FXTM Forex Market Update | 21/03/2017
Global stocks were under pressure at the start of the trading week after the G20 dropped a pledge to avoid trade protectionism. The Greenback remains on a back foot following last weeks “dovish hike” while Sterling is expected to turn volatile ahead of the Article 50 invocation on the 29th of March. With the oversupply concerns returning with a vengeance, WTI Crude may be exposed to further downside shocks. Investors may direct their attention towards the CPI report and Carney speech this afternoon. While a positive CPI may elevate Sterling, it must be kept in mind that the currency remains gripped by the Brexit woes. - The EURUSD has been elevated by Dollar weakness - Sterling bears could reclaim control back below 1.2300 - $1240 could act as a tough dynamic resistance on Gold
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