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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- The meeting between the US and North Korea has been set for mid-June, this could be interesting in the coming months.
Market Insight Commentary – Indices
Market Recap
It would appear that the ego of Donald Trump has no boundaries, NFP days bring enough volatility as it is but on Friday we saw a tweet prior to the release of the numbers that indicated we could be in for a strong reading. This caused the market to endure a massive front-run on all the pairs created even more volatility, I am not sure that he understands the impact that his tweets have on the market.
The EURUSD was a little choppy on Friday, first the strong US jobs numbers put pressure on the currency and then we saw an even bigger move as the Italian government was sworn into office. There is a real threat that Italy could show the likes of Spain, Portugal and Greece that there is no need for a single zone and the EU could come under threat in the coming years. Despite that though, the bounce in the EUR was really impressive as the pair traded from 1.1610 to a high close to 1.1700, this is shaping to be more of a fundamental trade and I suspect that we could see some sellers in the market today.
The GBPUSD was rather solid on Friday, it was a steady turnaround for sterling for most of the day and it seemed nothing could get into its way. To me it looks like something flow driven, perhaps some asset managers swapping some exposure from European stocks into that of UK. I will keep an eye out this morning to see if there is some form of reversal this morning.
Markets continue to be tough as political factors dominate the market, the last couple of weeks have been a battle of patience – and I suspect that this may continue this week.
Important Economic Data Due Today
10:30 GBP Construction PMI
Consensus: 52
Effect: Higher than expected is good for the GBP
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