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:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Join Our Facebook Trading Community!
In the Zone
- DAX
- Gold
Market Insight Commentary – Forex
Today's News Headlines
- Despite the agreements on NAFTA not yet agreed, there is talk that an automobile agreement will be made between the US and Mexico.
Market Insight Commentary – Indices
Market Recap
Today we have the FOMC meeting, this is always an eagerly anticipated event. The consensus is that there will be no change but that the language will target a rate increase in both September and December. Apple earnings were also on the agenda last night with the stock up over 2.5% on the day, we are coming to the end of earnings season soon and we are now coming to an end in this regard.
The EURUSD moved to test those 2 week highs at 1.1742 again and yesterday it made it 6 in a row and the high stalled at these levels. The retracement took the pair to 1.1680 again and this continues to be a cluster of support as both the 100 and 200 hour MA levels come in to this confined area.
Cable also tested a topside channel yesterday as we brace ourselves for the BOE meeting on Wednesday – it is widely expected to be an increase of 0.25%. Support came into the lower trend line which had confluence with the 200 hour MA, I suspect that this pair may start to quieten down a little bit ahead of the meeting tomorrow.
Important Economic Data Due Today
10:30 GBP Manufacturing PMI
Consensus: 54.2
Effect: Higher than expected is good for the GBP
14:15 USD ADP Non-Farm Employment Change
Consensus: 186k
Effect: Higher than expected is good for the USD
14:30 USD ISM Manufacturing PMI
Consensus: 59.4
Effect: Higher than expected is good for the USD
20:00 USD Federal Funds Rate
Consensus: < 2.00%
Effect: Higher than expected is good for the USD
20:00 USD FOMC Statement
Consensus: None
Effect: More hawkish than expected is good for the USD
[su_divider]
