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Market Insight Commentary – Forex
Today's News Headlines
- The Summit between North Korea and the US is back on.
Market Insight Commentary – Indices
Market Recap
It was clear the bloodbath on European Indices on Friday, despite the ever unpredictable Donald Trump confusing the market – it would seem as there is a clear change in risk appetite with flow streaming out of “riskier” assets like Europe and into the US. This prompted a little bit of chatter out of the ECB which I am assuming was a tactic to slow the bleeding, it did not have the desired effect as there are some real concerns around both the EU and the UK right now.
The EURUSD fell to session lows on Friday as the pair reached 1.1645 meaning that it is trading at the lower trend line again. There was the bounce on the open this morning, I suspect that this move could start to slow down though, we saw massive selling pressure at the 100 hour MA last week and this level trades at 1.1733 – the bears in my opinion are still very much in control here.
The GBPUSD is also running lower and subsequently got to the levels of November 2017, like the EUR this pair has traded below the 100 hour MA and the action today will be key. Sellers remain in control in this pair, and I would not be surprised if we have a look at the lows at 1.3186.
Important Economic Data Due Today
All Day GBP Bank Holiday
Consensus: None
Effect: Very little liquidity
All Day USD Bank Holiday
Consensus: None
Effect: Very little liquidity
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