Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Introduction To The Forex Market
In the Zone
- DAX
- FTSE
- Oil
- EURUSD
- GBPUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- After months of very little event, we saw a potential terrorist attack in Toronto yesterday – this is a stark reminder of the dire situation that the world is in.
Market Insight Commentary – Indices
Market Recap
We discussed it is a little less detail yesterday that perhaps on Friday we saw signs that the dollar was back – yesterday the dollar certainly was King. There are various reasons being mooted for the cause, but from my perspective, having a look at the COT report on Friday I would suspect that there was an element of short covering yesterday.
The EURUSD moved below a big swing area at 1.2250 and the technical break was a reason for the shift in momentum. The key 100 day MA trades at 1.2205 and this is where the market found some support last night, I suspect that we may get a bounce this morning – but I am still a little dubious as to whether we get a sustained move from here. I would prefer to wait for London to open before I made any decisions there.
After such a protracted move in the last couple of days, the cable continued rallying lower on the stronger dollar. Price stayed below a trend line yesterday morning and this too was a catalyst for a move lower. There is a strong trend line trading on 1.3900 and resistance at 1.3965, we could trade in this range for today before looking to break later in the week.
Important Economic Data Due Today
16:00 USD CB Consumer Confidence
Consensus: 126.0
Effect: Higher than expected is good for the USD
[su_divider]
