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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- Last night saw the end of Fed Chair Yellen, I have often been critical of her over the last 5 years but overall I have to give credit where it is due – she did manage transition the US economy through the worst.
Market Insight Commentary – Indices
Market Recap
Last night saw the final FOMC meeting for Fed Chair Yellen and the statement was for the most part on cue, hinting towards further gradual increases in US interest rates despite inflation remaining below 2%. The consensus this year is for 3 hikes but I think that market will wait for the message at the March meeting. It wasn’t a major market mover as we got what we were expecting and so the dollar was slightly up on the day – but nothing dramatic.
The EURUSD is still trading around that 100 hour MA at1.2412, the treading of water around this level suggests that the market is not sure in which direction it wants to go. For the sellers to find some momentum, price action will have to trade below both 1.2385 and 1.2360 (200 MA) which would very bearish. On the topside, the high today will be at around 1.2475 and buyers will have to break that level to wrestle the initiative.
The AUDUSD showed some vulnerability last night as it fell below the 200 hour MA at 0.8050. This becomes a key level to watch the morning, as the buyers may start building some bids down here. This is a pair that I am happy to sit on the side lines with as it does not trade in the same form of trend pattern as the rest.
Important Economic Data Due Today
11:30 GBP Manufacturing PMI
Consensus: 56.5
Effect: Actual higher than expected is good for the GBP
17:00 USD ISM Manufacturing PMI
Consensus: 58.7
Effect: Actual higher than expected is good for the USD
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