Forex trading news and economic data headlines 27 March 2017

News:

  • Exclusive: Worries mount over Greece's ability to repay debts due as soon as April 7th
  • May to lay out her plan to get best Brexit deal for whole of UK
  • UK's May to tell Sturgeon she wants to "build a more united nation"
  • ECB's Lautenschlaeger: ECB is prepared for any outcome from Brexit talks
  • BOE: Financial stability risk is broadly unchanged
  • Former Atlanta Fed President Dennis Lockhart discusses Fed policy, fiscal policy
  • IFO: The German upswing is gaining momentum
  • Swiss franc makes further gains but enough to prompt the SNB into action?
  • SNB total sight deposits w-e 24 March CHF 560.08bln vs 557.17bln prev
  • Le Pen gains some ticks in Opinionway French election poll
  • China state-owned firms post +40.3% Jan-Feb profits yy at 301.87bln yuan
  • China says it will improve policy framework and infra-structure for cross-border yuan flows
  • Moody's: Weakening demand to pressure earnings of Chinese steelmakers
  • Greek economy will grow 1.9% in 2017
  • Option expiries for the 10 am NY cut today 27 March
  • More option expiries of note this week 28-31 March
  • Nikkei 225 closes down -1.44% at 18,985.59

Data:

  • Eurozone February M3 money supply 4.7% vs 4.9% exp
  • Germany March IFO business climate 112.3 vs 111.1 exp
  • China February services trade deficit USD -17.6bln

Early US$ supply following on from Asia has run out of steam a little with dip demand kicking in but the pound has made some decent gains after an early shunt down in EURGBP.

That pair had gap-spiked to 0.8695 on the Asia opening but since then it's been a solid retreat to 0.824 only really wiping its feet at 0.8650. That initially drove cable higher to test 1.2550 which finally gave way triggering stops to 1.2580 before falling back.

With USDJPY finding support into 110.00 it wasn't long before the pound was getting additional support from GBPJPY demand and a move to 139.05 saw cable post 1.2598 and USDJPY 110.40 from 110.12 lows.

The EURGBP retreat and EURCHF dipping to 1.0692 on CHF safe-haven demand have both helped cap EURUSD at 1.0874 after a brief spike through 1.0850. USDCHF has found a base at 0.9830 with the SNB potentially in the frame.

USDCAD has bee tightly bound on a softer USD vs softer oil scenario again while AUDUSD has also been making its mind up with cross plays also preventing the pair taking full advantage of USD supply and stronger gold.

Equities opened lower by an average of around 0.7% but further losses have been limited so far, probably looking to take a further cue from across the pond.

Nothing data wise to trouble the scoreboards but there's enough going on to present further opportunity.