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In the Zone
- Brent
- UK100
- USTEC
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Today's News Headlines
- There are comments on the wires that there will be no need for tariffs in North America after NAFTA is agreed, this doesn’t sound like a “no deal” scenario to me.
Market Recap
The Fed kept everything tidy last night and for the most part the decision almost seemed dovish as they removed the reference of being accommodative. This weakened the dollar substantially, the press conference was a little bit more revealing it was clarified that the decision to remove this reference did not mean there would not be any more hikes allowed the dollar to claw back at the earlier losses – the dollar was virtually neutral if you look back now.
There were some odd occurrences too last night, the first was the magnitude of the cable move during the fix, cable moved from 1.3150 to 1.3200 in no time before dropping back to 1.3170 just as quickly. This was most probably flows as we get increasingly closer to quarter end.
The USDCAD moved on the back of news that the White House will publish the text of a US-Mexico trade agreement. Canada has called the US bluff and this may be an indication that the US will be looking to cut Canada out, in my mind there is a low probability of this happening and perhaps just the US in turn calling Canada’s bluff. The pair did trade at 1.3000 but then the FOMC took over, this will be an interesting pair to watch this week.
Important Economic Data Due Today
14:30 USD Core Durable Goods
Consensus: 0.4%
Effect: Higher than expected is good for the USD
14:30 USD GDP
Consensus: 4.2%
Effect: Higher than expected is good for the USD
15:00 ECB ECB President Draghi Speaks
Consensus: None
Effect: More hawkish than expected is good for the EUR
22:30 USD Fed Chair Powell Speaks
Consensus: None
Effect: More hawkish than expected is good for the USD
23:45 CAD BOC Poloz Speaks
Consensus: None
Effect: More hawkish than expected is good for the CAD
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