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Market Insight Commentary – Forex
Today's News Headlines
- From Warren Buffet to Bill Gates, bitcoin and other cryptocurrencies has come in for some scathing reviews lately.
Market Insight Commentary – Indices
Market Recap
The market is being dominated by the situation around Iran, and the question on everyone’s lips is whether Trump will withdrawal from the Iran Nuclear deal or not, this of course has been the catalyst for the 10% move in oil. The take away from this massive decision is that more sanctions will be placed on Iran and with it reduced oil supply. Trump has put himself on the calendar this morning and I am sure it will be some announcement on this.
The EURUSD was again a lot weaker yesterday, although momentum is fading somewhat even if it reached a session low once again. The selling momentum will continue if the pair breaks below the 1.1900 level this morning and I am convinced that the buyers are not making any gains on the bounce and that is concerning for me.
The USDJPY peaked between the 200 hour MA and 100 hour MA, there has been an inability for the pair to trade higher than those key levels and the price continually trades lower. These levels between 109.00 and 108.61 will become key to watch today.
Important Economic Data Due Today
09:15 USD Fed Chair Powell Speaks
Consensus: None
Effect: More hawkish than expected is good for the currency.
20:00 USD President Trump Speaks
Consensus: None
Effect: Could create a lot of volatility in the market today.
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