Slow Start After Central Banks Last Week
- EURUSD: traded in a tight range after finding support at 1.1235. The pair is trading, lower after FOMC highs as investors shook of dovish statements from the Federal Reserve.
- GBPUSD: Cable has remained under near term pressure after retreating from last week’s high at 1.4515. The GBPUSD fell more than 0.5% on concerns that a split in the ruling Conservative Party is deepening ahead of June’s referendum on EU membership.
- USDJPY: Dollar has rebounded in part due to cross-selling in yen, offers at 111.65 and 111.85.
- Indices and OIL: European stocks have moved back into positive territory on Monday, having spent the early part of the trading session in the red, driven lower in part by commodity stocks are likely to continue to weigh. Most volatility was seen in the German DAX which skyrocketed 250 points only to slide in tandem with oil prices.
- U.S. home resales fell sharply in February in a potentially troubling sign for America’s economy which has otherwise looked resilient to the global economic slowdown. The National Association of Realtors said on Monday existing home sales dropped 7.1 percent to an annual rate of 5.08 million units, the lowest level since November.
- There’ll be particular focus on the U.K. this week with inflation and retail sales data due, while the U.S. brings GDP and durable goods numbers later in the week.
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