March 24 daily Forex news and trade opportunities

The dollar is up for some intense activity today as a decision about Trump’s healthcare bill will be passed. The house vote to repeal Obamacare was postponed until today, with the outcome bound to shake markets. This and more on the daily Forex news and trade opportunities.

March 24, AtoZForex – We have key economic metrics like from the Eurozone due today as well as US CPI m/m, core Durable Goods Orders m/m to be looked at on the daily Forex news.

#1 UK retail sales impresses

According to the Office of National Statistics, estimates of the quantity bought in retail sales increased by 3.7% compared with February 2016 and increased by 1.4% compared with January 2017. It is interesting to note that the average store prices (including fuel) increased by 2.8% on the year, the largest growth since March 2012; the largest contribution came from petrol stations, where year-on-year average prices rose by 18.7%.

#2 What health-care vote means for financial markets

The postponed House vote to repeal Obamacare is going to dictate the direction of the markets for coming weeks. As the house postponed its decision on the matter yesterday, stocks dipped into negative territory to close the day in negative territory. The dollar remained quite stable, however, it will likely take off depending on the decision from the house.

Opportunity: Buy GBPUSD if the bill is repealed

#3 Oil fundamentals remain bearish

Irrespective of effort from the likes of Saudi Arabia and Russia to try and prop up the market to get more, the oil market has remained strongly bearish. The latest US crude oil inventories came in stronger than expected, with a surplus of +4.5M barrels (2.8M barrels). This strong surplus show confirms that in the long run, the OPEC production cuts will have to be much greater to result in a deficit in the market, and with shale producers running at such high numbers, OPEC’s task could be even more difficult.

Opportunity: Sell oil on rallies

#4 Eurozone growth hits six-year high

The latest report from Markit showed the Eurozone economic growth gathered further momentum in March. Reaching a nearly six-year high. The survey also saw the best employment growth for almost a decade as both manufacturing and service sector firms responded to surging order books. Business optimism meanwhile hit a new peak, but price pressures also intensified to a nearly six-year high.

Opportunity: Buy EURUSD

#5 Former Fed Chair Alan Greenspan’s Secret Gold Vision

The Former Fed Chair Alan Greenspan evaluated the gold standards in the February 2017 issue of The World Gold Council. There he made a strong statement about the gold standards and viewing the gold as the primary global currency. He is viewing the gold as the valuable currency and has some intrinsic value including silver. No one can question the value of gold, as it’s a precious commodity. The US monetary policy tried to follow the signals that a gold standard would have created. That is sound monetary policy even with a rescript currency.

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