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Market Insight Commentary – Forex
Today's News Headlines
- China entered the party yesterday by blocking the sale of memory products from Micron in the country, Trump is expected to announce trade tariffs on China come Friday – and China has promised immediate retaliation.
Market Insight Commentary – Indices
Market Recap
Trade war headlines continue to dominate the market and creates a choppy environment, the PBOC was the catalyst for the reversal in recent dollar strength with the commitment that the Yuan would not be used in any trade disputes. The New York session gradually dwindled yesterday as liquidity dried up ahead of the bank holiday, UK desks also seemed to leave early – no doubt to prepare for the world cup knockout match.
The big mover was oil, it dropped almost $3.00 in the matter of just over an hour, the reason is still not clear, it did bounce back later in the evening but this is probably one to stay away from for today. The USDCAD rode the ride though as the pair though but eventually closed near the lows for the day.
Today is one of those day that I would prefer to stay away from, I am tempted to look at European Indices but the rest is a no go area for me.
Important Economic Data Due Today
10:30 GBP Services PMI
Consensus: 54.0
Effect: Higher than expected is good for the GBP
All Day USD Bank Holiday
Consensus: None
Effect: Reduced Liquidity
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