Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Join Our Facebook Trading Community!
In the Zone
- USDJPY
- USDCAD
- Gold
- Oil
- USTEC
Market Insight Commentary – Forex
Today's News Headlines
- The dreaded trade war seems very much on, after the US imposed tariffs on $200B worth of goods on China, the Chinese have promised to retaliate. This hardball approach could come to bite Trump as he risks completely isolating the US.
Market Insight Commentary – Indices
Market Recap
It was a strange day yesterday as the market seemed to weather the storm on the US imposing tariffs on $200B of Chinese goods, the indices were much lower but they are still comfortably off the lows that we saw last week. The major reason for this is that we saw some risk off flows in the commodities with both energy and metals bearing the brunt of those moves.
The commodity currencies did not escape the carnage unfortunately, with the AUDUSD trading below the 100 hour and 200 hour MA and eventually down at a low of 0.7363. The Kiwi was also caught in the headwinds and although put up a fight at the 200 hour MA the old floor at 0.6805 gave way and the pair tumbled lower to close at 0.6750, it is now conceivable that the previous floor changes polarity and becomes a ceiling for now.
I have been most interested in the USDJPY, technically it seems the most sound trade – unfortunately it is also correlated to the equity markets. the big mover yesterday was the USDCAD, the BOC did raise rates as expected but this was largely priced in and so the move lower to 1.3065 was very much short lived, the committee was rather dovish going forward and with oil under the pressure – loonie traders were forced to cover and by the end of the day the pair was trading at 1.3210. I would be very interested in trading this pair later on in the week.
Important Economic Data Due Today
14:30 USD CPI
Consensus: 0.2%
Effect: Higher than expected is good for the USD
[su_divider]
