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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- China has asked to put together a trade plan with the US, this may be a sign that Trump is in a conciliatory mood and would like to avoid the trade war.
Market Insight Commentary – Indices
Market Recap
The market was on tenterhook yesterday morning as the news of Gary Cohn’s resignation started filtering through the market, this obviously raised fears of further tariffs and retaliatory action will bring with it a trade war. There was a feeling that Cohn was one of the last sensible voices in the White House, and with him gone, the circus show is set to continue.
The commodity currencies suffered most yesterday in the early morning as sentiment once again shifted to a risk off. The USDCAD once again tested swing highs at 1.3000, the AUDUSD tested the 200 day MA at 0.7800 and the NZDUSD tested the 200 hour MA at 0.7238. Traders in these three pairs leaned against these big levels and have probably set the lows for now.
In the New York session, it was suggested that both Canada and Mexico may be exempt from the steel and aluminium tariffs, there was further news that other countries may also be exempt which buoyed the commodity currencies. Perhaps someone spoke some sense into Trump, but it is feasible that the only region affected would be the EU – and in particular Germany.
Important Economic Data Due Today
14:45 EUR Minimum Bid Rate
Consensus: 0.00%
Effect: Actual higher than expected is good for the EUR
15:30 EUR ECB Press Conference
Consensus: None
Effect: More hawkish than expected is good for the EUR
18:00 BOC BOC Governor Poloz Speaks
Consensus: None
Effect: More hawkish than expected is good for the CAD[su_divider]
