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Market Insight Commentary – Forex
Today's News Headlines
- USTECH has taken a pummelling in recent weaks with Tech shares like Facebook and Twitter disappointing in earnings, they got a reprieve yesterday as Apple reached a valuation of $1T yesterday.
Market Insight Commentary – Indices
Market Recap
Yesterday was all about the BOE, as was anticipated the central bank hiked rates by 25bps and it a unanimous decision. Pound assets did react positively at first, but the press conference by Governor Carney did dampen hopes of consecutive hikes and it highlighted some of the uncertainties in the UK economy, which I am sure will only be amplified leading into Brexit.
There was a also a broader US dollar bid which did not help the pair either, the resilience of the US equity markets was impressive considering the sell offs in the European markets. It could be a case of the market pricing in positive NFP data today – or the fact that trade tariffs may help US corporations but not the EU.
Today is the NFP and as such, I will not be in the markets today. I am hoping for a positive number which may flush out the FX pairs and perhaps set up some opportunities for next week.
Important Economic Data Due Today
10:30 GBP Services PMI
Consensus: 54.7
Effect: Higher than expected is good for the GBP
14:30 CAD Trade Balance
Consensus: -2.4B
Effect: Higher than expected is good for the CAD
14:30 USD Average Hourly Earnings
Consensus: 0.3%
Effect: Higher than expected is good for the USD
14:30 USD Non-Farm Employment Change
Consensus: 190k
Effect: Higher than expected is good for the USD
14:30 USD Unemployment Rate
Consensus: 3.9%
Effect: Lower than expected is good for the USD
16:00 USD ISM Non-Manufacturing PMI
Consensus: 58.6
Effect: Higher than expected is good for the USD
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