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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Trump announced the CIA director Mike Pompeo as his new Secretary of State, and announced Gina Haspel (the first women) as the new director of the CIA. I’m sure there will be more news in the coming days.
Market Insight Commentary – Indices
Market Recap
After the jobs data on Friday, the market turned its attention to the US CPI for any clues as to whether more than 3 rate hikes this year is feasible, the data came in close to expected and so there was nothing to report. The highlight of the day came out of the circus that is the White House, news that Trump had fired the Secretary of State Rex Tillerson surprised the market and sent the dollar lower – as a side note, Tillerson learnt of his fate via the infamous Trump twitter account.
Trump also fired his personal aide and then in another bizarre move, he fired the White House aide who released the statement of the Tillerson firing – this after he himself released it on twitter. With diplomatic discussions with both North Korea and China currently taking place, the firing of Tillerson could leave the market blind-sided and could set the world back in the progress they had made thus far.
With the exception of the USDCAD, the dollar weakened against all the major pairs and as a result all the major pairs are looking technically set up to trade this week. All are trading near 61.8 fibs, I suppose we will have to watch the twitter account to find the next big market mover this morning.
Important Economic Data Due Today
10:00 EUR ECB President Draghi Speaks
Consensus: None
Effect: More hawkish than expected is good for the EUR
14:30 USD PPI
Consensus: 0.1%
Effect: Actual higher than expected is good for the USD
14:30 USD Retail Sales
Consensus: 0.4%
Effect: Actual higher than expected is good for the USD
16:30 USD Crude Oil Inventories
Consensus: 2.2M
Effect: No consistent effect on the USD
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