# Forex Major Currencies Outlook (Mar 08, 2017)

Source: https://www.tradersway.com/resources/market-info/forex-major-currencies-outlook-mar-08-2017/
Language: en
Updated: 2017-03-08

**USD**



The US dollar held on to its recent gains, although the climb was slower.



The headline trade balance showed a wider than expected deficit but components of the report indicated that both exports and imports picked up during the month. The ADP non-farm employment change reading is due today and this should provide some clues on how the Friday NFP might turn out. Analysts are expecting to see a 184K gain for the ADP report.



**EUR**



The euro gave back some of its recent gains as German factory orders printed a surprise 7.4% slump versus the projected 2.5% decline. The final GDP reading for the region was unchanged at 0.4%. German industrial production and French trade balance are up for release today.



**GBP**



The pound slid against most of its peers as the Halifax HPI printed a meager 0.1% uptick versus the projected 0.4% gain. The UK government annual budget release is scheduled today but traders could continue to look to Brexit-related headlines for cues.



**CHF**



The franc was in a weak spot against its peers as uncertainties in the European region dampened demand for the Swiss currency. Swiss foreign currency reserves increased from 648B CHF To 668B CHF to show a bit of intervention. Swiss CPI is due today and a 0.2% uptick is eyed, an improvement over the earlier flat reading.



**JPY**



The yen was able to hold on to its gains despite mixed data, as risk aversion was in play. The final GDP reading was upgraded from 0.2% to 0.3%, lower than the projected 0.4% expansion, while the current account balance printed a smaller surplus than expected. Average cash earnings data is due in the next Asian session.



**Commodity Currencies (AUD, NZD, CAD)**



The Loonie shed some ground as the Ivey PMI printed a drop from 57.2 to 55.0 to show a slower pace of growth. In New Zealand, the GDT auction showed a 6.3% drop in dairy prices, adding to the earlier 3.2% slide. Chinese trade balance was also weaker than expected at a 60 billion CNY deficit versus the projected 173 billion CNY surplus. Crude oil inventories data is due next.



*By Kate Curtis from Trader’s Way*