The price has bounced up towards our profit target previously. Now we remain bullish above 119.45 support (Fibonacci retracement, horizontal pullback support, and recent swing…
Euro traders turn their gaze to French polls; Debates kick off today
• EUR tumbled on Fri., after a new French election poll showed Le Pen recovering ground.
• Today, we have the first televised debate between the top 5 candidates.
• A strong showing by Le Pen could prove EUR-negative.
• A more moderate performance by her, or a strong showing by Macron (her main rival) could support the common currency.
G20 drop commitment to resist protectionism
• G20 did not reiterate opposition to protectionism. No FX market impact, but highlights trade risks.
• It could affect the stance of RBNZ & RBA (make them more cautious).
• Speakers: BoE Chief Economist Andy Haldane and Chicago Fed President Charles Evans.
As for the rest of the week:
• Tue: UK CPI data for Feb. Both the headline and the core rates exp. to rise. GBP-positive.
• Wed: RBNZ policy decision. We exp. the Bank to stand pat, amid mixed data. Likely to maintain a dovish tone. If so, NZD-negative.
• Thu: UK retail sales for Feb. are exp. to rise after two consecutive declines. GBP-positive.
• Fri: Eurozone’s prel. manuf. & services PMIs for Mar. From US, durable goods orders for Feb. and from Canada, CPI data for Feb.
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