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Trading plan for March 21

Information is not investment advice

As usual, let’s look at the economic calendar to see if there are any good trading opportunities for today.

The day will be full of the events for the British pound. At first, we need to anticipate the release of the retail sales at 11:30 MT time.  The indicator is expected to decline by 0.4%. If the actual figures are higher, the GBP will be supported. Also, the Bank of England will release its monetary policy summary and announce the official rate at 14:00 MT. We don't expect any changes here, as the central bank is driven by the uncertainties over Brexit. Though, the BOE governor Mark Carney may provide supportive comments for the British pound.   

Of course, the most important event for today is the start of the EU Economic Summit. During this summit, the European leaders will decide on the extension of the Brexit process. Yesterday, the British prime minister told that she was not prepared to delay Brexit any further than 30 June. In response, the European Council Donald Tusk said that such a short Brexit extension would only be possible if Parliament agrees to support the unfortunate Brexit deal until March 29. If the sides reach an agreement today, the GBP will rise. More uncertainties will pull the pound lower. That’s why it’s highly important to follow the updates for today. At 16:30 MT time Theresa May will make her statement to the EU leaders. The final decision by the EU will be expected at around 20:00 MT time.

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