ForexLive European FX news wrap: Trade, Italy, Brexit and options all in play

Forex and Bitcoin news from the European morning trading 5 Mar 2018News:

  • Trump on trade: Tariffs on steel and aluminium will only come off if new & fair NAFTA agreement is signed
  • UK still hopeful of reaching trade agreement with US
  • South Korea’s Kim says global trade dispute is expanding
  • South Korea’s finance minister and BOK governor say vigilance needed on trade protectionism
  • China’s commerce ministry says confident of achieving trade targets this year
  • EU to assess how applicable existing rules are for cryptocurrencies and ICOs
  • When thieves resort to more traditional ways to steal cryptocurrencies
  • Lega leader Salvini says vote outcome requires party to be responsible
  • More from Salvini: Euro was, is and remains a mistake
  • FX option expiries for the 15.00 GMT cut -5 March 2018
  • BOJ deputy governor nominee Amamiya: BOJ should deploy all tools to end deflation
  • More from Amamiya: Aiming at 2% price target will lead to FX stability in long-term
  • BOJ deputy governor nominee Wakatabe: Japan not yet fully out of deflation
  • More from Wakatabe: There are no limits to monetary policy
  • Renzi to step down in the wake of Italian election outcome
  • Bank of Spain governor Linde says Spain to grow above 2.5% in 2018
  • China cabinet research head says slight fluctuation in GDP is acceptable
  • China to appoint new PBOC governor on 19 March
  • Riksbank’s Ingves says must expect low interest rates for some considerable time
  • Pound finds some post-PMI support but sellers poised
  • AUD/USD caught in the middle ahead of the big day tomorrow
  • Economists don’t expect the ECB to tweak forward guidance this week — survey
  • IEA upgrades US oil output growth estimates
  • SNB says alternate board member Thomas Wiedmer is to leave in June
  • Libya’s biggest oilfield said to have resumed production
  • SNB total sight deposits w.e. 2 March CHF 576.0 vs CHF 576.0 bn prior
  • Trading ideas for the European session 5 March
  • Nikkei 225 closes lower by 0.66% at 21,042.09
  • ForexLive Asia FX news: Little ado about something


  • UK Markit/CIPS Feb services PMI 54.5 vs 53.3 exp
  • Eurozone January retail sales m/m -0.1% vs -0.1% expected
  • Eurozone Markit Feb services PMI final 56.2 vs 56.7 exp
  • Germany February final services PMI 55.3 vs 55.3 prelim
  • France Markit Feb services PMI final 57.4 vs 57.9 exp
  • Italy February services PMI 55.0 vs 57.0 expected
  • Spain February services PMI 57.3 vs 56.4 expected
  • Eurozone March Sentix investor confidence 24.0 vs 30.9 expected

A busy morning but a scrappy one too that’s seen a few false starts and still ranging after all.
Trump has tweeted on trade again, equities have fallen with Italy leading the way post hung-parliament election outcome, Bitcoin has run into sellers at $11600 and Brexit lurks in the shadows still.
GBPUSD has found support around 1.3780 and sellers above 1.3830 helped by decent option expiry-led supply after decent UK services PMI lent support
Similarly USDJPY also option-impacted and climbing back to 105.70 from 105.35 with large expiry interest at 105.50 lending support. Yen supply a feature too generally but buyers poised and capping rallies.
EURUSD rallied from election-wobble lows of 1.2269 in Asia to post 1.2335 but retreat since to 1.2990 with EURGBP falling back to look at 0.8900 from 0.8935 and underpinning GBPUSD around 1.3800.
AUDUSD pinned to option-related 0.7750 interest while USDCAD has rallied from 1.2890 to 1.2935 on renewed CADJPY selling and USD demand.
Bitcoin has been underpinned at $11400 but capped at $11600.
Gold has fallen to $1323 from $1326.50 and oil lower too with WTI $61.15 from $61.85
Only US PMI and ISM data of note to come at 14.45 and 15.00 GMT Article Source

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