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Market Insight Commentary – Forex
Today's News Headlines
- There is optimism in China that a trade deal between themselves and the US can get done. I am not entirely certain that China are really genuine in these attempts.
Market Insight Commentary – Indices
Market Recap
There was event risk in the form of a Draghi comment yesterday and he did highlight that the EU is becoming more politically fragmented – this is a surprising comment to make as this type of attitude started two years ago when we saw the start of the Brexit process. There has been some “noise” recently in Italy as the coalition have stated in their wish list that they would like to enforce forgiveness of 250 bln euros. Don’t be surprised if we see more of this attitude from EU members in the coming years.
The NZDUSD was a beautiful trade yesterday, the commodity currencies were in focus as they have been hit hardest during this recent dollar rally. We highlighted a base has been formed for now in the Kiwi at 0.6850 and it attempted to break through the 100 day MA at 0.6925 but failed. I suspect that we may see some action later this afternoon – the sellers are still firmly in the driving seat, but another test of that key MA will see some action.
The USDCAD is a tough one for me to call at the moment, technically speaking the picture looks a little muddled. The main reason for that is that with a strong oil price and positive NAFTA negotiations taking place, I am not sure how much of this move is real or superficial and so I would prefer to look elsewhere for a trading opportunity.
Important Economic Data Due Today
14:30 USD Building Permits
Consensus: 1.35M
Effect: Higher than expected is good for the USD
16:00 USD Crude Oil Inventories
Consensus: -1.1M
Effect: No consistent effect on the USD
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