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Market Insight Commentary – Forex
Today's News Headlines
- True to form, Donald Trump announced a possible 25% tariff on imported cars, I have no doubt this is to try and pressure NAFTA talks in his favour.
Market Insight Commentary – Indices
Market Recap
The gloves came off yesterday as Donald Trump cancelled the summit between the US and North Korea, it doesn’t come as a total surprise as Trump did mention that there was a chance the meeting would not take place. This to me is just another case of Trump being out of his depth when it comes to leading, I am not sure he realises that his actions have repercussions and this high risk game of geopolitics he is playing could come and bite him.
The North Koreans in response took the gloves off as the Vice Minister of Foreign Affairs labelling US VP Pence a “dummy” over his comments comparing North Korea to that Moammar Gadhafi for not having denuclearization. It may just seem as rhetoric for now, but the leader of North Korea is not conventional and he seems to have the capacity to act on his emotions.
The EURUSD rallied higher on the weaker dollar but ran into resistance at the 100 hour MA at 1.1752 and traded closer to that 1.1710 by market lose. This has been key support this year and will once again be key this morning, I am looking to see where this market breaks – whether it be 1.1700 on the downside or 1.1750 on the top side.
Important Economic Data Due Today
10:30 GBP Second Estimate GDP
Consensus: 0.1%
Effect: Higher than expected is good for the GBP
14:30 USD Core Durable Goods
Consensus: 0.5%
Effect: Higher than expected is good for the USD
15:20 GBP BOE Governor Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
15:20 USD Fed Chair Powell Speaks
Consensus: None
Effect: More hawkish than expected is good for the USD
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