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Currency Markets Focus on ECB, BOE, Fed Commentary Into Week-End

Currency Markets Focus on ECB, BOE, Fed Commentary Into Week-End

2015-03-27 06:41:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • FX Markets Eye ECB, BOE, Fed Commentary into Week-End
  • Commodity Dollars Drop Alongside Oil , Iron Ore Prices in Asia
  • Access Real-Time Markets Analysis with DailyFX on Demand

Central bank commentary is likely to overshadow a lackluster economic calendar through the end of the trading week. From the Bank of England, scheduled remarks from Governor Mark Carney, Chief Economist Andy Haldane and Deputy Governor Ben Broadbent are due to cross the wires. From the ECB, Bundesbank President Jens Weidmann is on tap. Finally, from the Federal Reserve, Vice Chair Stanley Fischer and Chair Janet Yellen are in the queue.

For the Fed and the BOE, the central question is that of timing for oncoming interest rate hikes. Both central banks have seen recent moderation in tightening expectations and traders will be keen to dissect their officials’ rhetoric to further inform speculation.

For the ECB, the issue of Greecewill probably take center stage considering its QE effort is effectively on auto-pilot for now. Athens faces a deadline to deliver a list of reforms meant to unlock bailout funds by Monday and the markets will want to hear the monetary authority’s position on what may happen thereafter, regardless of whether the plan is accepted or not by the Greece’s creditors.

The Australian, Canadian and New Zealand Dollars underperformed in overnight trade. The move tracked a pullback in crude oil and iron ore prices. While a discrete catalyst is not readily apparent, it is possible that traders reflexively defaulted to selling the so-called “commodity currencies” amid broad weakness in the raw materials space.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

JPY

National CPI (YoY) (FEB)

2.2%

2.3%

2.4%

23:30

JPY

National CPI Ex-Fresh Food (YoY) (FEB)

2.0%

2.1%

2.2%

23:30

JPY

National CPI Ex Food, Energy (YoY) (FEB)

2.0%

2.1%

2.1%

23:30

JPY

Jobless Rate (FEB)

3.5%

3.5%

3.6%

23:30

JPY

Job-To-Applicant Ratio (FEB)

1.15

1.15

1.14

23:30

JPY

Household Spending (YoY) (FEB)

-2.9%

-3.2%

-5.1%

23:30

JPY

Tokyo CPI (YoY)

2.3%

2.3%

2.3%

23:30

JPY

Tokyo CPI Ex-Fresh Food (YoY)

2.2%

2.2%

2.2%

23:30

JPY

Tokyo CPI Ex Food, Energy (YoY)

1.7%

1.7%

1.7%

23:50

JPY

Retail Trade s.a. (MoM) (FEB)

0.7%

0.9%

-1.9%

23:50

JPY

Retail Trade (YoY) (FEB)

-1.8%

-1.5%

-2.0%

23:50

JPY

Large Retailers' Sales (YoY) (FEB)

1.3%

0.7%

0.0%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:00

EUR

German Import Price Index (MoM) (FEB)

0.5%

-0.8%

Low

7:00

EUR

German Import Price Index (YoY) (FEB)

-3.9%

-4.4%

Low

7:00

GBP

Nationwide House Px (MoM) (MAR)

0.2%

-0.1%

Low

7:00

GBP

Nationwide House Px (YoY) (MAR)

5.3%

5.7%

Low

8:00

GBP

BOE's Haldane Speaks in Amsterdam

-

-

Medium

8:00

EUR

ECB's Weidmann Speaks in Frankfurt

-

-

Low

8:45

GBP

BOE's Carney Speaks in Frankfurt

-

-

Medium

9:15

GBP

BOE's Broadbent Speaks in London

-

-

Medium

10:30

USD

Fed's Fischer Speaks in Frankfurt

-

-

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0541

1.0736

1.0810

1.0931

1.1005

1.1126

1.1321

GBPUSD

1.4509

1.4696

1.4773

1.4883

1.4960

1.5070

1.5257

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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