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Market Insight Commentary – Forex
Today's News Headlines
- Watching up last night to watch the launch of Elon Musks Falcon Heavy as it orbited around the sun made me proud as a South African. The USDZAR could also be in the “action” later as the rumours persist that President Zuma has resigned.
Market Insight Commentary – Indices
Market Recap
The market seemed to be on tenterhooks yesterday, both the US equities and treasuries have been on immense pressure this week. We highlighted in the video yesterday that US indices were threatening to break lower than a major trend line stretching back to December 2015. It threatened for most of the day, but then somehow, right at the end of the day the market had a massive recovery.
With the exception of the USDJPY, amongst the carnage, the currency market has remained relatively well behaved. The pair got as low as 108.40 before the subsequent bounce in the equity market drove the pair to 109.60, this remains as the near side top for now and I suspect that the bottom will come in at 109.00. Again, this will be driven by the equity markets.
The commodity currencies are still where I am going to focus my attention for the remainder of the week.
Important Economic Data Due Today
17:30 USD Crude Oil Inventories
Consensus: 3.2M
Effect: No consistent effect on the USD
22:00 NZD Official Cash Rate
Consensus: 1.75%
Effect: Actual higher than expected is good for the NZD
22:00 NZD RBNZ Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the NZD
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