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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- The crypto currencies look to be facing their first battle as the NY attorney general has asked for a lot of information around ownership etc.
Market Insight Commentary – Indices
Market Recap
The day seemed to just meander along with some indecisive trading desks not certain how to determine the geo political risks that surround the market at present. This all changed late afternoon when BOE Carney turned the market on its head when he started walking back on some earlier comments.
After he basically guaranteed the market an interest rate hike in May, he started back tracking on those comments last night and this sent the cable into a spiral which is still in trouble right now. One comment of, “I don’t want to get too focused on the precise timing of the next hike,” was enough to trigger the sell button.
The GBPUSD lost over 200 pips in no time and in that time it traded below the 22 day average by over 75 pips. You get the impression that this move is possibly overdone and there may perhaps be a bounce in the offering – my advice would be to be cautious.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: 0.4%
Effect: Higher than expected is good for the CAD
14:30 CAD Retail Sales
Consensus: 0.4%
Effect: Higher than expected is good for the CAD
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