- Australia’s new motor vehicle sales rebounded by 2.9% in Feb
- U.K. house prices up by 1.0% according to Rightmove
- Nikkei down 0.04% for the day
- Swiss PPI and retail sales data due
Are forex traders reducing their dollar holdings ahead of the FOMC statement this week? It looks like the U.S. currency wasn’t off to a good start so far, as it returned some of its recent gains against its rivals. EUR/USD is up 54 pips (+0.51%), GBP/USD is higher by 59 pips (+0.40%) and USD/JPY is down 22 pips (-0.16%).
There have been no major reports released in the past few hours, allowing market participants to trim their exposure ahead of the top-tier events later on. Risk appetite still seems to be weak, as Asian equities barely advanced and the Nikkei posted a 0.04% loss for the day. The only reports released were Australia’s new motor vehicle sales, which indicated a 2.9% rebound for February, and the U.K. Rightmove HPI which showed a 1.0% gain in house prices.
The coast is clear in terms of top-tier market catalysts for the London trading session, with only a couple of potential movers for the franc lined up. Switzerland is set to print data on its producer prices for February and possibly show a 0.4% uptick for the month. Meanwhile, retail sales are expected to pick up from the previous 2.2% annual pace to 2.6% in January. Stronger than expected data could allow the franc to regain ground, although traders might not be too keen to buy up the Swiss currency with the SNB decision set to take place a few days from now.
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