London Forex Report: Trump Ultimatium

London Forex Report: Trump Ultimatium

London Forex Report: .USD US President Trump was set to make a final push in the House of Representatives to secure the votes to begin dismantling Obamacare. However, despite a dramatic 24 hours of tense negotiations and hushed meetings with the conservative House Freedom Caucus and others, it failed to produce a closing deal. Friday’s focus remains on the US Congress where Speaker Paul Ryan will continue to try to get the American Health Care Act through the House. It has been reported that Trump is done negotiating the plan to repeal and replace parts of the Affordable Care Act and wants an up-or-down vote in the House of Representatives on Friday.

EUR Consumer confidence improved even with ongoing political concerns in the Eurozone. The gauge of household sentiment came in at a smaller negative of -5.0 in March (February: -6.2).

GBP UK’s retail sales climbed 1.40% MOM in February (Janaury: -0.50% MOM) and snapped three straight months of back to back contractions. Higher inflation had weighed down on household spending in the past few months, increasing concerns that slower consumption may drag GDP growth more than anticipated this quarter. A second report from the Confederation of British Industry showed that distributors expect sales volume to pick up at a modest pace in March. The retailing reported sales index was unchanged at 9.

JPY remains well supported, however, for no obvious reason other than traders perhaps wishing to hold some insurance ahead of the House vote on the American Health Care Act. Failure to pass this legislation will likely delay President Trump’s broader plans of fiscal stimulus, tax cuts, and business friendly legislation and cast doubt over his ability to deliver the promised tax reforms and deregulation which could undermine risk appetite generally

EURUSD
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Technical: As 1.0750 supports 1.0830 is the primary upside objective ahead of 1.0985 equidistant swing objective. A close back below 1.07 would concern near term bullish bias.
Retail Sentiment: Bearish
Trading Take-away: Long

GBPUSD
Outlook: Short Term (1-3 Days): Bullish – Medium Term (1-3 Weeks): Bearish

Technical: 1.2450 upside objective achieved as symmetry swing support at 1.2420 supports 1.2570 becomes the next upside objective only below 1.2370 concerns near term bullish bias.
Retail Sentiment: Bearish
Trading Take-away: Long

USDJPY
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: 111.75 range support breached the daily close below here suggests downside range break and opens 108.43 equidistant swing objective to the downside, near term resistance is sited at 111.75. Only over 113 stems near term selling pressure.
Retail Sentiment: Bullish
Trading Take-away: Short

EURJPY
Outlook: Short Term (1-3 Days): Bearish – Medium Term (1-3 Weeks): Bearish

Technical: The closing breach of 120 concerns near term bullish bias and opens a test of pivotal 119.30. Near term resistance is sited at 120.65 only over 121.80 arrests near term selling pressure.
Retail Sentiment: Bullish
Trading Take-away: Short

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