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EURUSD storm on the horizon?

March 8, 2018


europe market movements

Europe Market Movements

Busy day today for EUR traders. At 13:30 GMT the European Central Bank will make its policy statement and rate decision. About 6 hours later, the US President is expected to sign the order for steel and aluminum tariffs on European imports at 3:30 PM ET (20:00 GMT) in the White House but reports later said, that this might actually happen on Friday. The EU is expected to retaliate, imposing import tariffs on a range American products including peanut butter, cranberries and orange juice. The EUR will surely respond to both events. Don’t miss out.


US Indicators

US Market Movements

Good news for the Canadians and the loonie is responding in kind. The American steel and Aluminum trade tariffs are set to exclude Canada and Mexico (for 30 days pending NAFTA negotiations). As a result the CAD has gained in strength, with the USDCAD falling today. Follow USD and CAD currency pairs today. Stocks also reacted to the news, with the Dow closing yesterday down by 80 points. Nasdaq however rose by 0.4%.


Asian indicators

Asia/Oceania Market Movements

Australia reported a big trade surplus of AUD 1.06bn yesterday with the news boosting the AUD against the USD and JPY. Asian stocks rose today on the news of the Canadian and Mexican exemption. The Nikkei 225 rose by 115.35 points, Topic went up by 0.56%, the Kospi by 1.3% and the Hang Seng by 1.69%.





The price of oil has steadied today after yesterday’s falls. Brent and WTI are both up by 0.2%, with Brent trading at $64.46 and WTI at $61.26. High US production may further affect prices. Bitcoin and other digital currencies have reacted to the warning yesterday by the Securities and Exchange Commission of “potentially unlawful online platforms for trading digital assets.” The federal US agency went on to say that cryptocurrencies should be bought and sold in SEC registered exchanges. BTC and other cryptocurrencies have seen falls today in Asian trading.



Today’s Events

12:45 GMT EUR: ECB Deposit Rate Decision
13:30 GMT EUR: ECB Monetary policy statement and press conference
13:30 GMT CAD: Building Permits
13:30 GMT USD: Jobless Claims
21:45 GMT NZD: Electronic Card Retail Sales (YoY) (Feb)

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