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Market Insight Commentary – Forex
Today's News Headlines
- There is talk that Brexit negotiations could conclude today, the market will be watching this with a mix of expectation and anxiety today.
Market Insight Commentary – Indices
Market Recap
Yesterday was a rather boring day in the markets, it is not uncommon for the markets to start unwinding as we head into the festive season. This week however, it seems as though the market is waiting for details – details on the tax reform, details on interest rates and details on Brexit negotiations. This just adds to the wait and see recipe and testing a trader’s biggest nemesis – patience.
The good news is that most the major pairs are respecting support and resistance levels, the EURUSD slid for most of the day yesterday before finding support at the 100 day MA at 1.1800. The pair bounce from there but has lost a little bit of steam at 1.1840 this morning, both the Brexit negotiations and the risk aversion to stocks are playing a part and so I would expect another look at 1.1800 today.
I am extremely conflicted in my trading decisions this morning as a lot of trading is dominated by both political and economic data factors. I will remain patient today, I have focused on only one or two pairs in this morning’s video, as I don’t see a lot of obvious pairs.
Important Economic Data Due Today
15:15 USD ADP Non-Farm Employment Change
Consensus: 189K
Effect: Actual higher than expected is good for the USD
17:00 CAD BOC Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
17:00 CAD Overnight Rate
Consensus: 1.00%
Effect: Actual higher than expected is good for the CAD
17:30 USD Crude Oil Inventories
Consensus: -3.2M
Effect: No consistent effect on the USD