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In the Zone
- GBPJPY
- Gold
- Brent
- Dax
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Today's News Headlines
- The US proposed a fresh set of talks between themselves and China was the catalyst for the markets to bounce, is this the end of the trade wars or is this just another “false start.”
Market Recap
The markets are starting to become a little monotonous with the same theme rearing its ugly head day after day – data moves the market early on and then trade headlines create the volatility. There is still the optimism around NAFTA agreements affecting the pairs in the New York session, but the potential of trade talks between US and China definitely stole the limelight yesterday.
This means that the JPY pairs are the best pairs to trade at the moment because of the correlation with equity markets. The USDJPY was sold off yesterday down to 111.10 before rebounding on the trade talks between the US and China. I am sure that there will be more to come from these talks in the coming days which will move this pair around.
News that the chief negotiator of Mexico was sent to Washington meant that the loonie was rather strong yesterday, the market clearly pricing in the upbeat move that a NAFTA agreement must be around the corner.
Important Economic Data Due Today
13:00 GBP MPC Official Bank Votes
Consensus: 0-0-9
Effect: Higher than expected is good for the GBP
13:00 GBP MPC Policy Summary
Consensus: None
Effect: More hawkish than expected is good for the GBP
13:00 GBP Official Bank Rate
Consensus: 0.75%
Effect: Higher than expected is good for the GBP
13:45 EUR Main Refinancing Rate
Consensus: 0.00%
Effect: Higher than expected is good for the EUR
14:30 EUR ECB Press Conference
Consensus: None
Effect: More hawkish than expected is good for the GBP
14:30 USD CPI
Consensus: 0.3%
Effect: Higher than expected is good for the USD
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