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Market Insight Commentary – Forex
Today's News Headlines
- ECB hinted that next week could be the week for rigorous debate on the exit of QE, this will raise the stakes of that meeting next week.
Market Insight Commentary – Indices
Market Recap
The market definitely still seems to be tenterhooks as to where global trade from here, I am sure there are frantic meetings in the background but this does have the smell of a schoolyard fight to me – countries are almost picking sides. It is difficult to know how long this will continue for because as we have seen, Donald Trump is very unpredictable.
The EURUSD fell toward the major support at 1.1650 yesterday morning, the pair did hold support at these levels. A comment out of the ECB that they were willing to make changed in QE provided a further catalyst for the pair to trade higher and the pair ended the day testing the 100 bar MA at 1.1730. This 100 pip range will clearly define where the buyers and sellers are today and I will be watching both levels to see if there is a break up there.
The GBPUSD also got a lift from some strong data and like the EUR it traded above the 100 bar MA for the first time in 2 months. Key resistance level ultimately sits at 1.3400 today and this will be the barometer for the buyers and sellers today. I am going to remain patient in this par as I suspect that momentum on the daily chart could push this pair through the resistance today, I am hoping for stops to be triggered which would enable me to look at an entry higher up.
Important Economic Data Due Today
14:30 CAD Trade Balance
Consensus: -3.5M
Effect: Higher than expected is good for the CAD
16:30 USD Crude Oil Inventories
Consensus: -2.0M
Effect: No consistent effect on the USD
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