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In the Zone
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Market Insight Commentary US500 US30 USTEC Oil Silver
Today's News Headlines
- Argentina yesterday announced that it would tax all exporters, the country is clearly in a crisis and I will be watching to see how this affects emerging market currencies.
Market Recap
It was a bank holiday in both the US and Canada yesterday, usually this leads to a very quiet day but it didn’t really materialize that way. There were some pretty negative tweets from you know who yesterday surrounding the Canada – he even issued a warning to Congress not to interfere with his NAFTA negotiations.
This meant that the USDCAD traded to as high as 1.3110 but couldn’t get higher than the August higher and was soon trading around 1.3090, this will become the key level to watch this morning as more market players enter the fray.
In the UK Barnier dismissed proposals by the Chequers and the pair immediately fell back to 1.2855 before some support buying paused the pair. The bounce was small however and I wouldn’t be surprised if this means the pair could look substantially lower today.
Important Economic Data Due Today
11:30 AUD RBA Governor Low Speaks
Consensus: None
Effect: More hawkish than expected is good for the AUD
14:15 GBP Inflation Report Earnings
Consensus: None
Effect: More hawkish than expected is good for the GBP
16:00 USD ISM Manufacturing PMI
Consensus: 57.6
Effect: Higher than expected is good for the USD
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