Markets in Details: 11 March 2019

11 March, 2019

News

  • President Trump is expected to release his budget blueprint which is expected to propose a budget that would not balance for 15 years and include deep spending cuts domestically. Such a budget is a departure from party expectations and is not likely to be approved by Congress.

The focus of attention

  • Markets are keenly awaiting U.S. retail-sales numbers on Monday after signs of further economic deceleration in Europe since last week and the disappointing U.S. jobs report on Friday.

Expected events. All times GMT.

  • 07:00 Germany will release Industrial Production.
  • 12:30 U.S. will release January Retail Sales.
  • 14:00 U.S. will release Business Inventories data.

Technical Analysis

  • GBP/USD remains in its December uptrend and still trending positively with a higher low formed last week near the level of 1.2887. However, the pair is bounded by an upper channel resistance at 1.3222. Expect the pair to bounce back from the 61.8% Fibonacci retracement level in today’s session and for the existing pullback to not turn into a fresh downtrend.


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