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In the Zone
- US30
- Brent
- USDJPY
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Today's News Headlines
- The UK declared that they are looking to finalize a Brexit deal in November, the EU will no doubt try to stall on this – I interpret this as the UK walking away if everything is not done by then.
Market Recap
Another day where the market was dominated by fundamental headlines, there was the stronger than expected economic data in the US – which would have led to some excitement amongst dollar traders ahead of the impending NFP read on Friday. The major catalyst was comments from Fed Chair Powell suggesting that the Fed may raise rates past neutral, he has been pretty calculating since taking over from Yellen and yesterday was his first “big” statement. I personally can’t see how the US can raise past neutral without plunging the US into recession.
These comments led the dollar to be strong – in my opinion – too strong on the day with the biggest losers coming in the commodity currency bloc. The NZDUSD broke through a lower trend line and is heading towards the yearly low at 0.6500, a break lower could spell trouble for the Kiwi.
The AUDUSD was a little more resilient with the Aussie traders managing to build up some decent support at the lower trend line of 0.7120. Price action still looks precarious for now and it could prove to be a tough day, a dip below these levels could be very bearish for the pair.
I continue to seek intraday opportunities in the equity markets, although I am aware that I am hesitant to take any positions ahead of NFP.
Important Economic Data Due Today
10:30 GBP Services PMI
Consensus: 54.0
Effect: Higher than expected is good for the GBP
14:15 USD ADP Non-Farm Employment Change
Consensus: 187K
Effect: Higher than expected is good for the USD
16:00 USD ISM Non-Manufacturing PMI
Consensus: 58.1
Effect: Higher than expected is good for the USD
22:00 USD Fed Chair Powell Speaks
Consensus: None
Effect: More hawkish than expected is good for the USD
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