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In the Zone
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- USDCAD
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- Another breakdown in Bitcoin means that the instrument is trading closer to 8,000, Nothing has allowed me to change the view that a lot of these cryptos are going to end in tears.
Market Insight Commentary – Indices
Market Recap
US jobs numbers almost always brings us a lively day, and Friday was no different. A strong NFP report allowed the dollar to rally around 50 pips against all the major pairs, with the kicker being higher wages too. Most the major pairs found some consolidation at the first support/resistance levels but it wasn’t long before the second wave allowed the greenback to bounce a further 30-50 pips stronger. Most pairs did try and show some resilience against the dollar but could not hold on to anything credible.
The commodity currencies look to me to be where the action may be this morning, it is only these pairs that did not recover anything against the dollar run. The reason for the hefty falls here is a combination of liquidity and less risk appetite which weighs on commodities, the USDCAD got a further boost as headlines around NAFTA was able to underpin the dollar. It is in these three currency pairs that I will focus my attention this week.
We are still waiting to see if there is any validity that Trump could fire Rosenstein these coming weeks, this would essentially end the Russian investigation. With all the talk about Russian meddling in politics, the current US administration does have similar policies that are not fat from the Russian methodology.
It was a lively day in every market on jobs Friday. Crypto was the big story early on a breakdown in Bitcoin and everything else. The low was $7700 but it bounced nearly 20% at one point, only to sag back to $8500.
Important Economic Data Due Today
11:30 GBP Services PMI
Consensus: 54.1
Effect: Actual higher than expected is good for the GBP
15:30 USD ISM Non-Manufacturing PMI
Consensus: 56.5
Effect: Actual higher than expected is good for the USD
18:00 EUR ECB President Draghi speaks
Consensus: None
Effect: Actual higher than expected is good for the EUR
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