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
- USDJPY
- USDZAR
- Dax
- Gold
- Oil
Market Insight Commentary – Forex
Today's News Headlines
- There are some reports surfacing that Trump plans to leave the WTO, if this is the case then some of his recent action on trade would start to make a little bit of sense.
Market Insight Commentary – Indices
Market Recap
The story for the day had for the most part been told before the day even started, the EU come to an agreement on migration and that saved the EU – not quite, but the common area will be looking for something positive to cling on to.
The pair spent most of the day hanging around the 100 bar MA at 1.1660, some comments from the ECB President Draghi sent the pair to 1.1625 before the pair moved back to 1.1665 during the London session. The highs for the week were around 1.1695, which is close to the 200 hour MA level of 1.1700. There was a big range for the week, but as highlighted – beware for that 1.1700 levels as there could be a lot of sellers lurking up there.
The GBPUSD was waiting for a reason to trade higher, it was probably due a corrective move and it piggybacked the move in the EU. The high for the week traded at 1.3300 and so the closing price at around 1.3215 is still someway lower than that, but considering this pair was trading at 1.3050 on Thursday, this will be seen as a result. There is a topside trendline not too far away and I believe that we could need to see price above this level before buyers will feel comfortable.
It has been a tough couple of weeks thus far and I hope that a new month brings with it a friendlier trading environment.
Important Economic Data Due Today
10:30 GBP Manufacturing PMI
Consensus: 54.1
Effect: Higher than expected is good for the GBP
14:30 CAD ISM Manufacturing PMI
Consensus: 58.2
Effect: Higher than expected is good for the USD
[su_divider]
