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Market Insight Commentary – Forex
Today's News Headlines
- Iran announced that they would seek stronger ties with both regional and global partners yesterday, at the same time they reiterated that they don’t trust the US though.
Market Insight Commentary – Indices
Market Recap
There continues to be some intraday opportunity in the indices, and this has been enough to feast on whilst we wait for the FX market to gain some sort of direction. The US equities were strong yesterday as concerns over trade wars started to dissipate somewhat – I am not sure if the markets are really not concerned about a trade war or are just acknowledging that there is nothing they can do about it.
There was again nothing much to move the market yesterday with a very light economic calendar, today may see some of the same – also bearing mind that the summer holidays are very much in full swing. The GBPUSD was the only real mover yesterday, the London session sold off cable for most of the morning while the pair found some support in the New York session. The pair bottomed at 1.2910 and managed to rally to 1.2950 – this is still short of the Friday close of 1.2998 and so the sellers still remain in pound seats (excuse the pun.)
I do feel that some of these FX pairs are starting to become a little stretched and so it is merely a game of patience before we see any real opportunity.
Important Economic Data Due Today
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