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Market Insight Commentary – Forex
Today's News Headlines
- Trump cancelled his trip to South America to monitor the Syria situation, could this spell a possible war on the horizon.
Market Insight Commentary – Indices
Market Recap
We have a lot to digest over the course of the week with NAFTA, trade wars and the possibility of conflict in Syria dominating the equity markets. Yesterday we also heard comments out of the ECB declaring the end of QE in the region, these comments stood for a couple of hours before the ECB came out and watered the comments down a little bit. Additional volatility is not what we needed in a week like this.
The USDJPY continues to bounce around on the drama show that is Donald Trump, it first bounced on the news that Trump was thankful to the US on China shift on tariffs. It then bounced the other way on news that Trump is considering firing Mueller which means the currency turned the other way.
The CAD continues to be the darling in the currencies and it was joined by the commodity bloc after the Chinese comments. The loonie has broken below major resistance and is trading at monthly lows, it could be the pricing in of an expected interest rate next week.
Important Economic Data Due Today
10:30 GBP Manufacturing
Consensus: 0.2%
Effect: Actual higher than expected is good for the GBP
14:30 USD CPI
Consensus: 0.0%
Effect: Actual higher than expected is good for the USD
16:30 USD Crude Oil Inventories
Consensus: -0.6
Effect: No consistent effect on the USD
20:00 USD FOMC Meeting Minutes
Consensus: None
Effect: More hawkish than expected is good for the USD
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