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Market Insight Commentary – Forex
Today's News Headlines
- The threat of someone retaliating to the US tariffs finally come to fruition last night after China slapped tariffs on over 128 US products, including pork. Trump has poked the dog with a stick and will have to bear the consequences now.
Market Insight Commentary – Indices
Market Recap
With the exception of the FX market, last week was extremely volatile as some instruments resembled a pin ball machine. There was no particular theme to the market with the dollar a little softer going into Easter, I suspect that this week may start with a bank in the New York session after China announced that it was placing tariffs on over 128 US products. The official stance is that they are attempting to balance the books – but I can assure you this is in retaliation to the stance of the US, I have said countless times that a trade war with China is not one that Trump can win.
The EURUSD has tested the downside support level of 1.2300 for most of yesterday and could only get as low as 1.2284. The start of trading after a long weekend is always a lottery and I suspect that 1.2300 will again become the make or break level in the EUR – it looks vulnerable for another look lower this morning and so I am hesitant to trade first thing this morning.
This morning could be tough, as the market starts to feel its way around key levels, I will probably wait until the US opens before deciding where to go. You would think that Trump would respond to China this afternoon, he has got a massive ego and if he doesn’t do something – he is going to look a tad silly.
Important Economic Data Due Today
10:30 GBP Manufacturing PMI
Consensus: 54.8
Effect: Actual higher than expected is good for the GBP
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