Markets in Details: 04 March 2019

4 March, 2019

News

  • Turkey reported consumer inflation of 19.7 percent in February, beating expectations of 19.9 percent, as government efforts start to pay off. Ankara has been intervening to bring inflation lower, including taking steps  to buy directly from producers and selling them to consumers at reduced prices.

The focus of attention

  • Markets are keenly assessing to see the Federal Reserve’s response to President Trump’s latest remark, essentially accusing the central bank of being “anti-economic-growth” by preferring to keep the dollar high.

Expected events. All times GMT.

  • 09:30 The U.K. will release its February Construction PMI.

Technical Analysis

  • EUR/USD is generally flatlining to drifting lower on the one-hour view. A large downside move began at around 08:30 GMT, breaking the near-term support level of 1.1356. Momentum support at 38% was also broken as the RSI plunged a good 10% on that one move. Expect bearishness to remain in play during this session if the RSI remains below 40%.

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