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Market Insight Commentary – Forex
Today's News Headlines
- Trump made a statement that “Iran will negotiate or something will happen,” I am not sure what this statement is supposed to mean.
Market Insight Commentary – Indices
Market Recap
The oil price was always going to be the mover for the day, with the US withdrawing from the Iran nuclear deal and possible sanctions on the horizon – potential supply issues were always going to drive the price higher. There was also a surprise drawdown on crude oil inventories meaning that prices at the pump could jump to ridiculous highs over the next few months. There is chatter that Saudi Arabia and the oil block will increase supply to limit the price shocks but seeing is believing.
With all the geopolitical factors influencing the market – there is limited opportunity in the FX markets this week with traders seemingly reluctant to take big positions. I have been content to focus on the equity bourses this week as for now they seem immune to geopolitical factors with the major bourses moving by over 1% yesterday. Despite these moves though, there seems to be a lot of intraday opportunities and this is where I am focusing again today.
Important Economic Data Due Today
10:30 GBP Manufacturing Production
Consensus: – 0.2%
Effect: Higher than expected is good for the GBP
13:00 GBP BOE Bank Rate
Consensus: 0.5%
Effect: Higher than expected is good for the GBP
13:00 GBP Policy Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the GBP
14:30 USD CPI
Consensus: 0.3%
Effect: Higher than expected is good for the USD
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