WHITE HOUSE: White House Presser Beginning Shortly
Mar-31 19:00
The daily White House presser is scheduled to begin shorty. A livestream can be followed here.
- Director of Communications Kate Bedingfield will take questions on key developments of the day, including the White House decision to release oil for the Strategic Petroleum Reserve.
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EURGBP TECHS: Remains Above Support
Mar-01 19:00
- RES 4: 0.8512 High Dec 22
- RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
- RES 2: 0.8432/78 High Feb 11 / High Feb 7
- RES 1: 0.8406 High Feb 25
- PRICE: 0.8336 @ 17:12 GMT Mar 1
- SUP 1: 0.8306/8285 Low Feb 24 / Low Feb 3 and key support
- SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
- SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
- SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing
EURGBP is trading below last week’s high of 0.8406 but remains above key support at 0.8285, the Feb 3 low. Last week’s recovery from 0.8306, Feb 24 low, suggests the short-term tone is bullish and if correct, highlights potential for a stronger recovery towards the Feb 7 high of 0.8478. This represents a key short-term resistance. Weakness below 0.8306 would undermine a bullish theme while a breach of 0.8285 would resume the downtrend.
UK: BOE Saunders Backs Swift Hikes To Neutral Stance
Mar-01 18:59
- Bank of England Monetary Policy Committee member Michael Saunders favours a swift return of the policy rate towards neutral, with inflation risks to the upside. Saunders, who was in the minority voting for a 50 basis point hike at the February meeting, warned of the risks of second round inflation effects from elevated inflation expectations and mounting pay pressures.
- Headlines included:
- Vote For 50 Bps Rise Doesn't Mean He'll Back It Again
- Strength in energy prices likely to boost CPI
- Energy impact on CPI likely to be temporary
- CPI could stay above 2% target without action
- Risks on stronger and more persistent inflation
- Further modest tightening likely needed
- Early rate rises may prevent rates rising high
- Preference is to move quickly on rates
- U.K. economy has significant excess demand (All BBG)
OUTLOOK: Wed Data Roundup: ADP Private Jobs Data; Fed Chair Mon-Pol Testimony
Mar-01 18:45
- US Data/Speaker Calendar (prior, estimate)
- Mar-02 0700 MBA Mortgage Applications
- Mar-02 0815 ADP Employment Change
- Mar-02 0900 Chicago Fed Evans on economy, mon-pol, no text, Q&A
- Mar-02 0930 StL Fed Bullard eco-outlook, text, Q&A
- Mar-02 1000 Fed Chair Powell semi-ann/mon-pol testimony, Hse Fncl Srvcs Comm
- Mar-02 1130 US Tsy $35B 119D-Bill CMB auction
- Mar-02 1400 U.S. Federal Reserve Releases Beige Book
- Mar-02 1630 NY Fed vp Logan on asset purchases, text, Q&A
