Archives of “March 13, 2019” day

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Eurozone January industrial production +1.4% vs +1.0% m/m expected

  
Analysis, Economy

Latest data released by Eurostat – 13 March 2019

  • Prior -0.9%
  • Industrial production WDA -1.1% vs -2.1% y/y expected
  • Prior -4.2%
That’s a beat on expectations and will only add to the recent uptick in Eurozone economic data as of late. That being said, the data here is for January and we’ll have to see if the coming months can offer more of the same in order for markets to feel confident about a shift in the ECB dial down the road.
EUR/USD holds near the highs at 1.1298 currently, just under the 1.1300 handle where near-term price action may be kept limited. EUR/GBP holds lower at 0.8600 as the pound remains firm since the early European morning.

EU27 said to be sticking to tough line on potential Brexit extension

  
  Analysis

According to the FT’s Brussels correspondent

Says that EU27 ambassadors and several members of parliament were briefed by Barnier this morning and that they are standing firm on the notion that the UK has to find a majority for something for Brussels to consider a Brexit extension.

That goes in line with what we’ve heard from Tusk yesterday that the UK must have a ‘credible reason’ to seek a Brexit extension.

EUR/USD languishes just under the 1.13 handle, what is happening?

  
Analysis, Forex

EUR/USD sits in a 7 pips range so far today

EUR/USD H1 13-03

Yup, that is no joke. The pair is only trading between 1.1283 and 1.1290 as there isn’t much volatility in the major currencies space so far today. Price continues to languish just under the 1.1300 handle as buyers continue to try and establish a more bullish near-term bias but is finding resistance around the figure level tough to break above.
Currently, there is the 200-hour MA (blue line) @ 1.1290 and mild offers as well as large expiries sitting at the 1.1300 handle that is helping to limit gains for the pair. Meanwhile, price is holding just above the 76.4 retracement level of the ECB drop with buyers looking poised to keep price above 1.1280.
With several key levels hovering around 1.1290-00, that should be a notable attraction level ahead of the US core durable goods orders data later; one that should offer traders something to react upon. For buyers, establishing a move above the 200-hour MA and the 1.1300 handle is key for an extension to the upside.
Despite the ECB’s recent dovish shift, the one thing that the euro has working for it is perhaps positioning data. CFTC’s latest report (as of 5 March) indicates that euro shorts have been the most stretched since December 2016 and that is something that could help to work in the single currency’s favour as sellers look to square some of their positions following a large event like the ECB last week.
EUR CFTC

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Brexit. 29 – 13 = 16 days to go! (ps. there is no way there will be an exit deal by then)

  
  Analysis

For the UK to exit the EU with a ‘deal’ the UK parliament would have to vote to support the deal.

There are 16 days left for that to happen. I don’t know about you, but I am LMFAO thinking that is a serious scenario.
If you’ve been following along, you’ll know too there is no way that will happen. And I reckon you are doing the LMFAO thing right about now too.
I’ll wait.
…
…
…
OK.
What does that leave as serious scenarios?
1. No deal exit.
2. Extension of Article 50.
3. Revocation.
Or some derivative of those.
For sterling:
1. GBP drops big time.
2. GBP get a temporary reprieve.
3. GBP get a temporary reprieve.

Major stocks end the session mixed. Dow down (blame Boeing).Nasdaq/S&P higher

  
Analysis, US Market

Major indices give back gains into the close.

The S&P and Nasdaq are ending the session higher for the 2nd day in a row (after 5 days down in a row). The Dow is not so lucky, moving lower with headwinds from more Boeing decline weighing on that index.
The final numbers are showing:
  • Dow, -95 points or -0.37% at 25555.80
  • S&P, +8.31 points or +0.30% at 2791.60. The high stalled just ahead of the 2800 level (high reached 2798.32). The low reached 2786.70
  • Nasdaq, +32.96 points or 0.44% at 7591.03. The high extended to 7611.129. The low came in at 7560.45

Boeing share had the higherst daily volume since July 2013 and are ending down -6.15% and had the biggest two day decline since July 2009.

Some winners today:
  • Alphabet, +1.48%
  • Intuitive Surgical, +1.32%
  • Apple, +1.12%
  • Adobe, +0.90%
  • twitter, +0.94%
  • Home Depot, +0.92%
  • Nvidia, +0.86%
  • Citigroup, +0.82%
  • American Express, +0.1%
  • Stryker, +0.80%
Losers:
  • Boeing, -6.11%
  • United Continental, -3.07%
  • Tesla, -2.60%
  • Southwest air, -2.34%
  • United Technologies, -1.03%
  • Delta air, -0.6%
  • Netflix, -0.72%
  • 3M, -0.54%
  • Caterpillar, -0.47%
  • Nike, -0.43%
  •  J.P. Morgan, -0.28%
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