Markets in Details: 05 March 2019

5 March, 2019

News

  • China lowered its annual growth target to 6.0 to 6.5 percent for 2019 and announced a significant tax cuts worth $298bn this year to bolster the world’s second-largest economy. Analysts say structural deceleration is the main reason for economic slowdown and China’s Premier Le Keqiang reportedly said the country would face tough economic battle ahead.
  • President Trump ended key trade preferences for India and Turkey, which allowed the two countries to make more than $7bn profit.

The focus of attention

  • On Tuesday, markets are paying close attention to services PMI in China, UK, the EU, and the U.S. They will also monitor the retail sales in the UK and the EU. The U.S. is also due to release the new home sales data.

Expected events. All times GMT.

  • 0001 The UK will release its February BRC like-for-like sales.
  • 0145 China will release its February Caixin services PMI.
  • 0855 Germany will release the country’s February services PMI.
  • 0900 The EU will release the country’s February services PMI and Markit composite PMI.
  • 0930 The UK will release the country’s February services PMI.
  • 1000 The EU will release its January Retail Sales.
  • 1445 The U.S. will release its February services PMI and Markit composite PMI.
  • 1500 The U.S. will release the ISM non-manufacturing index, the PMI and a report on new home sales.

Technical Analysis

GBP/USD was struggling for most of Monday and it does not seem that the negative sentiment has gone. It is currently relying on momentum support at the RSI 34%, which it has touched twice this month, although the prices continued to decline. Expect bearishness to remain in play if that support level is broken. On the flip side, expect the sentiment to change if we see the momentum increase by 43% on the one-hour view this week.


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