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Market Insight Commentary – Forex
Today's News Headlines
- The White House started talks with China yesterday which were said to be very positive, I will only believe that when I hear the same thing coming from both parties.
Market Insight Commentary – Indices
Market Recap
There was a bit of a mixed bag out of the US in terms of news flow, and it seems as though the market may have begun its walk down the green mile waiting for the NFP today. This was a week where the Fed indicated that they would let the inflation target over run its 2% ceiling and todays data will give us a little insight to that.
The EURUSD recovered somewhat yesterday towards the end of the session with trend line support at 1.1935 offering some resistance. This is also the 61.8% fib on the daily chart and so the buyers are staring to lean against these levels. The 200 day MA trades at 1.2011 and the range between these two levels will be key this morning.
The 200 day MA in the GBPUSD trades at 1.3530 and this is around where price stalled yesterday, the cable seems to be under a little more pressure than all the other currencies at the moment as uncertainty around next week’s interest decision looms large. We also starting to see rumblings over Brexit again and the prospect of a “no” deal does seem to be back on the table.
All the pairs are trading near big fib levels with major MA to lean against, but this is NFP day and as we have seen in the past – anything can happen.
Important Economic Data Due Today
14:30 USD Average Hourly Earnings
Consensus: 0.2%
Effect: Higher than expected is good for the USD
14:30 CAD Non-Farm Employment Change
Consensus: 189K
Effect: Higher than expected is good for the USD
14:30 USD Unemployment Rate
Consensus: 4.0%
Effect: Lower than expected is good for the USD
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