All eyes on UK budget and FOMC rate announcement later in the day

<p>Some decent data out today that may get us away from the Russian-Ukraine tensions that have dominated the markets for the last couple of weeks. […]</p>

Some decent data out today that may get us away from the Russian-Ukraine tensions that have dominated the markets for the last couple of weeks.

To start off the day, the UK will announce the unemployment rate, expected to stay at 7.2%, whilst at the same time the MPC asset purchases and bank rate votes will also be announced, both expected at 0-0-9.

This afternoon the start of the annual budget release will start. Some of the topics are already out in the open and no shocks are expected but this will be a welcome distraction from recent stories.

Tonight will catch the eye of most traders when the FOMC releases the statement, which will include the continued taper of $10 US billion. Again no shocks are expected here for the moment but most will be watching for the guidance.

Not to be forgotten is the Ukraine crisis, where Russia’s President Putin gave a very strong speech that what they are doing is by the international code and thus they have claimed Crimea as part of Russia. The next steps in this fight will be to see how the West now responds with the threat of bigger sanctions, but Russia don’t seem to be to worried and are not looking to back down on this.

Don’t forget to check out our Budget 2014 live blog from 10am for real-time updates as well as analysis of the potential market impact of this years’ budget statement.

 

EUR/USD

Supports 1.3910 1.3880 1.3840 | Resistance 1.3950 1.3970 1.4000

 

USD/JPY

Supports 101.20 100.75 100.40 | Resistance 102.00 102.50 102.80

 



GBP/USD

Supports 1.6540 1.6525 1.6480 | Resistance 1.6610 1.6660 1.6720

 

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