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NEWS: Here is what’s on the economic calendar in Asia today (you can safely disregard this post) March 29, 2020 at 09:06PM

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A very sparse calendar of economic data releases here during the time zone.
From the UK there is house price data due for March, but it might come today or any day up to the 3rd of April. And it is unlikely to be a market mover. GBP has been moved a little this morning, Fitch

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NEWS: Australian Treasurer Frydenberg flags an announcement of support for employers and employees to come later today March 29, 2020 at 08:53PM

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Prime Minister Morrison said  
over the weekend

government will provide further income support
– says the next assistance package will be bigger than what has been seen so far

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Search Web: Australian Treasurer Frydenberg flags an announcement of support for employers and employees to come later today

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NEWS: Australia says all foreign takeovers now need FIRB approval March 29, 2020 at 08:11PM

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FIRB is the Foreign Investment Review Board 
– statement says the change is temporary
– the changes are not a freeze on investment   
Indicative rates:

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NEWS: RBNZ’s Hawkesby says Bank continues to monitor market developments very closely, stands ready to act further March 29, 2020 at 08:08PM

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Reserve Bank of New Zealand Assistant Governor Christian Hawkesby on the wires already to kick off the week
– Bank continues to monitor market developments very closely
RBNZ is deploying another tool 

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NEWS: Monday morning open levels – indicative forex prices – 16 March 2020 March 29, 2020 at 07:47PM

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Good morning, afternoon or evening to all ForexLive traders, welcome to the start of the new FX week.
I know not everyone is well, some of our ForexLive traders out there currently have COVID-19. Martin from NL who is a hospital coordinator of medical supplies has a confirmed case – all our best to you Martin

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Egypt’s banks told to limit withdrawals and deposits

March 29, 2020 at 08:15PM

Egypt’s banks told to limit withdrawals and deposits
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Author: Reuters | Post link: https://www.investing.com/news/forex-news/egypts-banks-told-to-limit-withdrawals-and-deposits-2124656
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NEWS: Italy death toll rises by 756 to 10,779 on Sunday March 29, 2020 at 05:51PM

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The total cases rises to 97,689 vs 92,472 on Saturday
Italy is reporting their coronavirus numbers for the day:
ForexLive

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US Dollar Sinks. Gold Prices, Wall Street Soar on Stimulus. Bottom Found?

March 29, 2020 at 05:00PM

The US Dollar tumbled as Wall Street and gold prices outperformed as investors embraced aggressive monetary and fiscal policy stimulus measures. Will this be enough to counter the anticipated slew … Continue Reading…

From: Daniel Dubrovsky, David Cottle, Dimitri Zabelin, Nick Cawley, James Stanley, Martin Essex, MSTA, Michael Boutros, Daniela Sabin Hathorn, David Song, Justin McQueen
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NEWS: NY death toll up to 965 from 728 on Saturday March 29, 2020 at 05:37PM

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59,513 cases, vs 52,318 on Saturday
Gov. Cuomo is reporting in his daily briefing that:
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Dow Jones and FTSE 100 Forecasts for the Week Ahead

March 29, 2020 at 01:00PM

Dow Jones posting a bear market rally? Federal Reserve provides balloons balance sheet. Eyes on further government measures. Continue Reading…

From: Justin McQueen
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USD/MXN Outlook: Debt Rating Downgrade May Bring Further Weakness for the Peso

March 29, 2020 at 07:00AM

The Mexican Peso has managed to recover some ground against the US Dollar as risk-appetite resumes Continue Reading…

From: Daniela Sabin Hathorn
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Search Web: USD/MXN Outlook: Debt Rating Downgrade May Bring Further Weakness for the Peso

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NEWS: Pipeline operators asking oil producers to reduce output, growing glut is overwhelming storage capacity March 29, 2020 at 04:23AM

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Bloomberg reports that Plains All American Pipeline asked its suppliers to scale back production, 
– and Plains and Enterprise Products Partners is requiring customers to prove they have a buyer or place to offload the crude they are shipping
The companies made the requests during the past week. 

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NEWS: US President Trump says now there will be no quarantine on New York, New Jersey, Connecticut March 29, 2020 at 03:59AM

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Trump floated his thoughts earlier  on twitter re quarantine:
He has decided against (check that link above for the DJ argument quarantine):
Note, though, the CDC has advised residents of those areas against non-essential travel for the next 14 days. 

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Euro Forecast: More Gains on Way for EUR/USD, EUR/JPY, EUR/CHF?

March 29, 2020

The Euro was surprisingly firm last week against a range of other major currencies, suggesting resilience in the face of poor economic data and a lack of confidence. Continue Reading…

From: Martin Essex, MSTA
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NEWS: Coronavirus – Japan’s PM Abe on Saturday promises unprecedented economic stimulus March 28, 2020 at 10:56PM

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Abe said measures will include fiscal and monetary stimulus alongside tax breaks for companies
– details have not been finalized
– package will be rolled out in an extra budget in 10 days
Abe spoke during a nationally televised news conference

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NEWS: North Korea appears to have fired another missile – has not landed in Japan’s EEZ March 28, 2020 at 10:56PM

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The Japanese Coast Guard says the unidentified projectile appears not to have land inside Japan’s economic zone.
– missile has landed in the East Sea 


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NEWS: FT: Global petrol demand set to drop as much as 50% in some key markets March 28, 2020 at 10:50PM

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Financial Times piece citing analysis 
Global petrol demand set to drop as much as 50 per cent in some key markets
Oil refineries worldwide are preparing to slash processing rates 

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NEWS: OPEC presidency urged an emergency meeting on collapsing prices, members said no. March 28, 2020 at 10:38PM

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Algeria currently holds OPEC’s rotating presidency, urged convening a panel to consider assesses market conditions and falling prices.
Bloomberg cite an unnamed official as saying the request did not get enough backing to go ahead. 

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NEWS: Coronavirus – Russia will temporarily shut all its borders from 30 March March 28, 2020 at 10:28PM

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Other recent development re the virus in Russia:
– Moscow shut all non-essential business on Saturday, the Mayor wants everyone to stay at home
– all international flights were stopped on Friday

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NEWS: US President Trump is considering enforceable quarantine on New York, New Jersey, parts of Connecticut March 28, 2020 at 10:22PM

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Trump tweeted his thinking 
He added more in comments to media:
OK, so from those comments it appears he’ll decide Saturday US time. 

New York governor Andrew Cuomo says Trump’s proposal is a "preposterous" idea 

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NEWS: Fitch cuts it rating for the UK with a negative watch – “material downside risk” March 28, 2020 at 10:05PM

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Fitch Ratings cut the U.K. to AA- from AA with outlook negative.
Fitch citing the hit to public finances:
On the UK economy, Fitch:
Forecasts:
– GDP to contract nearly 4% in 2020


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Gold Prices May Drop as Liquidation Strikes Global Markets Anew

March 28, 2020 at 06:00PM

Gold prices soared after the Fed made its QE stimulus effortopen-ended. Renewed liquidation amid the global coronavirus lockdown may weaken them anew. Continue Reading…

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NEWS: Italy reports 5914 new coronavirus cases vs 5959 Friday March 28, 2020 at 05:35PM

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The latest numbers from Italy
The US has 110,319 cases and only 1839 deaths. I think it’s safe to say the real number of cases in Italy is at least 5x higher. At some point the numbers simply overwhelm the system.

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NEWS: New York reports 52,318 coronavirus cases vs 44,635 yesterday March 28, 2020 at 04:45PM

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The latest case numbers
The testing hit rate at 44% in a single day is remarkably high. Even Italy rarely exceeds 40% and it’s a good indication that it’s very widespread.

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Search Web: New York reports 52,318 coronavirus cases vs 44,635 yesterday

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NEWS: I’m coming around to the idea that the only useful coronavirus number is deaths March 28, 2020 at 02:45PM

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If you work backwards from the number of deaths, you get some troublesome numbers
Testing and confirmed numbers all over the world are basically only indicative of how much you’re testing. Even among nations there are testing at high rates, there are numbers that don’t add up.

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NEWS: It was all about the weak US dollar last week March 28, 2020 at 12:51PM

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The funding squeeze unwinds
Here is a look at major currency performance last week against the US dollar.
The funding squeeze was halted and reversed at an impressive pace. It was the worst week for the Dollar Index since 2009.

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US Dollar May Rise if ISM, NFP and PMI Data Spurs Haven Demand

March 28, 2020 at 12:00PM

The US Dollar could rise if key ISM, PMI and nonfarm payrolls data causes recession fears to swell and rekindles appetite for the haven-linked Greenback. Continue Reading…

From: Dimitri Zabelin
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Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red

March 28, 2020 at 09:55AM

After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068.

The move somewhat mirrors the performance of traditional markets, which also closed the day with losses. The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%.

The break below $6,550 pulled the price below the ascending trendline and the $6,450 support. Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.

At the time of writing the price sits atop the 12-MA (daily timeframe) and traders are attempting to recapture the $6,200 support. If this effort fails then a retest of $5,800 and $5,350 is possible. Over the short term, Bitcoin price needs to first retake $6,200 then push above the high volume VPVR node at $6,335 in order to re-reach the $6,500 range.

Earlier this week, Cointelegraph contributor filbfllb commented that the likelihood of Bitcoin price reaching $10,000 before May is slim to none. filbfilb explained that: “Bitcoin is trading up against what is a fundamental decision point at $6.8K. This is previous support now acting as resistance and the top of a high volume node which is dissected by a diagonal resistance trend line, which dates back to mid-2019.”

According to filbfilb, Bitcoin price is approaching a pivotal moment and: “If the bulls are unable to regain the $6,800 level, the 200-week moving average is lying below at around $5,500 on a high volume node, which was previously front run in the last attempt to break $6,800. Should the bulls find their feet again, diagonal support will be found at $6,250.”

Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red, CoinTelegraph, Mar 28

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From: The FxPro News Team https://fxpro.news/daily-forex-outlook/bitcoin-price-drops-to-6-1k-shortly-after-equities-markets-close-red-20200328/
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Nasdaq 100, DAX 30, Nikkei 225 Technical Forecasts

March 28, 2020 at 08:00AM

Stocks climbed higher last week and reclaimed several key technical levels in the process. Can support hold if selling returns? Continue Reading…

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Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation

March 28, 2020 at 08:17AM

President Donald Trump signed a $2 trillion coronavirus relief bill on Friday, as Washington tries to blunt economic destruction from the pandemic ripping through the United States.

The House earlier passed the stimulus package, believed to be the largest in U.S. history, by voice vote, which simply measures if more lawmakers shout for “aye” or “nay” on whether to support it. The chamber scrambled Friday to block an effort to delay its passage.

Rep. Thomas Massie, R-Ky., tried to force a full yes or no vote on the measure, which could have pushed back its approval by hours. Irritated House members rushed back to Washington in cars and near-empty planes to head off his effort, and some eviscerated him for risking their safety. Trump called Massie a “third rate Grandstander” and said he should be booted out of the Republican Party.

The plan, which includes one-time payments to individuals, strengthened unemployment insurance, additional health-care funding and loans and grants to businesses to deter layoffs, got through the Senate unanimously on Wednesday night. House Speaker Nancy Pelosi had described the bill “as mitigation” of the pandemic’s destruction, predicting Congress will draft more plans to aid in “recovery.”

While it is unclear how quickly the government will dole out some of the money such as increased unemployment benefits and small business loans, the White House and congressional leaders have said some individuals will receive direct payments of up to $1,200 within three weeks.

Trump signed the bill into law a day after data showed unemployment claims skyrocketed to a record 3.3 million last week, as businesses across the country closed to slow the disease’s spread. Hospitals, particularly in ravaged New York, have asked for more resources as they struggle to keep up with a rush of coronavirus patients.

The U.S. now has more than 92,000 coronavirus cases, the most in the world, according to data compiled by Johns Hopkins University. At least 1,380 deaths in the U.S. have been linked to COVID-19.

Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation, CNBC, Mar 28

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USD/CAD: Canadian Dollar Forecast Post-BOC Emergency Rate Cut

March 28, 2020 at 06:00AM

USD/CAD price outlook is mired by a pullback in the broader US Dollar and deeper crash in crude oil. Can the Canadian Dollar prolong its rebound attempt as the Bank of Canada, or BOC, slashes rates? Continue Reading…

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Stock Market Forecast: Recession Likely Unavoidable Amid Virus Fallout

March 28, 2020 at 03:30AM

Despite unprecedented Fed liquidity and fiscal stimulus measures, economic turmoil caused by the coronavirus mounts and raises the risk of recession, which could strongarm the stock market lower. Continue Reading…

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Australian Dollar Boosted By Stimulus Hope, Coronavirus Stays in Charge

March 28, 2020 at 02:00AM

The Australian Dollar has been lifted from its multi-year lows by hopes that global financial authorities can fend of the worst of the coronavirus‘ effects. The economic data are dire though, and l… Continue Reading…

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NEWS: ForexLive Americas FX news wrap: Canada cuts and starts QE March 27, 2020 at 08:40PM

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Forex news for North American trade on March 27, 2020:
Markets:
– Gold down $9 to $1622
– WTI crude down $1.01 to $21.60
– US 10-year yields down 16 bps to 0.68%
Wave after wave of US dollar selling was the theme again as last week’s funding-driven gains unwind following central bank action. Even the Bank of Canada cutting

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NEWS: Major indices close lower after late day rally fizzles out March 27, 2020 at 08:13PM

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Another big move in the last hour of trading
The major indices are closing lower on the day after the late day rally fizzled out.
Starting the last hour of trading, the major indices were trading at:

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NEWS: Fed to reduce daily pace of bond buying to $60B in April March 27, 2020 at 07:59PM

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Fed reigns in the bond buying
The Fed’s ‘buy everything’ strategy is getting reigned in a bit starting April 2. The central bank says it will cut buying back to $60B per day in Treasuries then.

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NEWS: CFTC commitments of traders: EUR longs at the highest level since June 2018 March 27, 2020 at 07:42PM

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Forex futures positioning data for the week ending March 24, 2020
Highlights:Below is the EUR speculative position. The position has shifted from -114K during the week of February 25th straight up to the +61K this week.  

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NEWS: We’re in the last hour of trading….Buckle up March 27, 2020 at 07:03PM

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The last hour has been a roller coaster ride of late. 
Nevertheless, the volatility in the last hour of stock trading has been… well historic of late.  So buckle up.  The values at the top of the hour showed:

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US Dollar Tanks, S&P 500 Stabilizes as FOMC Counters Coronavirus

March 27, 2020 at 07:30PM

It's been a brutal month for the risk-on trade. But a glimmer of hope has shown as the S&P has held on to support with the US Dollar tempering gains. Continue Reading…

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Pound Set to Snap Losing Streak Vs. Dollar Despite Record Covid-19 U.K. Death Toll

March 27, 2020 at 06:42PM

The pound continued to rack up gains on Friday and remained on track to snap a two-week losing streak against the U.S. dollar, even as data showed the biggest rise in coronavirus deaths in the UK so far, threatening to keep economically-burdensome lockdown measures in place for a prolonged period.

GBP/USD surged 1.82% to $1.2424.

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The death toll rose by 181 to 759, the biggest increase so far, with infections topping 14,000 nationwide. Several lawmakers in the U.K., including Prime Minister Boris Johnson, have tested positive for Covid-19.

The rally in the pound was also helped by weakness in the dollar despite Congress passing its $2 trillion stimulus package on Friday, with President Donald Trump expected to sign it into law later today. 

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.75% to 98.60.

The weakness in the greenback has been driven by the Federal Reserve’s pledge to ramp up its bond-buying program and roll out further supportive measures to ease access to dollars and alleviate funding concerns.

But as the world’s reserve currency, the dollar is expected to bottom out sooner rather than later, as the Covid-19 pandemic threatens to hurl the global economy into a deep recession.
Pound Set to Snap Losing Streak Vs. Dollar Despite Record Covid-19 U.K. Death Toll
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Author: Investing.com | Post link: https://www.investing.com/news/forex-news/gbpusd-set-to-snap-2week-losing-streak-despite-record-covid19-uk-death-toll-2123967
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NEWS: Federal Reserve considering more steps to help state and local governments March 27, 2020 at 07:01PM

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Fed reviewing ways they can help
From the WSJ:
Federal Reserve officials are reviewing new ways to support financing for state and local governments, many of which are on the front lines of the coronavirus pandemic and will face huge borrowing needs as revenues plunge, according to people familiar with the matter.

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NEWS: EURUSD continues the upside probe March 27, 2020 at 06:46PM

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A close back above the 200 day MA at 1.1080 would be the first since March 16
For the month of March, the EURUSD peaked on March 9th at 1.14918. It spent the next 9 -10 trading days trending to the downside.  The low was reached on March 23 (on Monday). The last 5 days has

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NEWS: There are growing signs of workers walking off the job March 27, 2020 at 06:11PM

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Instacart plans nationwide strike
Many workers are off work right now but many are also worried about being forced to work in conditions they don’t think are safe.

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Nikkei 225 Forecast for the Week Ahead

March 27, 2020 at 06:00PM

The Nikkei 225 has rebounded alongside other equity markets as investors grapple with the unprecedented stimulus packages offered by different governments. Can bulls continue the rally? Continue Reading…

From: Peter Hanks
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NEWS: ECB recommends that banks don’t pay dividends until at least October March 27, 2020 at 05:52PM

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ECB asks banks to delay dividends
The European Central Bank is recommending that banks don’t pay any dividends to shareholders until at least October 1, 2020.

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NEWS: Canada fin min Morneau: To offer gov’t-guaranteed loans to Canadian oil March 27, 2020 at 05:49PM

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Comments from finance minister Morneau
Earlier this week Morneau said help for the oil and gas industry is coming in the form of government-guaranteed credit. He said the details are being worked on.

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NEWS: Dollar down vs all currencies with the exception of the CAD today. The greenback is the weakest this week March 27, 2020 at 05:44PM

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It took a 50 BP cut by the BOC to win the weakest battle (for now at least)
The USD was mixed at the start of the NY session with gains vs the NZD, CAD and EUR, and declines vs the JPY. The greenback was near unchanged versus the GBP, CHF and AUD.

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NEWS: US House passes $2 trillion stimulus package March 27, 2020 at 05:28PM

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House passes the bill, as expected
It will now head to Washington for Trump’s signature. They did a voice vote in the end.
ForexLive

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NEWS: US coronavirus count continues to rise but it’s tough to get a real-time number March 27, 2020 at 05:10PM

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CDC numbers aren’t up to date
The CDC reports that US coronavirus cases are up to 85,356 compared to 68,440 a day ago. That’s a 24% rise.
However the numbers don’t appear to contain the latest data from New York. Governor Cuomo today released a graph that said 91,029 cases.

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NEWS: Baker Hughes US oil rig count 624 vs 664 prior March 27, 2020 at 05:01PM

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Weekly oil drilling count
Here’s why the Saudis aren’t going to back down: They’re getting what they want now, producers worldwide are slowly shutting in production. They don’t want to do it on their own, they want everyone to do it.

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NEWS: European shares end the day on the downside March 27, 2020 at 04:48PM

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German DAX -3.9%. France’s CAC -4.5%. UK’s FTSE 100 -5.5%
The major European indices are ending the week and the day on the downside;
The provisional closes are showing

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NEWS: Italy reports 969 deaths today vs 662 yesterday March 27, 2020 at 04:35PM

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Spike in the dealt toll today
It’s the deadliest day of the outbreak in Italy so far with nearly 1000 people killed by this terrible virus.
Total cases rose 5959 vs 6153 a day ago and total cases are at 86,498. The slower pace of overall cases is a sign of flattening so that’s positive but it’s

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NEWS: Cable breaks 1.24 and nears the 61.8% retracement of the collapse March 27, 2020 at 04:29PM

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Snap back rally continues

This was a complete washout due to a funding strain, probably at UK banks. Now we’re unwinding the move at an equal pace.

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NEWS: Canada reports 4,043 coronavirus cases vs 3,197 yesterday March 27, 2020 at 04:14PM

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Canadian daily case numbers
That percentage in the daily rise is troubling. It could be because of different testing standards, particularly in Quebec, but either way the case count is mounting.

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NEWS: EURUSD runs back toward the day highs and the 200 day MA March 27, 2020 at 04:12PM

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The low at 1.09507 held support
The EURUSD started the NY session on a downward trajectory. They had the upper hand. However, the targets at the broken 38.2% and swing low at 1.09507 were downside targets. The price action stalled just ahead of the 1.09507 level, and dollar selling has led to a run back higher. 

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NEWS: US regulators let banks delay capital hit from loan loss accounting rule March 27, 2020 at 04:00PM

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Fed announcement
Announcement is a tri-party announcement from:
Full text:
The federal bank regulatory agencies today announced two actions to
support the U.S. economy and allow banking organizations to continue
lending to households and businesses:

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FxPro Daily Insight for March 27

March 27, 2020 at 04:21PM

Market overview

US indices are losing 3.5% on Friday after 6.4% growth a day earlier. The market rebound due to injections of liquidity from the Central Bank and massive incentives stalls amid signals of a weakening economy.

DXY loses the 6th consecutive trading session following the massive Fed’s QE and swap lines. EURUSD climbed to 1.1050. GBPUSD develops a sharp rebound, trading at 1.2400, starting the week at 1.1450. Commodity currencies are again weakening towards USD.

Gold is still having difficulty rising above $ 1,630.

Brent is losing more than 5% to $ 27.50 due to speculation around a sharp drop in demand and the lack of OPEC’s desire to cut production.

The global tipping point with the spread of coronavirus has not yet arrived, maintaining a shaky foundation under market recovery.

Important events for March 30, GMT (Exp.):
07:00 Sw !! KOF Economic Barometer (Mar, 85)
12:00 Ge !!! Consumer Price Index (Mar, 0.0% m/m)
14:00 US !! Pending Home Sales (Feb, -1.8% m/m)

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From: The FxPro Analyst Team https://fxpro.news/daily-economic-events/fxpro-daily-insight-for-march-27-20200327/
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Crude Oil Price Drives Lower with S&P 500, VIX Snaps Back

March 27, 2020 at 03:20PM

Crude oil price sinks another 7% on Friday as the S&P 500 Index spirals lower. Volatility rebounds toward crisis-high readings while sentiment crumbles owing to coronavirus recession risk. Continue Reading…

From: Rich Dvorak
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NEWS: GBPUSD looks toward a topside trend line at 1.2395 March 27, 2020 at 03:53PM

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GBPUSD run higher continues
The GBPUSD moved above the 50% retracement and is running toward the topside trend line at 1.23953. The high just reached 1.2386.

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NEWS: New York state coronavirus cases 44,635 vs 37,258 yesterday March 27, 2020 at 03:49PM

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The latest numbers from New York state delivered by Governor Cuomo:
Yesterday’s highlights:
Here is a chart of New York City emergency room visits for respiratory distress. The red line is the seasonal norm.

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NEWS: USDCHF is the next currency to move to new session lows today. March 27, 2020 at 03:43PM

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USDCHF trades at the lowest level since March 18
The USDCHF is the next currency to extend to a new extreme against the US dollar (to the downside) following moves by the GBPUSD and USDJPY. 

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NEWS: Trump takes a swipe at General Motors in tweets March 27, 2020 at 03:29PM

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Trump isn’t happy with General Motors
It sounds like Trump is talking about invoking the Defense Production Act, which will allow the President to order companies to make essential equipment.

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NEWS: Trudeau: Canada to offer businesses $40,000 interest-free loans for a year March 27, 2020 at 03:22PM

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Comments from the Prime Minister
ForexLive

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NEWS: GBPUSD making new session highs. Above the 50% retracement March 27, 2020 at 03:20PM

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50% of the March trading range busted
The GBPUSD is trading below the 50% retracement of the move down from the March 9 high (the March trading range). That level comes in at 1.2304. The high from earlier the day reach that level and backed off. The 2nd look is breaking above the resistance level.  

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NEWS: Lombardy coronavirus cases up 2,409 vs 2,500 yesterday March 27, 2020 at 03:11PM

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The curve is flattening but it’s a long process
Italy has a severe lockdown in Lombardy that started on March 7 so this is Day 20. Obviously the acceleration has stopped but there’s been no real turn yet. The past two days are equal but on Wednesday the reported number was 1643.

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NEWS: USDJPY cracks the 200 day MA March 27, 2020 at 02:55PM

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The 200 day is now resistance
The USDJPY has cracked below the 200 day MA at 108.29. It also fell back below the 38.2% of the March move higher at 108.407.  Those levels are now short term risk levels for the shorts now. Stay below and the sellers are in control.  

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NEWS: Pence: Will be offering guidance to different regions in country in days ahead March 27, 2020 at 02:38PM

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Comments from the Vice President on CNBC
Here is some on the movement of Americans from a beach in Florida.
ForexLive

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NEWS: UK coronavirus cases rise to 14,579 vs 11,658 yesterday March 27, 2020 at 02:18PM

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UK cases continue to rise
Death toll at 759 vs 578 prior.
The UK has tested about as many people as New York state but found far few cases. However they have more deaths.

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NEWS: Watch the 100 hour MA in the S&P today March 27, 2020 at 02:17PM

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The 100 hour MA comes in at 2526.95.
It is Friday. It is month/quarter end. There is expectation that there may be quarter end rebalancing to the buy side.  However, let me repeat, it is Friday with the coronavirus risks high over the weekend as Italy, Spain, US, New York City  in the news spotlight, with markets closed.

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USD/CAD Erratic Price Action After Bank of Canada Emergency Rate Cut

March 27, 2020 at 01:50PM

The Bank of Canada is the latest central bank to announce an emergency interest rate cut. Continue Reading…

From: Nick Cawley
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USD/ZAR – US Dollar vs South African Rand, ZAR Remains Vulnerable

March 27, 2020 at 01:35PM

South Africa forced into QE, eyes on Moody’s Rating. Downgrade to junk poses downside risks to South African Rand Continue Reading…

From: Justin McQueen
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Bank of Canada Cuts Rates to 0.25%, Plans Asset Purchases

March 27, 2020 at 01:36PM

Bank of Canada Cuts Rates to 0.25%, Plans Asset Purchases
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Author: Bloomberg | Post link: https://www.investing.com/news/forex-news/bank-of-canada-cuts-rates-to-025-plans-asset-purchases-2123573
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NEWS: US U Mich March final consumer sentiment 89.1 vs 90.0 expected March 27, 2020 at 02:00PM

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University of Michigan consumer sentiment for March 2020:
ForexLive

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NEWS: AUDUSD peaks and rolls over March 27, 2020 at 02:00PM

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Trades to new session lows in the New York session
On the downside, there is support near the 0.5973 to 0.59845 area. That is home to swing levels going back to March 19, March 20, March 24 and March 25. Yesterday the price extended above that level on its way to the high today.

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NEWS: Poloz: Policy rate is now at the effective lower bound March 27, 2020 at 01:31PM

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Bank of Canada opening statement after cutting rates
Q&A:
Full text of the opening statement:
ForexLive

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NEWS: US major indices open the day lower March 27, 2020 at 01:31PM

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It’s Friday. It’s the end of the quarter. Coronavirus fears dominate
A snapshot of the major indices near the open are showing:
in other markets:
in the US debt market yields are lower with the yield curve flattening:

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NEWS: The USDJPY ping pongs between the 100 and 200 day MAs. Waiting for a shove. March 27, 2020 at 01:19PM

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100 day MA above and 200 day MA below
The USDJPY is trading lower in sympathy with lower stocks, lower rates today (at least that is the reaction today). Yesterday, stocks were higher and rates were marginally lower and the USDJPY moved lower. So there is some uncertainty with the correlation between rates and stocks and

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NEWS: Bank of Canada will hold press conference at 9:30 am ET. Watch live March 27, 2020 at 01:17PM

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Poloz and Wilkins to appear
The BOC will publish the opening statement at the bottom of the hour. The press conference will be via teleconference.
Here is a live stream:

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NEWS: USDCAD trades to a new session high after emergency rate cut March 27, 2020 at 01:11PM

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The 1.4150-63 is being tested after emergency rate cut
The Bank of Canada had a another emergency rate cut of 50 basis points that has taken their target rate to 0.25%.

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NEWS: Bank of Canada full rate statement from the March 27 rate cut March 27, 2020 at 01:04PM

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Bank of Canada cuts rates by the 50 basis points to 0.25%
The full statement from the Bank of Canada:
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the

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Natural Gas Wave Analysis – 27 March, 2019

March 27, 2020 at 01:47PM
  • Natural Gas reversed from resistance area
  • Likely to fall to 1.600

Natural Gas recently reversed down from the resistance area lying between the key resistance level 1.770 (former strong support from February) and the 38.2% Fibonacci retracement of the previous sharp downward impulse from March.

The downward reversal from the resistance area started the active short-term impulse wave 5.

Natural Gas is likely to fall toward the next major support level 1.600 (which stopped the 3 previous impulse waves earlier this month).

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From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/natural-gas-wave-analysis-27-march-2019-20200327/
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Wheat Wave Analysis – 27 March, 2019

March 27, 2020 at 01:46PM
  • Wheat broke key resistance level 570.00
  • Likely to rise to 590.00

Wheat recently broke above the key resistance level 570.00 (which stopped the (b)-wave of the previous ABC correction 2 from the middle of January).

The breakout of the resistance level 570.00 accelerated the active impulse waves (i) and 3.

Wheat is likely to retest the next powerful resistance level 590.00 (which stopped the previous sharp multi-month upward impulse sequence (1) in January) – from where the price is likely to correct down.

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From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/wheat-wave-analysis-27-march-2019-2-20200327/
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CADJPY Wave Analysis – 27 March, 2019

March 27, 2020 at 01:45PM
  • CADJPY reversed from resistance area
  • Likely to fall to 76.00

CADJPY recently reversed down from the resistance area lying between the pivotal resistance level 78.37 (top of the previous wave (B) and the former multi-month support from August, acting as the resistance after it was broken by the previous impulse wave (A)).

The resistance zone near the resistance level 78.37 was strengthened by the 38.2% Fibonacci retracement level of the previous impulse wave (A) from December.

CADJPY is likely to fall further toward the next support level 76.00 (which reversed the price earlier this month).

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From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/cadjpy-wave-analysis-27-march-2019-20200327/
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EURGBP Wave Analysis – 27 March, 2019

March 27, 2020 at 01:44PM
  • EURGBP broke round support level 0.9000
  • Likely to fall to 0.8800

EURGBP under bearish pressure following the earlier breakout of the key round support level 0.9000 (former strong resistance from last year).

The breakout of the support level 0.9000 coincided with the breakout of the 38.2% Fibonacci retracement level of the previous sharp upward impulse from December.

EURGBP is likely to fall further toward the next support level 0.8800 (standing close to the 61.8% Fibonacci retracement level of the previous upward impulse from May).

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From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/eurgbp-wave-analysis-27-march-2019-20200327/
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NEWS: Bank of Canada cuts rates to 0.25% March 27, 2020 at 01:02PM

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BOC cuts to 0.25% from 0.75%
Breaking
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NEWS: UK health secretary tests positive for coronavirus March 27, 2020 at 12:59PM

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Secretary Hancock tests positive
Earlier in the outbreak, Health Minister Nadine Dorries also tested positive but she returned to parliament two days ago.
She wrote this on the news of Boris getting the virus:

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NEWS: Fed’s Bostic: Economy may rebound robustly but forecasting tough March 27, 2020 at 12:40PM

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Bostic on BloombergTV
There wasn’t anything notable in the interview.
ForexLive

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