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In the Zone
- AUDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Indications last night that the Trump will not leave NAFTA is encouraging, but I won’t hold my breath until it is finalised. It would have a big effect on the USDCAD though.
Market Insight Commentary – Indices
Market Recap
The relief rally in the greenback continued last night, with many now stating this is becoming a corrective move. It started last week on the back of the US employment report, but I really do believe that this move is been driven on the back of a both the US equity and treasury markets. I always like to look for the silver lining and I am happy that we have not seen any outlandish comments come from the Trump camp – yet.
The EURUSD traded lower once again yesterday and eventually broke a lower trend line, the sellers are struggling to keep the momentum going though and so I would not be surprised if there is a move higher later this week. The lows to watch out for are 1.2220 and 1.2165, the buyers may start to build some bids at these prices.
Cable is trading under the same cloud, the GBPUSD is moving lower but still at a much slower pace meaning that momentum may be waning somewhat. 1.3835 does look to be a low for now, and with the December low coming at 1.3820, these could be some key levels to watch today to see how the buyers react. On the tops side, the buyers will have to break higher than 1.4000 if they want to wrestle back the initiative.
Important Economic Data Due Today
11:00 AUD RBA Governor Lowe Statement
Consensus: None
Effect: More hawkish than expected is good for the AUD
14:00 GBP Official Bank Rate
Consensus: 0.5%
Effect: Higher than expected is good for the GBP
14:00 GBP BOE Inflation Report
Consensus: 1.75%
Effect: Actual higher than expected is good for the GBP
14:00 GBP Monetary Policy Report
Consensus: None
Effect: More hawkish than expected is good for the GBP
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