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
There was as much as was expected in the saga that is Brexit, I was fully expecting the UK Parliament to get the votes to recall Theresa May and for her to face a leadership vote, this still may happen but May has travelled to meet Junker of the EU in what has been confirmed as further negotiations. I am not going to get involved in the GBP pairs today as I think there is just too much volatility on the horizon.
Global equity markets took another bath yesterday as the bourses closed down for the year, and some even traded lower than the 2017 lows. The talking heads are increasingly coming out and suggesting that the Fed pauses on interest rate hikes, this message is becoming a little more forced – the Fed are clearly trying to temper expectations and the question will be whether they are leading the market for the upcoming meeting.
The oil prices continue to plummet on the oversupply issues of oil, Trump has been basking in the news and reiterated that he would like to see them even lower. There are some quarters that believe that Trump has used the recent debacle in Saudi Arabia as a bargaining chip to concede on oil prices, he did state yesterday that the US does not intend to break its relationship with the Saudis – don’t be surprised if he places tariffs on them shortly though.
For those adrenaline junkies out there, Bitcoin is also struggling to find some support – down over 30% in the last 14 days. It’s hard to believe that the crypto was trading at nearly 20,000 less than a year ago.
Today's Market Trading Levels
- EURCAD SELL 5120 – 1.5150
- CADJPY BUY 8480 – 0.8440
- CADCHF BUY 7470 – 0.7450
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