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In the Zone
- GBPUSD
- GOLD
Market Insight Commentary – Forex
Today's News Headlines
- The drastic changes to Italy started changing yesterday with an announcement of a flat company tax, while that should not be seen as drastic – comments that they could implement a flat family tax is what got tongues wagging.
Market Insight Commentary – Indices
Market Recap
The geopolitical environment continues to be contentious, the UK entered the debate on tariffs calling them “unjustified” and “disappointing.” This type of public response only seems to motivate Donald Trump, he seems fixated on getting the US trade deficit down, to be honest I don’t disagree with some of his points – it is just the way that he expresses them that I find utterly bizarre.
The big mover yesterday was the AUDUSD, the Asian session showed strong economic data in Australia and I have no doubt this resulted in a little bit of short covering. There is event risk in the form of RBA delivering their interest rate verdict which will undoubtedly stay put for now. The current levels are the strongest level in 8 weeks and as such this level may prove to be a good entry for sellers to enter the market again.
The GBPUSD was the other mover – the New York session was particularly strong. It attempted to move above the 1.3400 level in the London session but it ultimately failed to make any headway there. The sellers took the opportunity to trade the pair to 1.3310 which is where both the 100 and 200 hour MA are trading – and this proved to be support. In the new day 1.3340 will be the key resistance level to break, anything below 1.3300 could spell trouble for the buyers this morning.
Important Economic Data Due Today
10:30 GBP Services PMI
Consensus: 52.9
Effect: Higher than expected is good for the GBP
16:00 USD ISM Non-Manufacturing PMI
Consensus: 57.9
Effect: Higher than expected is good for the USD
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