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Market Insight Commentary – Forex
Today's News Headlines
- Tesla shares reached an all-time high after Musk comments of a takeover.
Market Insight Commentary – Indices
Market Recap
Another boring day yesterday as the market continues to be driven by flows rather than speculation, I think that it is safe to say that a lot of market traders are now on summer vacation. This was not more evident than the choppy nature of the US Dollar, it was strong in the Asian session but started paring those gains late in the New York session, no doubt off those rising yields.
The only real mover was the USDCAD and it was predominately flow driven, the pair added a full cent to the intraday lows earlier in the London session. There is still looming risk in the form of something happening on the NAFTA front or tariffs.
It does seem as though we may have gone into the “lull” season and so I will continue to concentrate on the Indices for now.
Important Economic Data Due Today
16:30 USD Crude Oil Inventories
Consensus: -2.8M
Effect: No consistent effect on the USD
23:00 NZD Official Bank Rate
Consensus: 1.75%
Effect: Higher than expected is good for the NZD
23:00 NZD RBNZ Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the NZD
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