FX News Today
- A report in the WSJ over the weekend that the US and China closing in on a deal, and that Trump and Xi are to meet on March 27, pushed equities up although nothing is confirmed by Beijing or Washington.
- USA500 closed over 2800 Friday and holds gains this morning at 2813, while Nikkei closed up 1%. USD holds gains.
- Oil big down day on Friday with a move to 55.65 from 57.50. Gold closed the week under 1300.00, with trades down at 1294.
- Big policy week ahead, with ECB, RBA, and BoC interest rate decisions, as well as NFPs on Friday.
- The Brexit process will remain a key focus for markets this week. Political developments in the UK last week reduced the odds for a no-deal Brexit scenario, although it has always be our conviction that this is a low-risk possibility as the UK parliament will have final say and, given the numbers and strength of view of most MPs, it is hard to conceive that a no deal would be allow to happen.
Charts of the Day
Main Macro Events Today
- UK Markit Manufacturing PMI – The UK PMI is expected to have stood at 50.2 in February compared to 50.6 in January, in response to the slowdown in the world economy.
Support and Resistance
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Dr Nektarios Michail
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