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ECB Provokes Euro Volatility with Dropping of Easing Bias

Pound News: Stagnant House Prices Limit Pound Appeal

February’s RICS house price balance proved distinctly disappointing, with prices found to have stagnated on the month as the UK housing market remains under pressure.

This left the Pound (GBP) on a relatively soft footing against its rivals, especially as markets remain in a rather jittery mood on the subject of Brexit.

With the NIESR gross domestic product estimate for the three months to February forecast to point towards a slight loss of economic momentum support for GBP exchange rates is likely to be limited.


Euro News: EUR Rates Surged Higher After ECB Dovish Bias Dropped

Euro (EUR) exchange rates surged higher in the immediate wake of the European Central Bank’s (ECB) March policy announcement, which saw its dovish bias dropped.

However, this bullishness did not last long thanks to comments from ECB President Mario Draghi, who talked down the implications of this slight change in communication.

As the ECB does not look likely to adopt a more hawkish policy position in the near future the appeal of the Euro looks set to remain somewhat muted today.


US Dollar News: Hopes Mount for Fresh Dip in US Unemployment Rate

Even as the Trump administration pushed ahead with its protectionist trade agenda the US Dollar (USD) was still able to regain some ground.

As the latest jobless claims figures proved largely encouraging USD exchange rates were shored up by bets that today’s raft of labour market data will prove similarly positive.

If February’s unemployment rate fails to dip from 4.1% to 4.0% as forecast, though, this could take some of the steam out of the US Dollar.


Canadian Dollar News: Solid Housing Data Shores up CAD Exchange Rates

Fresh signs of strength from the Canadian housing market encouraged the Canadian Dollar (CAD) to push higher against its weaker rivals on Thursday.

Even though concerns remain over the future of NAFTA and the negative impact of increased US protectionism on the Canadian economy this was not enough to keep CAD exchange rates down.

However, if the afternoon’s Canadian unemployment data fails to point towards a tightening of the labour market the Canadian Dollar could return to a downtrend.


Australian Dollar News: ‘Aussie’ Fails to Capitalise on Wider Trade Surplus

While the Australian trade data showed any unexpectedly wide surplus in January the mood towards the Australian Dollar (AUD) failed to pick up yesterday.

A sharp uptick of 44.5% in Chinese export volumes provoked fresh concerns over the prospect of greater US protectionism, weighing down the risk-sensitive ‘Aussie’.

As long as market risk appetite remains limited AUD exchange rates are unlikely to find any particular rallying point.


Upcoming Data

Friday, 8 March

09:30     UK Visible Trade Balance

12:00     UK NIESR Gross Domestic Product Estimate

13:30     Canada Unemployment Rate

13:30     US Unemployment Rate

Jimi Boake

Currency Dealer

01442 892 071

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