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Market Insight Commentary – Forex
Today's News Headlines
- Now that he has got under the skin of China, he has started to have a go at Putin – this could get messy.
Market Insight Commentary – Indices
Market Recap
Was a little surprised to see the conciliatory comments come out of China early this morning, I wouldn’t for one second think that it is China taking the high road just yet – but it will appease markets for now.
Comments out of the ECB by President Draghi was the catalyst for the EUR move yesterday, by predicting a strong economy for the 2018 means that inflation will start to increase, meaning that we may see rates bottom out. This would mean a bid in the EUR, but I will look for short opportunities around 1.2400.
The big move was in the USDJPY yesterday as reports about a FBI raid on the President’s personal attorney Michael Cohen which weakened stocks, this resulted in the treasuries trade lower and in turn the USDJPY traded lower. The 100 hour MA also weakened before bottoming out against the 200 hour MA.
There are still market influencers to watch out for, especially out of Washington with regards to NAFTA, Trump and China.
Important Economic Data Due Today
14:30 USD PPI
Consensus: 0.1%
Effect: Actual higher than expected is good for the USD
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