Article Highlights

  • Trump “done negotiating,” wants House to vote on Healthcare on Friday
  • New Zealand prints an 18M NZD trade deficit vs. 160M surplus expected, -257M previous
  • Japan’s flash manufacturing PMI down from 53.3 to 52.6 vs. 53.5 expected in March
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The dollar bounced back from its late U.S. session losses after U.S. officials hinted that Trump is “done negotiating” and is calling for a vote this Friday.

Major Events:

Trump “done negotiating” – The biggest story of the hour is Trump calling for the House to vote on the repealing key parts of the Obamacare on Friday.

Remember that the vote was postponed on Thursday late U.S. session, presumably because GOP leaders in Congress couldn’t come up with enough support to tip the scales in their favor.

But Office of Management and Budget Director Mick Mulvaney said that Trump is “done negotiating,” and that he wants the House Republicans to vote on Friday. Mulvaney shared that the POTUS is prepared to leave Obamacare as it is and is ready to move on to other matters if the vote fails.

The vote is expected to begin some time from 2PM to 4PM New York time (6:00 – 8:00 pm GMT) on Friday.

New Zealand posts trade deficit – Trade data from New Zealand saw a deficit to the tune of 18 million NZD for the month of February. This marks the biggest deficit for any February month since 2007 and is waaay lower than last year’s 366.9M NZD figure and the expected surplus of 160M NZD.

Apparently, exports fell by 5.5% from a year earlier thanks in part to a 98.8% decline in ships, boats & floating structures. Meanwhile, imports popped up by 4.0% thanks to a 20.3% uptick in vehicles, parts & accessories.

Market Movers:

USD – The dollar bounced back on the news that White House intends to push through with the vote before the week ends.

USD/JPY is up by 32 pips (+0.29%) to 111.30, EUR/USD fell by 16 pips (-0.15%) to 1.0769, and GBP/USD slipped by another 30 pips (-0.24%) to 1.2491.

JPY – The yen continued to weaken across the board, as a lack of other catalysts kept yen traders’ focus on Abe’s real estate scandal.

EUR/JPY is up by another 15 pips (+0.13%) to 119.84, AUD/JPY is up by 13 pips (+0.15%) to 84.78 after hitting a session high of 85.08, and CAD/JPY is up by 12 pips (+0.14%) to 83.25.

NZD – Overall dollar strength weighed on the Kiwi, but it also didn’t help that New Zealand printed a weak trade data in February.

NZD/USD is down by 16 pips (-0.23%) to .7014, EUR/NZD is up by 11 pips (+0.07%) to 1.5350, and AUD/NZD shot up by another 10 pips (+0.09%) to 1.0859.

Watch Out For:

  • 8:00 am GMT: French flash manufacturing PMI (52.4 expected, 52.2 previous)
  • 8:00 am GMT: French flash services PMI (56.2 expected, 56.8 previous)
  • 8:30 am GMT: German flash manufacturing PMI (56.6 expected, 56.8 previous)
  • 8:30 am GMT: German flash services PMI (54.5 expected, 54.4 previous)
  • 9:00 am GMT: Euro Zone flash manufacturing PMI (55.3 expected, 55. 4 previous)
  • 9:00 am GMT: Euro Zone flash services PMI (55.4 expected, 55.5 previous)
  • 9:30 am GMT: U.K. BBA mortgage approvals (44.9K expected, 44.7K previous)

See also:

U.S. Session Recap
London Session Recap

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