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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- Yields in the US are getting higher as the treasury introduces more supply, the increasing yields should mean a decrease in the stocks.
Market Insight Commentary – Indices
Market Recap
It was another volatile day in the market yesterday with the dollar catching a little bout of whiplash, the primary driver at this point in time is the US treasuries. With the Fed buying less bonds, the treasury are essentially testing the demand with increased supply which means the yields rise and the inevitable result is that the dollar ends lower.
It is difficult to interpret as the dollar continues to lose more ground mostly against the EUR, this is one of more head scratches. The ECB is continuing with their own QE which should interpret into a weaker currency as there is still going to be diverging interest rate policies. The trend is hard to ignore and everything does look slightly bullish again, price managed to break above key resistance at 1.2490 and continues to trade above the 200 hour MA.
I cover it in this morning’s video, the market looks stretched at this point in time and there looks like there could be a relief rally in the offing. My concern is that as long as the greenback is bearish, the buyers will continue to be squeezed – and that is what I am afraid of. I am also fully aware that the NFP could cause some chaos this afternoon.
Important Economic Data Due Today
11:30 GBP Construction PMI
Consensus: 52.0
Effect: Actual higher than expected is good for the GBP
15:30 USD Average Hourly Earnings
Consensus: 0.2
Effect: Actual higher than expected is good for the USD
15:30 USD Non-Farm Employment Change
Consensus: 181K
Effect: Actual higher than expected is good for the USD
15:30 USD Unemployment Rate
Consensus: 4.1%
Effect: Actual lower than expected is good for the USD
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