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Market Insight Commentary – Forex
Today's News Headlines
- Comments out of the UK suggest that the UK and the EU are still far apart on the border situation in Northern Ireland – the longer this persists, the more chance there is of a no deal in the UK.
Market Insight Commentary – Indices
Market Recap
Yesterday once again started with trade concerns, over the last couple of months we have seen the US taking on most established countries – including China, the EU, Canada and NAFTA – more recently Trump has decided to go after the entire WTO. That means that he is taking on the entire world and he is going to have to be certain that he has the upper hand – I am not certain that he has though.
The EURUSD tested the 200 bar MA on the 4 hour chart at 1.1688 on the open but it could not get above that level. The price rotated lower and break through the 100 hour MA at 1.1620 before finding some support at 1.1595, an agreement between the CSU leader and the German Chancellor Merkel and this provided a late push for the EURUSD.
The USDJPY continues to waffle in trading, this pair has a lot of correlation with the equity markets. This is still my preferred pair to trade this week and I will be watching this for a short until lunchtime today. We have Independence in the US tomorrow and NFP on Friday and so I will start looking at the indices from this afternoon.
Important Economic Data Due Today
10:30 GBP Construction PMI
Consensus: 52.6
Effect: Higher than expected is good for the GBP
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