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Market Insight Commentary – Forex
Today's News Headlines
- Trump was threatening sanctions to his allies if they did not cease oil imports from Iran by November – he really is keen to isolate the US.
Market Insight Commentary – Indices
Market Recap
There was a little bit of follow through from the Peter Navarro discussions on Monday that seemed to ease the minds of investors. The equity markets found a little bit of comfort and as a result managed to adhere to support levels, naturally this would be a boon to the USDJPY which has a strong correlation to the equity markets.
The USDJPY did find some support at 109.30 which were the lows from Monday and for the first time in a week the pair moved above the 100 hour MA at 109.65. Buyers took the opportunity to push momentum from here to break through the 200 day MA where the sellers leaned yesterday, 110 will be a natural level to watch today and the range has been set between 110.20 and 109.90 – traders will look to trade the break.
Donald Trump urged allies to stop all oil imports from Iran by November or face possible sanctions – I am not sure that they are going to really pay much attention, if he places the promised tariffs then what difference is a sanction going to make. This has not really effected the USDCAD yet but may have an impact later today.
Important Economic Data Due Today
10:30 GBP BOE Carney Speaks
Consensus: None
Effect: More hawkish 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
16:30 USD Crude Oil Inventories
Consensus: -2.4M
Effect: No consistent effect on the USD
21:00 CAD BOC Poloz Speaks
Consensus: None
Effect: More hawkish than expected is good for the CAD
23:00 NZD RBNZ Press Statement
Consensus: None
Effect: More hawkish than expected is good for the NZD
23:00 NZD Official Cash Rate
Consensus: 1.75%
Effect: Higher than expected is good for the NZD
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