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Market Insight Commentary – Forex
Today's News Headlines
- Lost in the carnage last week, was the global trade situation. Japan and Mexico both highlighted positive trade talks with the US this week and time will tell whether the rest of the world highlight something similar.
Market Insight Commentary – Indices
Market Recap
Friday was all about developments in Turkey, I would like to say that the Turkish Lira tumbled, but it was more than that – it was absolute carnage. The Turkish Lira shed 16.9% on Friday alone, and 26% over the month – meaning that it has literally collapsed. The contagion effect filtered through to other emerging markets like South African and Brazil. The safe haven currencies like the Swiss Franc, US Dollar and the Yen all benefitted from the developments.
This was the catalyst for the EURUSD to shed around 100 pips, it was further punished when technical sellers used the break below 1.1500 to “join the party.” The pair quickly fell below the 1.1400 level before bouncing back above later in the evening, I am not convinced that this was the market finding a bottom but more a case of profit taking leading into the weekend.
The USDCAD hit a low of 1.3045 after some pretty decent employment read, after further inspection it was evident that the biggest contributor was part time employment. Combined with some pretty weak wage numbers meant that the pair reversed those gains pretty quickly and the risk conversion meant the pair rallied pretty quickly above 1.3100.
The weekend probably allowed for the momentum to slow, this will have allowed the market to try and determine where to go from here. This makes the week ahead interesting.
Important Economic Data Due Today
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