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
- Oil
- FTSE
- Gold
- EURUSD
- GBPUSD
- NZDUSD
- USDCAD
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- Both Macron and Netanhayu yesterday suggested that there is an enlarging of the nuclear accord in Iran, this could put the Middle East country on a collision course with Donald Trump.
Market Insight Commentary – Indices
Market Recap
Another month comes and goes, the patter for most of yesterday was similar to what we have seen over the last couple of months, with the dollar in high demand – this could be off the rebalancing that we discussed yesterday.
We have seen almost all the major pairs fall (more like plunder) to their monthly lows, I want to touch on the Kiwi though as the NZDUSD finished significantly lower than the rest of the majors. It seems as though the Kiwi always leads the commodity block when the mitigating factor is diverging interest rate pairs, and this is what we saw for the most part of yesterday.
The USDCAD was the exception yesterday as the pair strengthened once again against the US, the catalyst for the move yesterday was both oil and tension in the Middle East. Just as the narrative seemed to be getting old, Netanhayu revealed nuclear activity in Iran – this meant that oil dipped back but the work had been done and the CAD did get as low as 1.2800 yesterday.
Almost everything looks like an opportunity today, with daily chart fib levels in play and 4 hour divergence dominating the charts. I am hesitant, but at the same time it does look as though the market is offering us a gift today.
Important Economic Data Due Today
10:30 GBP Manufacturing PMI
Consensus: 54.8
Effect: Higher than expected is good for the GBP
11:20 AUD RBA Governor Lowe Speaks
Consensus: None
Effect: More hawkish than expected is good for the AUD
14:30 CAD GDP
Consensus: 0.3%
Effect: Higher than expected is good for the CAD
16:00 USD ISM Manufacturing PMI
Consensus: 58.4
Effect: Higher than expected is good for the USD
[su_divider]
