Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Join Our Facebook Trading Community!
In the Zone
- GBPUSD
- NZDUSD
- USDJPY
- Dax
- FTSE
Market Insight Commentary – Forex
Today's News Headlines
- Iran have suggested that Donald Trump is inflicting self-harm by interfering with oil prices – with the US being the largest importer of oil, it is hard to argue with those comments.
Market Insight Commentary – Indices
Market Recap
Predictably, it was a very quiet day yesterday with US enjoying Independence Day. Anything remotely marking moving came from headlines out of Europe, the first that ECB members were shifting towards a more hawkish tone and the second that the US were willing find a compromise on auto tariffs. Both of these headlines were released after London had closed for the day and so the impact was limited.
The GBPUSD had a continuous bid throughout the day as it climbed to 1.3250 which was the highest in almost a month, the catalyst is still a little bit unknown but I would suspect that it may be on Mays Brexit plan that will come later this week. We also have a little event risk today in the form of a speech from BOE Governor Carney.
I am going to be a little bit more cautious this morning as price action can often be a little unpredictable after a bank holiday but with the looming NFP tomorrow, I would probably look at the indices as my main pairs today.
Important Economic Data Due Today
12:00 GBP BOE Governor Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
14:15 USD Non-Farm ADP Employment Change
Consensus: 190K
Effect: Higher than expected is good for the USD
16:00 USD ISM Non-Manufacturing PMI
Consensus: 58.3
Effect: Higher than expected is good for the USD
17:00 USD Crude Oil Inventories
Consensus: -4.4M
Effect: No consistent effect on the USD
20:00 USD FOMC Meeting Minutes
Consensus: None
Effect: More hawkish than expected is good for the USD
[su_divider]
