Opening Comment 03.26
Although, many remain quite skeptical as to the effectiveness of this plan, the EU Summit is now upon us and more color will be disclosed on this plan as the day pushes on. On the data front, NZD GDP data has come in solid, although Kiwi has only managed some marginal gains against its antipodean cousin, with the Australian Dollar also finding some bids on the back of hawkish and upbeat comments from RBA Stevens. Finally, there have been rumors floating around that China could be on the verge of hiking its reserve ratio.
Looking ahead, data in the European session is light, with UK total business investment (-5.8% expected) due at 9:30GMT, followed by the Swiss KOF at 10:30GMT. All major currencies track higher on the day thus far against the buck. The Euro is the strongest, while the Yen lags. US equity futures and commodity prices are tracking moderately higher.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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