Forex Today: Euro hit by Italy hung parliament, UK services PMI eyed


The Euro witnessed a mixed start to the week, initially having received a boost following the weekend’s German SPD’s vote in favor of the coalition deal. However, the upside was short-lived as sentiment soured on the Italian election’s projected outcome of a hung parliament, with both the anti-establishment 5-Star Movement and the far-right League party outperforming in the first exit polls.

Meanwhile, the US dollar found some love against the Antipodeans, as downbeat Chinese Caixin services PMI weighed down on both the Aussie and Kiwi. The USD/JPY pair, however, traded with sizeable losses amid risk-off market profile, reflected by negative Asian equities and Treasury yields.

Among the commodities, gold prices remained well bid near $ 1330 levels while both crude benchmarks also traded higher amid the Libyan Sharara oilfield shutdown news and ahead of the OPEC meeting with the US shale firms.

Main topics in Asia

European Politics in focus start of week: Italian election / German coalition risks

Italy’s ruling centre-left Democratic Party admits defeat - The Guardian

Berlusconi's right-wing coalition leads Italy's election: RAI state television

China's Caixin services PMI eases in Feb, misses expectations

Trump trade advisor sees business exemptions to tariffs - Reuters

New Zealand Treasury - there is still some spare capacity in the labour market

China to cut import tariff on auto, some consumer goods: NDRC - Bloomberg

Key Focus ahead

The European calendar sees a busy start to a fresh week, with the final services PMI reports from the Euro area economies due on the cards ahead of the UK services PMI and Eurozone Sentix Investor Confidence. Meanwhile, the US docket offers a set of services PMI reports from Markit and ISM ahead of the FOMC member Quarles speech.

EUR/USD bearish bets lose value despite prospects of hung parliament in Italy

GBP/USD looks weaker than ever ahead of UK services PMI release

Key events for the week ahead - Nomura

RBA to be a non-event this week, or? - Westpac

Australia Jan retail trade to reverse most of the previous fall - ANZ

GMT
Event
Vol.
Actual
Consensus
Previous
Sunday, Mar 04
24h
 
 
Monday, Mar 05
24h
 
 
24h
 
 
00:30
51.7
 
51.1
00:30
51.7
52.0
51.9
00:30
17.1%
4.0%
-20.6% Revised from -20.0%
00:30
12.0%
 
-5.0% Revised from -5.5%
00:30
-0.3%
 
6.2%
00:30
2.2%
-2.2%
-0.1% Revised from -0.2%
01:45
54.2
 
54.7
06:00
 
 
59.8
06:00
 
 
55.1
07:00
 
 
0.99%
07:00
 
 
12.14%
07:00
 
 
1.02%
07:00
 
 
10.35%
07:00
 
 
0.7%
08:00
 
 
5.9%
08:15
 
56.4
56.9
08:30
 
 
50.7B
08:45
 
57.0
57.7
08:50
 
57.8
57.8
08:50
 
57.9
57.9
08:55
 
57.4
57.4
08:55
 
55.3
55.3
09:00
 
56.7
56.7
09:00
 
57.5
57.5
09:30
 
53.3
53.0
09:30
 
31.0
31.9
10:00
 
 
1.3%
10:00
 
2.1%
1.9%
10:00
 
0.3%
-1.1%
11:30
 
 
2.6%
14:45
 
54.6
55.9
14:45
 
55.5
55.9
15:00
 
59.0
59.9
16:30
 
 
1.645%
16:30
 
 
1.83%
18:15
 
 
23:00
 
 
4.66B
Tuesday, Mar 06
00:00
 
 
0.63%
00:00
 
 
3.68%
00:01
 
0.4%
0.6%
00:30
 
-12.6B
-9.1B
00:30
 
0.4%
-0.5%
03:30
 
 
03:30
 
1.5%
1.5%
08:00
 
 
4.4%
08:15
 
0.2%
-0.1%
08:15
 
0.5%
0.7%
08:30
 
 
8.1%
08:30
 
 
0.8%
08:30
 
 
5.8%
n/a
 
 
1.81%
10:00
 
 
3.3%
10:00
 
 
0.9%
11:00
 
 
4.3%
11:00
 
 
2.8%
12:30
 
 
13:00
 
 
0.3%
13:55
 
 
-0.6%
13:55
 
 
3.3%
14:00
 
 
84.2
14:00
 
 
85.9
n/a
 
 
-0.5%
14:30
 
 
-1.55B
15:00
 
-1.3%
1.7%
n/a
 
 
56.7
15:00
 
 
51.3
15:00
 
56.3
55.2
16:30
 
 
1.495%
18:15
 
 
21:30
 
 
0.933M
21:35
 
 
22:30
 
 
22:30
 
 
54.3
23:00
 
0.5%
0.4%
23:00
 
1.2%
1.0%
23:50
 
 
$1,268.5B
Wednesday, Mar 07
00:30
 
2.2%
2.8%
00:30
 
0.5%
0.6%
01:30
 
 
05:00
 
107.8
107.4
05:00
 
119.5
120.2
07:00
 
 
6.9%
07:45
 
 
€41.6B
07:45
 
 
€-3.47B
07:45
 
 
€45.1B
07:45
 
 
€-0.9B
08:00
 
 
¥3.161T
08:00
 
 
-0.5%
08:00
 
 
731B
08:30
 
0.0%
-0.6%
08:30
 
2.4%
2.2%
09:00
 
 
282.4B
09:00
 
 
€121.81B
09:30
 
 
99.7
10:00
 
2.7%
2.7%
10:00
 
0.6%
0.6%
n/a
 
 
0.9%
11:00
 
 
-0.1%
11:00
 
 
7.2%
n/a
 
 
$1,210M
12:00
 
 
2.7%
12:00
 
 
1.5%
13:00
 
 
13:00
 
 
13:00
 
 
€20.3B
13:15
 
195K
234K
13:15
 
 
13:30
 
$-54.1B
$-53.1B
13:30
 
2.1%
2.0%
13:30
 
-0.2%
-0.1%
13:30
 
0.3%
-0.6%
13:30
 
 
$-3.19B
13:30
 
 
$46.51B
13:30
 
 
$49.7B
15:00
 
 
15:00
 
1.25%
1.25%
15:30
 
1.378M
2.483M
19:00
 
 
20:00
 
$17.70B
$18.45B
21:45
 
 
0.3%
23:50
 
2.1%
2.4%
23:50
 
0.0%
0.1%
23:50
 
-0.1%
0.0%
23:50
 
0.7%
0.5%
23:50
 
 
¥-53.6B
23:50
 
 
¥201.3B
23:50
 
¥271.0B
¥583.9B
23:50
 
¥-23.9B
¥797.2B
Thursday, Mar 08
24h
 
 
00:01
 
17.1%
8.0%
00:30
 
 
2%
00:30
 
 
6%
00:30
 
-2,372M
-1,358M
02:00
 
 
36.9%
02:00
 
 
135.8B
02:00
 
 
11.1%
02:00
 
 
6%
n/a
 
 
$20.34B
02:00
 
 
30.2%
05:00
 
52.8
52.4
05:00
 
52.7
49.9
05:30
 
 
1.5%
06:45
 
3%
3%
07:00
 
 
3.8%
07:00
 
 
7.2%
07:00
 
 
8.7%
07:00
 
 
1.3%
08:00
 
 
2.1%
08:00
 
 
2.5%
08:00
 
 
3.9%
10:00
 
 
20.9%
11:00
 
 
0.5%
11:00
 
 
0.3%
11:00
 
 
4.2%
11:00
 
 
10.5%
12:30
 
 
44.653K
12:45
 
 
-0.4%
12:45
 
 
0%
13:00
 
 
$450.9B
13:15
 
217.4K
216.2K
13:30
 
223K
210K
13:30
 
1.898M
1.931M
13:30
 
 
13:30
 
-1.9%
4.8%
13:30
 
0.3%
0.0%
13:30
 
 
3.3%
14:00
 
 
0.53%
14:00
 
 
0.28%
14:00
 
 
5.55%
15:30
 
-33B
-78B
20:35
 
 
21:45
 
 
1.4%
21:45
 
 
3.4%
22:00
 
 
23:30
 
0.9%
0.3%
23:30
 
-0.3%
-0.1%
23:50
 
3.3%
3.4%
Friday, Mar 09
00:00
 
0.7%
0.7%
01:30
 
 
4.3%
01:30
 
 
0.6%
01:30
 
 
1.5%
n/a
 
 
04:00
 
 
-0.1%
04:00
 
 
06:00
 
 
48.8%
07:00
 
 
6.5%
07:00
 
 
-0.6%
07:00
 
 
1.4%
07:00
 
 
€27.8B
07:00
 
 
0.3%
07:00
 
 
€21.4B
07:00
 
 
6.4B
07:00
 
 
4.2%
07:45
 
 
0.5%
07:45
 
 
€-67.8B
08:00
 
 
6.1%
08:00
 
 
€513M
08:00
 
 
-2.2B
08:00
 
 
€8.5M
09:00
 
 
2%
09:00
 
 
0%
n/a
 
 
2.2%
n/a
 
 
3.1%
09:30
 
 
2.9%
09:30
 
-0.1%
0.3%
09:30
 
0.0%
-1.3%
09:30
 
0.9%
0.0%
09:30
 
1.9%
1.4%
09:30
 
 
£-4.896B
09:30
 
£-12.363B
£-13.576B
09:30
 
£-4.12B
£-5.18B
n/a
 
 
-0.419%
n/a
 
 
-0.472%
10:00
 
 
-0.2%
n/a
 
 
0.2%
10:00
 
 
€12.2M
11:00
 
 
0.29%
11:30
 
 
$420.59B
13:00
 
0.3%
0.5%
13:30
 
190K
200K
13:30
 
34.4
34.3
13:30
 
2.5%
2.9%
13:30
 
4.1%
4.1%
13:30
 
0.3%
0.3%
13:30
 
62.5%
62.7%
13:30
 
 
1.7%
13:30
 
 
0.4%
13:30
 
85.7%
85.0%
13:30
 
68.5K
-88.0K
13:30
 
65.6%
65.5%
13:30
 
5.8%
5.9%
15:00
 
0.2%
0.7%
17:45
 
 
18:00
 
 
800
19:30
 
 
19:30
 
 
19:30
 
 
19:30
 
 
19:30
 
 
19:30
 
 
19:30
 
 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD holds above 1.0800 after German and EU PMI data

EUR/USD holds above 1.0800 after German and EU PMI data

EUR/USD holds above 1.0800 in the European session on Thursday. The data from Germany and the EU showed that the business activity in private sector expanded at an accelerating pace in May, helping the Euro find demand. US PMI reports will be published later.

EUR/USD News

GBP/USD holds the fort above 1.2700, focus on UK/ US PMIs

GBP/USD holds the fort above 1.2700, focus on UK/ US PMIs

GBP/USD is clinging to recovery gains above 1.2700 in European trading on Thursday. The US Dollar struggles to extend its upside, lending support to the pair amid an improving market mood. Traders look forward to the UK and US preliminary PMI data for fresh trading impulse. 

GBP/USD News

Gold: Will XAU/USD avert a rising wedge breakdown?

Gold: Will XAU/USD avert a rising wedge breakdown?

Gold price is licking its wound near a five-day high below $2,370 in the Asian session on Thursday. Gold price is on a three-day downtrend, undermined by the hawkish Minutes of the US Federal Reserve (Fed) May policy meeting.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures