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EUR Fades Gains Based Off ECB Report

FOREX
  • EUR trades under modest pressure ahead of the NY crossover as markets look to fade a Reuters ECB report suggesting that policymakers will stick to a 50bps rate rise this week in order to reinforce credibility and live up to the bank's communication strategy. The report was largely inline with the MNI Exclusive run on Monday evening, citing sources in seeing the bank sticking to their 50bps hike strategy despite the uncertainty surrounding the US banking sector.
  • EUR/USD traded through the overnight lows shortly after the London open and within range of the late NY Tuesday lows of 1.0711. 1.0704 marks next support, the 23.6% retracement of the Weds - Weds upleg.
  • NZD is the poorest performer in G10, flagging against most others as prices in NZD/USD oscillate either side of the 100-dma at 0.6254. Equities are modestly weaker across futures space in both the US and Europe, however the e-mini S&P holds well within range of yesterday's late recovery high at 3972.50.
  • Eurozone industrial production data the next highlight, with markets expecting produtin to have risen 0.3% on both the month and the year. US PPI is due to follow, with February retail sales also on the docket.
  • Outside of data, the UK Chancellor is set to present his latest Spring Budget, at which the UK government are expected to outline plans to return workers to the labour market and incentivise sluggish business investment.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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