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Market Insight Commentary – Forex
Today's News Headlines
- Comments out of the US suggest that NAFTA agreements with Canada are progressing well, hopefully there will be a resolution announced soon.
Market Insight Commentary – Indices
Market Recap
So much for the sleepy day that I was expecting, another day action packed with fundamental news flow continued to move the equity markets and in turn the correlated USDJPY moved to monthly highs. The major story though came out of London as news filtered through that Barnier admitted the EU is prepared to offer the UK a “deal unlike any other.”
The USDCAD, heavily in the spotlight, erased the attempted rally as a combination of NAFTA comments and oil prices meant that the pair managed to slip close on the 1.2900 level. This means that the pair is getting closer to our 61.8% level that is my level to start looking for some support.
It has been difficult to catch some of these FX moves and my favoured intraday shorts, mainly because the move comes off headlines. I remain patient knowing that the NH summer holidays are coming to an end and that we could potentially see some increased liquidity next week.
Important Economic Data Due Today
14:30 CAD GDP
Consensus: 0.1 %
Effect: Higher than expected is good for the CAD
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