect the Bank of England to hike interest rates later on this year. Traders are now keenly waiting for the extensive economic data out today in the UK, including the Consumer Price Index and the Producer Price Index. Don’t miss the German ZEW Economic Sentiment this morning which is expected to show a slowdown in economic activity. EUR traders beware.
US Market Movements
Donald Trump is set to announce a 60 billion USD in trade tariffs against China which will apply to over 100 products. Keep this in your radar and don’t miss to trade USD pairs when the announcement is made. In the meantime, traders are looking forward to the FOMC statement on Wednesday. The USD is sure to respond.
Asia/Oceania Market Movements
Asian markets were weaker today, ahead of Wednesday’s Federal Reserve policy meeting. The Nikkei has fallen in reaction to an internal Japanese issue as has the Topix, the ASX 200 and the Kospi. The AUD is down against the USD and the JPY, although the Aussie did react to the Reserve Bank of Australia’s minutes early this morning.
Crude Oil has risen, spurred on by the weak dollar and other international developments. WTI now stands at $62.59 and Brent at $66.56. On the cryptocurrency front, prices are trading higher this morning, but a report by Morgan Stanley says that Bitcoin’s recent moves mirrors that of the Nasdaq Composite in the lead up and aftermath of the 2000 ‘boom and bust’.
|9:30 GMT||GBP: Consumer Price Index|
|10:00 GMT||EUR: German Zew Economic Sentiment|
|20:30 GMT||USD: API Weekly Crude Oil Stock|
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