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Market Insight Commentary – 08 November 2017

08 Nov
forex

Market Insight Commentary – 08 November 2017

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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.