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In the Zone
- UK100
- US30
- Brent
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Today's News Headlines
- The UK stated yesterday that they were convinced that the EU were keen on a deal, I can’t help that the EU will have no choice but to compromise in the coming months.
Market Recap
Cable was once again the headliner yesterday as reports surfaced that PM May was working on an Irish border backstop compromise. The headline was a little ambiguous though and at first glance it seemed as though a deal had been reached – this meant that the algos moved the market by over 100 pips. It has spent the rest of the day retracing those moves, it has perhaps given us an insight as to what the market is hoping for once Brexit has concluded – it seems as though the first move will be a bounce.
Italy continues to be the negative backdrop in the EURUSD with the pair moving slowly to 1.1564, there really does seem the possibility of a battle shaping up with Brussels. This will be a story to keep an eye on.
The big surprise for me was the low volatility in the USDCAD, the new month brought with it a new NAFTA deal and the pair traded to as low as 1.2760 yesterday before the bounce came. Perhaps the market had priced in the volatility during the never ending negotiations.
The market is awash with fundamental market moving headlines at the moment, I prefer to look at those instruments that seem stretched for now.
Important Economic Data Due Today
18:45 USD Fed Chair Powell Speaks
Consensus: None
Effect: More hawkish than expected is good for the USD
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