Traders wait for trade war news in G20 meeting
March 19, 2018
Europe Market Movements
The EU has published a ‘retaliation list’ of American goods that will be taxed in Europe, if the US steel and aluminum tariffs are imposed. In the meantime, the German economy minister will be meeting US government officials, to prevent a trade war. The European and British economic calendar are quite light today, but keep an eye on news from the G20 meeting being held in Argentina.
US Market Movements
The USD has been trading high today, with the EURUSD down this morning at 1.2268, from 1.2401 on March 14. The US economic calendar is also light today. Traders’ expectations center on the new Federal Reserve chair first FOMC meeting on Wednesday, when he is widely expected to announce a rate hike. The G20 meeting is also likely to create volatility, especially if trade war issues are discussed.
Asia/Oceania Market Movements
Asian shares have been trading mixed today, as traders, wait for the US Fed Reserve meeting on Wednesday. The Nikkei has fallen as has the MSCI broadest index of Asia-Pacific shares. The AUD and the NZD are also seeing their share of woes, with them falling against major currencies. Don’t miss the Westpac consumer survey overnight.
Bitcoin has bounced back up, rising by $700 in three hours after it hit a low of $7,335.57 on Sunday. A group of central bank regulators and government ministers have said that that they don’t see cryptocurrencies as a threat, but don’t miss possible volatility whilst the G20 meeting is in progress. Possible cryptocurrency regulation is going to be discussed.
|13:40 GMT||USD: FOMC Member Speech|
|21:00 GMT||NZD: Westpac Consumer Survey|
|00:30 GMT+1||AUD: RBA Meeting’s Minutes|
For this week’s complete economic calendar, click here.