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Market Insight Commentary – Forex
Today's News Headlines
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- The UK announced yesterday that it would leave the customs union at the same time that it left the EU, there is expected to be an announcement on the date in the coming months.
Market Insight Commentary – Indices
Market Recap
With all the drama around Italy, NAFTA and trade tariffs floating around the market – you could be excused for forgetting about Brexit. The drama resurfaced itself yesterday as the UK look set to announce a date for the actual separation, this was the backstop for GBPUSD to trade lower and bounce off the key 100 hour MA support levels at 1.3380. The BOE were also in a hawkish mood – no doubt in response to the hawkishness of the BOE and the pair traded to as high as 1.3450. There is still a lot of unknowns when it comes to Brexit and swings like today could become the norm as opposed to the exception.
The USDJPY traded in a tight 35 pip trading range for most of yesterday, and the pair only started moving once the equity market got under way in earnest. The market flows seemed to look for the safety of the JPY. The pair did trade below the 100 hour MA and this was the catalyst for the momentum to start increasing from 109.90 – the pair only found support at 109.45.
Japanese Prime Minister Abe visited Trump yesterday – again. I think this visit was probably to remind Trump on the goals for the meeting with North Korea next week.
Important Economic Data Due Today
14:30 CAD Employment Change
Consensus: 19.1K
Effect: actual higher than expected is good for the CAD
14:30 CAD Unemployment Rate
Consensus: 5.8%
Effect: Actual lower than the expected is good for the CAD
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