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In the Zone
- EURUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Speaker of the Republican House, Paul Ryan, suggesting that broad tariffs are not a good idea. It seems as though once again, Trumps house are starting to distance themselves from him.
Market Insight Commentary – Indices
Market Recap
The dollar traded mostly in a sideways fashion yesterday with the commodity currencies starting to rally a little bit on rumours that Trump may temper his tariff programme. There is also news that the rest of the world will retaliate and this could set the ultimate trade war. China have been surprisingly quiet, but considering that they arguably hold all the cards their response when it comes could a game changer.
The USDCAD continues to be the toughest pair to trade, but at the same time seems to be the one with the most opportunity. The pair tested 1.3000 for a second time yesterday morning, before a big drop saw the pair trade at around 1.2865. The buyers then lifted the pair again, the previous double top traded at 1.2920 and this previous resistance has become the near term support for now. There is an interest rate decision this evening and so this could be the catalyst for the next move.
We were met this morning with the news that Gary Cohn – Chief Economist to the White House – resigned last night. It has been well reported that Cohn was very much against the latest tariff debacle, the fact that he has decided to walk away, may suggest that Trump intends intensifying this trade war.
Important Economic Data Due Today
15:15 USD ADP Non Employment Report
Consensus: 194K
Effect: Actual higher than expected is good for the USD
15:30 CAD Trade Balance
Consensus: -3.2b
Effect: Actual higher than expected is good for the CAD
17:00 CAD Overnight Rate
Consensus: 1.25%
Effect: Actual higher than expected is good for the CAD
17:00 CAD BOC Rate Decision
Consensus: None
Effect: More hawkish than expected is good for the CAD
17:30 USD Crude Oil Inventories
Consensus: 3.0M
Effect: No consistent effect on the USD
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