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There really is not much to report about yesterday, it was very much a boring day as the market lacked any impetus. There was much event risk in the form of numerous talking heads from around the world, but they all turned out to be insignificant and a result the market was rather range bound. There was not much economic data to speak of yesterday and other than the RBNZ interest rate meeting late tonight – it looks a little light again today. The market will instead focus on the South Korean leg of Donald Trump’s Asian tour today and in particular any parting shots towards North Korea, the comments have already started and so I will wait to see what happens during the day.
The dollar has made some nice gains against the commodity currencies this week, the AUDUSD was the major mover yesterday. The pair tested lower support at 0.7625 before bouncing. The bounce has not been anything significance though and so I would be tempted to look for long sets ups again if the pair were to wonder lower again.
There is an eerie feeling about the market today, almost as though traders are content to protect their profits for the year. As a result, there are no obvious trade set ups this morning – but this can change in a second and so will wait to see how the day unfolds this morning.
Market Insight Commentary – Forex
In the Zone
- EURUSD
- AUDUSD
Market Insight Commentary – Indices
Important Economic Data out today
17:30 USD Crude Oil Inventories
Consensus: -2.5M
Effect: No consistent effect on the USD
22:00 NZD Official Cash Rate
Consensus: 1.75%
Effect: 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
23:00 NZD RBNZ Press Conference
Consensus: None
Effect: More hawkish than expected is good for the NZDNoteworthy News
Noteworthy News
- The market will be watching the wires to see if there are any comments made between President Trump and his North Korean counterpart today. This could create some volatility in the metal prices.
