Markets in Details: 06 March 2019

6 March, 2019

News

  • U.S. National Security Advisor, John Bolton, came out with a statement saying North Korea would be hit with further sanctions if it did not give up its nuclear programs. Washington’s failed attempt at reaching a deal at the recent summit in Vietnam last week highlights that an agreement is not yet on the near-term horizon.
  • AUD/USD  is under pressure today after Australia reported Q4 GDP of 0.2%, missing consensus estimates due to weaker private consumption and lower exports of goods and services.

In the Spot Light

  • Financial markets could focus on the OECD’s latest growth forecast reduction for 2019 where it lowered global growth estimate to 3.3% from 3.5% citing trade tensions and political uncertainty fueling economic slowdown, particularly in Europe.

Expected events. All times GMT.

  • 00:30 Australia will release Q4 GDP.
  • 13:15 U.S. will release the February ADP Nonfarm employment change.

Technical Analysis

  • The view of the British pound remains bearish as GPB/USD continued sliding to 1.3155 by close on Tuesday. The pair met with its support at 1.3113. This will be the near-term level to watch, as it could act as a base for a reversal.

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