We took the opportunity to Interview Nick Sproule, CEO & Co-Founder at BlackStone Futures (PTY) LTD. BSF (BlackStone Futures) is a Forex Brokerage Firm located in Sandton, Johannesburg, South Africa.
Dean had a good week and will be hoping for more of the same. Some big event risk in the form of the FOMC meeting on Wednesday which can move the Forex Markets considerably. Especially if there are any surprises.
Another week and yet another flight to the dollar. Despite dovish comments from Fed Brainard and weaker data on Thursday that gave the major Forex Pairs a fighting chance during the week, it was stronger inflation data yesterday that gave the dollar further impetus to get back on the front foot.
A solid day yesterday with a number of the Forex Pairs we were looking at reacting as expected. The forex market was a bit choppy over the US numbers but quickly settled back into a tight range. A poor Retail Sales number balanced by a solid Philly Fed number kept traders on the sidelines.
We mentioned in Dean’s morning Forex report that there was potential market-moving data being released this afternoon in the form of Retail Sales and Jobless claims from the US.
Dean is focused on opportunities in the GBPUSD, AUDUSD and the USDCAD today. There is a lots of economic news flow out this afternoon with Retail Sales and Unemployment Data so could be a great opportunity to look for setups in the FX market.
Not a very exciting day for Forex trading as the JSE comes to a close. Not many solid trading setups. A choppy range bound market across the board. We saw a weaker Dollar compared to yesterday’s sell-off on the GBP.
It was a strong day for the USD yesterday. Dean is starting feel that the markets are going to be range bound ahead of the FOMC next week. FX traders may be hesitant to take big positions ahead of that meeting.
The EURUSD (Fiber) has been stuck in a ranging market condition, moving back into the Asian session range. As the JSE closed the EURUSD has only moved 43pips from high to low. The current 14 Day Period Average Daily Range (ADR) on this Forex pair is currently sitting at 74.5pips.
A reasonable day for Dean yesterday where if you had used his ranges, then a couple of pips would have come your way. Brainard was very dovish in her statement and does not expect the Fed to hike interest rates this year. Chance of a hike in September now down to 15%.