Forexlive European FX news wrap: Pound recovers some losses as we wait on Article 50 detail

Forex trading news and economic data headlines 28 March 2017

Article 50:

• May to officially address Parliament on Article 50 at 11.30 GMT


•  Hammond says he"s very confident UK will not get a worse case outcome


• More from Hammond: Article 50 letter will go further in setting out Brexit talk aims


• More from Hammond (2): UK will secure a deal where British courts and parliament have control


• Latest EU leak on Brexit deal less than conciliatory


• EU draft Brexit statement: Europe is ready for Brexit - Euractiv


• Algos lead the way lower for the pound after May pulls the Article 50 trigger


• Cable pops 1.2420 and triggers stops

Other news:

• Fitch says the introduction of US border tax poses risks to global sovereigns


• Latest poll sees SPD closing the gap on Merkel


• Option expiries for the 10 am NY cut today 29 March


• Nikkei 225 closes up +0.08% at 19,217.48


• Macron/ Le Pen now 64/36 in 2nd round in Opinionway poll

Data:

• UK mortgage approvals 68.3k vs 69.1k exp


• Germany February import price index mm +0.7% vs +0.4% exp


• Switzerland March Credit Suisse ZEW expectations 29.6 vs 19.4 prev


• Italy March business confidence 105.1 vs 104.3 prev


• Switzerland February UBS consumption indicator 1.5 vs 1.44 prev

All eyes on the UK/Europe and the Article 50 fallout after a GBP fall in Asia is partly covered ahead of UK PM May"s speech to parliament at 11.30 GMT

GBPUSD had a delayed fall to 1.2376 in Asia after the announcement that May had signed the Article 50 letter and after another test we finally broke up through some decent offers/resistance at 1.2420. Stops were triggered to 1.2435 then a second wave of buying saw 1.2460, the area from where it first fell after a gradual USD demand retreat from 1.2550 yesterday.

EURGBP rallied to 0.8736 in Asia but has since fallen to test support/bids into 0.8650 and overall the pound has reversed a few of its losses as we wait on the next wave of rhetoric and detail.

More summary to follow

Forexlive European FX news wrap: Pound recovers some losses as we wait on Article 50 detail
Forexlive European FX news wrap: Pound recovers some losses as we wait on Article 50 detail
http://www.forexlive.com/feed/news
$inline_image !!! CLICK HERE TO READ MORE !!! Forexlive European FX news wrap: Pound recovers some losses as we wait on Article 50 detail Forex Blog | Free Forex Tips | Forex News http://www.forextutor.net/forexlive-european-fx-news-wrap-pound-recovers-some-losses-as-we-wait-on-article-50-detail-2/