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Market Insight Commentary – Forex
Today's News Headlines
- New Zealand’s decision to ban foreigners from buying property seems to be straight from Donald Trump’s play book – I wonder if NZ will come under the same sort of scrutiny and outcry this morning.
Market Insight Commentary – Indices
Market Recap
Yesterday was a mixed day as the dollar gave up most of its gains which ended the session mixed, after a bumper Wednesday the CAD gave back most of its gains, but this was something that we had discussed ahead of the day. The Turkish Lira took a breather, as it benefitted from an investment infusion from Qatar, this unfortunately meant that the rest of the emerging market currencies took the brunt of the beating.
The EURUSD bottomed out at 1.1300 yesterday, the more concerning factor was that it did not manage to break above the 200 week MA of 1.1360 – this will become the make or break level this morning. A move higher and we might see some EUR bulls starting to take a nibble.
The GBPUSD extended its 2018 low to 1.2661, which was the lowest level since June of last year. Oddly enough though this pair is starting to look attractive to me as it now sits at the 61.8% fib stretching back to the October flash crash of 2016.
I am still finding intraday opportunities in the indices a little more attractive than the rest of the market and will continue to seek opportunities there for now.
Important Economic Data Due Today
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