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In the Zone
- USDCAD
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- The House is expected to vote on the tax reform today with the Senate to vote tomorrow, it does sound more and more like a done deal which should support the dollar.
Market Insight Commentary – Indices
Market Recap
It was a tough day for the dollar as it started the week firmly on the back foot, there was not much to support any volatility and so the move yesterday wold have been largely flow driven. The reason I believe that the moves were flow driven was because the commodity pairs, due to the time zones, hardly traded throughout the day – the USDCAD traded in a 25 pip range.
The USDJPY was the “big mover” of the major pairs today as the pair traded from 112.85 down to 112.35. The data could not halt the move but the pair found some support at a big support level, considering the US tax reform vote it may be worth keeping an eye on both the stock market, and the 10 year yields as these generally move this pair.
The market is giving an impression that we may have headed into the holiday season already – I must disclose that I will probably wind it up for the year and come back in the New Year.
Important Economic Data Due Today
15:30 USD Building Permits
Consensus: 1.28M
Effect: Actual higher than expected is good for the USD
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