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Market Insight Commentary – Forex
Today's News Headlines
- Donald Trump seems satisfied with Putin’s comments that there was no meddling in the US elections – I am more surprised that he thought Putin would say anything different.
Market Insight Commentary – Indices
Market Recap
The dollar was slightly softer yesterday in the lead up to retail sales, once the report was released, the pair traded sideways for the day, the damage by then had been done – albeit somewhat limited.
The big news yesterday came in the oil market as crude dropped a whopping 5%, the move didn’t really affect the USDCAD though which is pretty surprising. The White House Administration announced that they would be taking Canada to the WTO because of their retaliatory tariffs – just as he starts to resemble a little bit sense Donald Trump doesn’t fail to make people laugh. I am left wondering if Canada will report the US to the WTO, after all the real question is whether the US are the kettle or the pot.
I continue to see very little value in the FX market at this point in time and continue to seek opportunity in the index market.
Important Economic Data Due Today
10:00 GBP BOE Governor Carney Speaks
Consensus: None
Effect: More hawkish tan expected is good for the GBP
10:30 GBP Average Earnings Index
Consensus: 2.5%
Effect: Higher than expected is good for the GBP
16:00 USD Fed Chair Powell Testifies
Consensus: None
Effect: More hawkish tan expected is good for the USD
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