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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- Oil
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Market Insight Commentary EURUSD GBPUSD AUDUSD Oil
Today's News Headlines
- Bob Woodward is about to release a book on Donald Trump, has any president in history been under a microscope as much as the current administration.
Market Recap
You could probably say that yesterday was the beginning of a new year and it did not disappoint. The market was really focused on what could be released during the testimony of the BOE Governor Carney. He did open the door to stay in office for another term – I am not sure how the market is going to react to that – he also hinted that the economy is operating as if there was a no deal Brexit. This to me suggests that he is confident of a deal getting done, but there is bound to be some headlines between now and that announcement that will cause some volatility.
The testimony and better than expected US data meant that the GBPUSD traded slightly lower in the morning session before finding some support at the 61.8% fib. Buyers pushed the price towards 1.2869 late yesterday but the pair was not able to break above this level, I would expect another push lower this morning but I suspect that there will be some buyers at 1.2800.
The EURUSD traded in a similar pattern to sterling yesterday with sellers from last month turning buyers at 1.1520. Headlines that, “EU could adjust the Irish border backstop to win Britain’s approval in Brexit negotiations,” helped push the pair higher. I still believe that this pair will have to get lower but will eagerly wait to see what buyers do at 1.1500.
Important Economic Data Due Today
10:30 GBP Services PMI
Consensus: 53.9
Effect: Higher than expected is good for the GBP
14:30 CAD Trade Balance
Consensus: -1.1Bln
Effect: Higher than expected is good for the CAD
16:00 CAD Overnight Rate
Consensus: 1.5%
Effect: Higher than expected is good for the CAD
16:00 CAD BOC Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
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