Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
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Today's Market Fundamentals
The market was in a bit of a holding pattern yesterday as the market divulged the midterm election results, and also waited eagerly for the FOMC meeting. The meeting did not have any gremlins in it as the Fed left rates on hold and commented that the economy is all clear, this is seen as a clear sign that there will be an interest rate hike in December.
There was a lack of any changed in the statement and so those traders who believe that there will only be one hike next year will not have got any answers. There has been plenty of talk of the ECB and the committee continues to remain optimistic which at this point seems a little bit misguided. Draghi did comment that any disappointing data could downgrade that forward guidance which continues to drive the EUR pairs.
The Brexit headlines are starting to become a little bit tedious at the moment as there are so many conflicting reports. Some reports are stating that an agreement will not make the 21 November deadline that UK have given themselves, whilst other comments are stating that a divorce agreement has already been drafted and will be discussed in parliament on Monday.
Today's Market Trading Levels
- EURAUD BUY 5650 – 1.5620
- GBPCAD SELL 7200 – 1.7230
- NZDCAD SELL 8917 – 0.8930
- Brent BUY 69 – 70.32
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