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Market Insight Commentary – Forex
Today's News Headlines
- The Brexit negotiation is starting to get spicy again, just after PM May suggested that there would be no hard border for Ireland, the Northern Irish could this unconstitutional – things could start to get messy for sterling again.
Market Insight Commentary – Indices
Market Recap
Today was all about the pound and the yen. Sterling continues to feel the pain on the resurfacing of Brexit worries, for some reason it seems as though this story was almost forgotten. It almost seems as though the UK assumed that the EU would roll over during negotiations, but that has not been the case and this story is far from being over.
The USDJPY was hit by a wave of selling early in the New York session as the pair broke through its most recent range to test the lower band at 106.50. This means that there is more consolidation around 107.00, this pair is correlated to the equity markets and so you will take clue from this pair before we get an opportunity.
The only pair that I am going to stay away from for the remainder of the week is the GBP, as for everything else, it is raining divergence and I will look for an opportunity for a reversal against the dollar.
Important Economic Data Due Today
11:30 GBP Manufacturing PMI
Consensus: 55.1
Effect: Higher than expected is good for the GBP
17:00 USD ISM Manufacturing PMI
Consensus: 58.7
Effect: Higher than expected is good for the USD
17:00 USD Fed Chair Powell Testifies
Consensus: None
Effect: More hawkish than expected is good for the USD
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