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Market Insight Commentary – Forex
Today's News Headlines
- UK PM May reiterated that a “no deal” preparation should be escalated.
Market Insight Commentary – Indices
Market Recap
Talk about drama – the UK was full of it yesterday. The day started early yesterday with the resignation of David Davis and then Boris Johnson did the same later in the afternoon. Johnson’s departure in particular hurt the cable as the pair traded down to 1.3190 although it did bounce on confirmation that May won’t face a confidence challenge – not this week at least.
The day was then dominated by a stronger dollar and this was highlighted in the New York session last night, the only reason that I can see is that it was because there was no further news on the trade wars.
Both Europe and China released statements saying that they would respect the deal in Iran, there was an initial slide in oil but that soon bounced back to the highs, oil for me looks like a good opportunity as there are bound to be some fading opportunities today.
It felt like a wild start to the week, but looking at the daily charts the moves were actually modest.
Important Economic Data Due Today
10:30 GBP Manufacturing PMI
Consensus: 1.0%
Effect: Higher than expected is good for the GBP
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