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In the Zone
- USDCAD
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- Canada already looking at what sanctions they can impose on the US in retaliation to the steel tariffs – the rest of the world will surely get involved also.
Market Insight Commentary – Indices
Market Recap
The market did not know how to interpret Trumps tweets stating that trade wars are good, and that we saw Wilbur Ross go on the offensive in all the communications set out on Friday. I am not sure of the White House Administration is bluffing, I would hope that he is bluffing because like I stated in previous reports – there is no way that the US can win a trade war.
Everything gave up its gains, but the EURUSD was less keen to give up the gains ahead of the Italian election. There is still more moves to come in this pair considering that we have vote counts occurring in the Italian election. The high on Friday was 1.2340, but I wouldn’t be surprised if the pair moved a little higher today though.
The USDCAD was very strong last week, even testing the triple top formed at 1.2920 in October last year. This pair has been driven by fundamental issues of late and I think that this is still the pair to watch this week. There is bound to be some fightback in response to the steel tariffs, like I said previously – I don’t think that the US can win a trade war and the dollar could be in for a world of pain when the world starts fighting back.
Important Economic Data Due Today
11:30 GBP Services PMI
Consensus: 53.3
Effect: Higher than expected is good for the GBP
15:30 USD ISM Non-Manufacturing PMI
Consensus: 58.9
Effect: Higher than expected is good for the USD
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