Did you know: The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. Read More – Introduction To The Forex Market
Dean's Daily FX Update – 06 October 2017
In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
- Gold
Noteworthy News
- Spanish courts have suspended the parliamentary session in Catalonia on Monday, I have feeling this saga could be ugly and so I don’t want to be involved in any EUR trades this weekend.
Recap
It seems as though the dollar was nicely bid leading into today, the market is braced for a really intriguing employment report today. US politics is also starting to step back into focus this week, in the wake of the devastating shooting in Las Vegas the debate about guns has been brought up amongst other things. I have often been critical of Donald Trump, but the Democrats laying into him for not banning guns is extreme politicking to me – perhaps the Democrats don’t realize that they have just had the presidency for the last decade and gun bans was not mentioned then? Either way, keep an eye on the Donald Trump twitter account this weekend.
The GBPUSD came under some extreme pressure yesterday as the Conservatives starting taking aim at the leadership of PM Theresa May. The move lower was by almost over 150 pips and the pair broke through the 61.8% fib. There may be another residual move this morning and I would rather look to trade other opportunities today.
The USDCAD was the darling for most of the summer as the overly hawkish BOC raised hikes almost at will. It seems as though the Canadian economy has started to show a few cracks over the last couple weeks, nothing could be more indicative than the weaker than expected trade balance yesterday. Keep an eye on the 1.2600 level today as this could prove to be major resistance.
The video goes into a little bit more detail today, but the technical levels are suggesting to me that the market is expecting for some weaker than expected NFP data today. All the pairs are looking to make some inroads against the greenback, although there are always some surprises in store in a day like this. I will not be in the market today, but for those of you that are – good luck.
Important Economic Data out today
14:30 CAD Employment Change
Consensus: 13.9K
Effect: Actual higher than expected is good for the CAD
14:30 CAD Unemployment Rate
Consensus: 6.3%
Effect: Actual lower than expected is good for the CAD
14:30 USD Average Hourly Earnings
Consensus: 0.3%
Effect: Actual higher than expected is good for the USD
14:30 USD Non-Farm Employment Change
Consensus: 82K
Effect: Actual higher than expected is good for the USD
14:30 USD Unemployment Rate
Consensus: 4.4%
Effect: Actual lower than expected is good for the USD
High Risk Investment Warning: Trading foreign exchange and/or contracts for difference on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to trade the products offered by BlackStone Futures you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. BlackStone Futures provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. BlackStone Futures recommends you seek advice from a separate financial advisor. Please take the time to read our Risk Disclosure Notice.
