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Market Insight Commentary – Forex
Today's News Headlines
- Comments suggesting that NAFTA will be first thing on the agenda when Congress reopens after the summer break suggests a deal with Canada will be done swiftly.
Market Insight Commentary – Indices
Market Recap
The markets were a little more subdues yesterday, although the dollar was slightly boosted on a strong consumer confidence read. In the wake of the US/Mexico agreement announcement the market would have waited for a quick resolution with Canada.
We highlighted the fact that we would expect to see the USDCAD trade a little bit lower, as traders may start to bull the rumour. This is exactly what happened yesterday as the pair traded to as low as 1.2814 which is below both the 100 hour MA and the 38.2% fib. This highlights the fact that the market is a little bit unsure of where the next big move will start.
The EURUSD also looks a great level to look for shorts to me, the recent swing high is at 1.1740 and the high stalled this week at 1.1733 and retraced back to the 61.8% fib at 1.1692 – it is very telling to me that the pair could not break through those levels.
Important Economic Data Due Today
14:30 USD GDP
Consensus: 4.0 %
Effect: Higher than expected is good for the USD
16:30 USD Crude Oil Inventories
Consensus: – 1.6M
Effect: No consistent effect on the USD
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