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In the Zone
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Today's News Headlines
Market Recap
The story line on Friday centred on quarter end flows, the dollar was sold due to the strength of the US equity markets. There was some heavy selling in the London fix, cable traded to as low as 1.3000 as the market moved 30 – 60 pips, this was of the larger month end fixes that I can remember and I wouldn’t be surprised to see some early reversals today.
The EURUSD bounced from 1.1575 to 1.1630 but slowly lagged again, a lot of the EUR weakness was on the back of the Italian government announcing a lot bigger deficit than was expecting. I suspect that a lot of European nations are in the same boat and wouldn’t be surprised if this is a recurring theme in the coming days.
I will be watching the USDCAD with much interest today as stories over the weekend emerged that there could be a trilateral deal between the US, Canada and Mexico signed today. I would envision the CAD strengthening off the back of this news before a reversal later in the week.
Important Economic Data Due Today
10:30 GBP Manufacturing PMI
Consensus: 52.6
Effect: Higher than expected is good for the GBP
16:00 USD ISM Manufacturing PMI
Consensus: 60.1
Effect: Higher than expected is good for the USD
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