Which Direction Will The Euro Take? - Weekly Analysis
On Monday the 9th the markets will be watching the Eurogroup meeting and there are no prizes for guessing what the main topic will be. Yes, Greece is bound to be back in the headlines because Finance Minister Yanis Varoufakis will be presenting specific reforms in the hopes of getting 7.2 billion euros remaining in the country’s bailout. Athens is in imminent need of funding, according to media reports. Which direction will the Euro take and how low could it go? The answer will depend on the news flow on Monday. In addition, the ECB’s 60-billion-euro per month QE programme is due to start on Monday the 9th, with Greece and Cyprus left out of bond purchases until both countries satisfy their bailout requirements.
Tuesday March the 10th has events out of Asia at 01:30, with China’s Consumer Price Index figures for February, previously at the level of 0.8 percent on an annual basis. China’s Producer Price Index is also announced at the same time, and was formerly at the level of minus 4.3 percent.
On Wednesday the 11th, the Reserve Bank of New Zealand announces its Interest Rate Decision and Monetary Policy Statement at 20:00. The central bank has kept its interest rate at the level of 3.5 percent so far, but with Australia eyeing monetary easing, New Zealand could have a surprise in store for the markets.
Traders will focus on Australia’s Unemployment Rate at half-past midnight on Thursday the 12th, previously at the level of 6.4 percent. Then, at 13:30, the USD announces its Retail Sales benchmark for February, previously at the level of minus 0.8 percent on a monthly basis.
On Friday the 13th, Canada is in the spotlight at 12:30 with its Net Change in Employment for February, formerly at the level of 35.4 thousand. At 13:30, Canada announces its Unemployment Rate, which was last reported at the level of 6.6 percent.
Those were the events in the trading pipeline, thanks for watching Ahead of the Week Report from Banc De Binary’s research team.
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