Session Wraps - Major Forex Headlines wrapped up by trading session

Forex news for Asia trading Wednesday 20 March 2019  

The big event ahead is the FOMC announcement, due at 1800GMT:


A higher USD underlay currency moves today, the dollar up nearly across the board.

USD/JPY was a notable gainer (relatively speaking), up above 111.50 to highs circa 111.69. 

Forex news for Asia trading Wednesday 20 March 2019  

AUD/USD, NZD/USD both fell. The AUD move was blamed on comments from RBA Assitant Gov Bullock (see bullets above). An early (much earlier) heads up for a lower AUD was given well before her speech, a fall waiting to happen it seems.

We got some data from NZ today but the data of focus from the country comes tomorrow, Q4 GDP.  BNZ and ASB both raised their milk price forecasts today.

EUR/USD is down only small on the session, as is cable. We get inflation data from the UK Wednesday morning, which might take the focus of Brexit for about half a second.

Chinese stock markets saw falls today, as did gold. 

Still to come:


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GMTAuthor: Adam Button

Forex news for North American trade on March 19, 2019:

Markets:

  • Gold up $3 to $1307
  • WTI crude down 22-cents to $58.87 after hitting four-month high at $59.77
  • S&P 500 down 6 points to 2826
  • US 10-year yields up 1 bps to 2.61%
  • CHF leads, AUD lags
The Canadian dollar was a mover ahead of the budget, which will be out imminently. USD/CAD fell to 1.3250 from 1.3315 but rebounded all the way back by the end of the day. A big part of that was a similar round trip in oil prices, which finished lower after hitting a four-month high.

EUR/USD traded in a tigh range between 1.1340-1.1360. Stops will be building on either side of that.

Cable fell as low as 1.3241 late in London trade but was reluctant to push lower, just as it was in an attempt to move higher earlier in the day. The pair settled in the middle of the range and up slightly at 1.3217.

Forex news for North American trade on March 19, 2019:

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GMTAuthor: Justin Low

1

Forex news from the European morning session - 19 March 2019

Headlines:

Markets:

  • CAD leads, AUD lags on the day
  • European equities higher; E-minis up 0.2%
  • US 10-year yields flat at 2.603%
  • Gold up 0.4% to $1,308.27
  • WTI up 0.6% to $59.47
  • Bitcoin down 0.2% to $3,964

EOD 19-03
It was a session bereft of major headlines to really drive market direction but there were a couple of Brexit stories to set up expectations ahead of the EU Summit set to take place on Thursday this week. Despite John Bercow ruling out MV3 overnight, word on the street is that May is still preparing for one next week regardless and it is said that European leaders will work towards approving an extension right before deadline day on 29 March.

Hence, there will be no decision on any Brexit extension made this week as the European Union looks set to give May up until next week to try and hash things out with the DUP to try and get a third deal passed in parliament.

Cable steadily climbed from 1.3260 to a high of 1.3311 with the dollar also holding weaker but once again, resistance and offers around 1.3300 helped to cap gains as price settles back to near 1.3280 currently.

The dollar's weakness was the overwhelming theme on the session as markets are beginning to focus on the FOMC meeting decision tomorrow. Expectations are for the Fed to reiterate their 'patient' cue and possibly lower its dot plots projections.

EUR/USD rose from 1.1340 levels to a high of 1.1362 before trading around 1.1350 levels currently. Meanwhile, the likes of the swissie, yen and loonie also advanced modestly against the greenback as a result. But between each other, major currencies are very much lacking in direction ahead of North American trading.

The aussie is the weakest performing major currency on the day as it deals with struggles from lower yields. Australia's 3-year bond yields fell below the RBA's cash rate for the first time since 2016 and that is breeding negative sentiment in the aussie today. AUD/USD traded between 0.7090-00 for the most part in the European morning.

Looking ahead, risk sentiment appears to be more positive with auto makers leading the charge in Europe so that is something to watch out for in the session ahead. It could help to underpin yen pairs but take note that there is a host of expiries for USD/JPY between 111.35-50 that could just keep the pair sticky until they roll off later at 1400 GMT. Otherwise, expect markets to pay attention to tomorrow's FOMC meeting decision instead so we could be in for a bit more of a lull until then.

WCRS 19-03

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Forex news for Asia trading Tuesday 19 March 2019

USD/JPY dripped lower during the session here as I update without much in the way of headline catalysts. The Nikkie was heavy, and cited also were stop losses hit for longs (ie. resulting in selling) but apart from that, not much. There was some chatter of a weaker USD going into the FOMC (UST 10 year yield dropped here, so there is something in this), based on expectations of a dovish Fed. None of these are overtly incorrect, they all sound reasonable, but I can't say I am too convinced on any of these in terms of making an ongoing impact. Soon find out though!

The Brexit headlines did not add much to what had already hit during UK/US sessions. GBP has moved a little higher.

EUR/USD, too, small up for the session.

NZ Q1 consumer confidence data came out early in the session, a dip for this after the solid bounce back in Q4. The impact was muted (its never normally much upon release though) but NZD/USD did lose a few tices in following hours, only to bounce back for a fresh session high as I update.  

RBA March meeting minutes had a stale air about them, Governor Lowe had spoken extensively since the meeting, noting the importance of data now on a neutral sort of RBA. Especially jobs data (ps the latest labour market report from Australia is due this week, preview below). I will highlight this post, though ... if the RBA are going to cut they'd like transmission to be unfettered:

AUD/USD is barely changed for the day, up a few tics not only.

Forex news for Asia trading Tuesday 19 March 2019 RBA Gov. LoweRBA Gov. Lowe

Still to come:

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