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Market Insight Commentary – Forex
Today's News Headlines
- Trump calls Pompei back from meeting to North Korea until trade resolution with China is finalized – could there be more to this story.
Market Insight Commentary – Indices
Market Recap
The market would have been watching Jackson Hole with some enthusiasm yesterday to see if there were any new developments with regards to both trade and US rate policy. Fed member Bullard did concentrate on a possible inverted yield curve, slowing economy as well as inflation not reaching the target that the Fed had forecasted. There was some movement off those comments but they were short lived, Bullard is an eternal dove and is also not a voting member.
The real movement came from Fed Chair Powell – who has been under a little bit of pressure from President Trump of late – was also somewhat dovish. While he doesn’t see risk of elevated of an overheated economy, he also seems concerned of the rising inflation and so is still keen on gradual hikes – this means the December is still a 50/50 decision for now but don’t be surprised to see those odds start to diminish next month.
A combination of these comments led the dollar weaker, a lot of the pairs seem over done to me and do think you may start to see some profit taking today. There is a UK bank holiday but I also expect to see some trading desks start to fill up next week.
Important Economic Data Due Today
All Day GBP Bank Holiday
Consensus: None
Effect: Reduced Liquidity
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