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In the Zone
- EURUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Canada sound confident that there will be a NAFTA agreement, but I am not as convinced. Trump is rather unreliable and so will instead wait to hear what happens later in the week.
Market Insight Commentary – Indices
Market Recap
The day focused on yet another jobs data number, after the Fed Chair testimony that we should perhaps get more hikes this year than expected, this data read becomes more important. The jobs data was a lot stronger than expected though, reading at 313K but the unemployment rate read a little higher which to me indicates that there is perhaps some people entering the workforce again.
This meant that there was a risk on environment this week, the AUDUSD and the USDCAD were the major benefactors of this move. There was the added bonus of the watering down of the US tariff exemption which also would have aided those currencies in particular, the CAD will be further supported in the coming days as a NAFTA agreement looks likely.
I do think that the AUD and NZD could possibly have been overdone and so I will be watching these pairs with some interest this morning. The strong employment data means that the market are not concerned about 4 hikes anymore, if the US can now avoid a trade war with the rest of the world, global growth will be back on track.
Important Economic Data Due Today
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