Previous Day's Market Highlights
While the euro initially saw a bid tone, it was the dollar’s gains that were particularly notable. As a result, sterling-euro temporarily fell back below 1.14, hitting one-week lows, while sterling-dollar lost over 1% to fall towards 1.4050, briefly touching its lowest levels since last Wednesday, before reclaiming 1.41. Sterling’s afternoon recovery saw it regain 1.84 against the Aussie, 1.95 against the kiwi, and 1.82 against the Canadian dollar.
The euro’s initial gains were attributed to end-of-month demand, but the single currency met resistance against the dollar after Eurozone economic sentiment and confidence figures disappointed expectations. Fed member Bostic said that fiscal policy is creating more uncertainty for monetary policy.
|Currency Pairing||08:00 Today||Vs 08:00 Yesterday||Four-Week High||Four-Week Low||% Change|
Today's Market Highlights
Today’s mid-level releases are primarily from the US. Of particular note is the finalestimate of Q4 GDP, with a revision higher projected (13:30 BST). The data will likely have limited impact on the dollar unless the revised figure differs significantly from expectations. The first estimate of economic growth had come in at 2.6% before being revised lower; the projected upwards revision would surpass the preliminary figure.
Tomorrow it is the UK’s turn to release final Q4 growth figures. GDP is expected to come in unrevised quarter-on-quarter and to be revised higher from 1.4% to 1.5% year-on-year.
Today's Economic Calendar
|13:30||USD||GDP Annualised (Q4)||2.7%||2.5%|
|13:30||USD||Goods Trade Balance (Feb)||$-72.5B||$-74.4B|
|13:30||USD||Core Personal Consumption Expenditures QoQ (Q4)||1.9%||1.9%|
|13:30||USD||PCE QoQ (Q4)||2.7%||2.7%|
|15:00||USD||Pending Home Sales MoM (Feb)||2.1%||-4.7%|
|15:30||USD||EIA Crude Oil Inventories (23 March)||1.200M||-2.622M|
|17:00||USD||Fed's Bostic Speaks|
|22:45||NZD||Building Permits s.a. MoM (Feb)||0.2%|
|00:01||GBP||Gfk Consumer Confidence (Mar)||-10||-10|