Morning Update – 21/03/2017 – by Arjun Lakhanpal

Morning all.. Another very quiet session on Wall St that saw stocks nudge lower at the close. Asia was a similar affair with the Nikkei down 0.34%. FX markets were restricted to tight ranges as many traders move to the sidelines waiting for some decent data. EUR was little changed after being weaker into the Presidential debate last night but trades back at session highs after a low of 1.0718. Elabe Poll (after 1st TV debate): Macron seen as most convincing in election debate; Macron 29%, Melenchon 20%, Fillon 19%, Le Pen 19%, Hamon 11%. IFOP Poll: 1st round: Le Pen 26% (-0.5pp), Macron 25% (-1pp), Fillon 18% (unch); 2nd round: Macron 60%, Le Pen 40%. This took EUR back up..ECB Weidmann: current expansionary mon pol still appropriate; ECB should slowly start to consider exit from very easy policy and make its communication on rates more symmetrical; could adjust communication to no longer say mon pol could be eased still further; ECB’s definition of price stability is for medium term and doesn’t have to be met immediately & at any cost; domestic price pressures are still weak.. Japan Fin Min: thinks G20 accepts importance of free trade; agenda for US/Japan economic dialogue not yet confirmed, wants talks to be win-win. Data this morning includes UK CPI data for Feb, PPI and public sector borrowing. Looks like being a quiet one till the UK data.. Good luck..