Markets in Details: 14 March 2019

14 March, 2019

News

  • U.K. Parliament rejected the option of a no-deal Brexit on Wednesday sending Sterling short positions to its highest levels since December, a sign of how much traders are negative on uncertainty. Separately, RICS reported that both buyers and sellers continue to hold out on deals sending the property price index to a 7-year low.

The focus of attention

  • There is a third Brexit vote this week, this time to determine the date of extension for the divorce from the EU bloc. Markets were initially positive after the no-deal Brexit proposal was voted down yesterday but the pound lost ground in early Thursday trading.

Expected events. All times in GMT.

  • 00:01 UK will release the RICS House Price Balance
  • 02:00 China will release Industrial Production and Unemployment Rate
  • 07:00 Germany will release its February CPI
  • 07:45 France will release its February CPI
  • 12:30 U.S. will release Initial Jobless Claims
  • 14:00 U.S. will release New Home Sales

Technical Analysis

  • EUR/USD climbed for a fourth straight session on Wednesday allowing it to reach its EMA-30 and pushing momentum to RSI 50 on the daily view. However, the pair has been in a downtrend since February and has to overcome resistance at 1.1483 to start turning things around. Expect the recent trend to reverse itself in the near-term unless it is able to overcome resistance to prove a valid reversal.

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