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: Introduction To The Forex Market
In the Zone
- GBPUSD
- AUDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Two big news stories broke over the weekend. The first was that Michael Flynn is willing to testify against Donald Trump on accusations of collusion with the Russians – the second is that the Senate passed the tax reform bill. Both have opposite effects for the greenback, and so we will monitor which on the market prefers to focus on.
Market Insight Commentary – Indices
Market Recap
The market seemed to be rather range bound for most of the morning, but it showed just how volatile it can get in the New York session. The dollar was extra weak on the news that former Trump favourite Michael Flynn, is to cooperate with the investigation against Donald Trump and testify against the US President. We will have to see how this pans out this week, but I assume that more details and tweets will start to fill in the blanks.
Flynn is to testify that Trump directed him to make contact with the Russians, the democrats have been waiting for this moment, but I still suspect that some news could come out of the woodwork this week. The stock market at first hit the brakes and started reversing before ending the day relatively unchanged, this is in itself telling.
The USDCAD felt the love on Friday as we saw a blockbuster jobs report, and this sent the pair to the races. The pair traded lower, from 1.2870 and finished the day at 1.2680 – this move took out major stops on the way down and the market will be wondering what from now. I continue to trade this pair cautiously, but the move lower on Friday looks overdone to me and so I will keep an eye on the price action as I think this could be an attractive pair to fade.
The market looks conflicted this morning because of the drama unfold on Friday evening, the real issue lies in that the tax reform bill passed through the Senate this weekend. This a real win for the White House Administration, I am sure that the market will be wondering if this is a watershed moment.
Important Economic Data Due Today
11:30 GBP Construction PMI
Consensus: 51.2
Effect: Actual higher than expected is good for the GBP
