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In the Zone
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Market Insight Commentary EURUSD USDCAD US30 Oil
Today's News Headlines
- Lost in the recent ZAR weakness, even with the poor GDP number all emerging market currencies are in trouble. India, along with both Turkey and Argentina, seem to be the domino effect with the massive current account deficits.
Market Recap
The main draw card yesterday was the BOC decision which didn’t cause too much volatility, Governor Poloz kept the October hike on the table and allowed the market to focus once again on the NAFTA agreements. After Trump tweeted on the weekend, you could be mistaken for thinking that this was not the slam dunk it was made to be, but headlines yesterday were cause for optimism with some thinking an agreement could be made as early as today.
The biggest mover yesterday was the sterling as a report that Germany and the UK will instead focus on a transition deal and sort out future arrangements after Brexit was seen favourably by the market. The GBPUSD rallied to 1.2985 in a matter of minutes, the pair later recovered as officials squashed those rumours, I suspect that this pair may start to weaken this morning.
We have had a good week thus far and with NFP out today, I would become a little conservative until next week again.
Important Economic Data Due Today
14:15 USD ADP Non-Farm Employment Change
Consensus: 195K
Effect: Higher than expected is good for the USD
16:00 USD ISM Manufacturing PMI
Consensus: 56.8
Effect: Higher than expected is good for the USD
17:00 USD Crude Oil Inventories
Consensus: -2.2M
Effect: No consistent effect on the USD
23:30 NZD RBNZ Governor Orr Speaks
Consensus: None
Effect: More hawkish than expected is good for the NZD
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