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In the Zone
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Today's News Headlines
- The US ambassador for the UN, Nikki Haley resigned yesterday. I will be watching to see if Trump elects someone who is against the UN as much as he is in the coming days.
Market Recap
There was a turning of the tide yesterday as the GBP started the day weakest and ended the day strongest against the dollar. Part of the reason would have been to a rotation lower in US Yields – there has been a recent run up in yields, lower equity markets, tariff wars and Fed tightening – this all brings growth into consideration.
Headlines that a Brexit agreement may come as early as next week is the catalyst for the sterling strength, I am nervous to get involved in any pound pairs with these headlines always looming. The GBPUSD based itself on the 100 and 200 hour MA yesterday which was trading at 1.3037 before the pair rallied to test 1.3150. The MA will become a risk level today, stay above will be more bullish and any move below will get those bull nervous.
The EURUSD traded at its lowest level in 3 months, but did get some help from the pounds recent rise. The move higher took price above the 100 hour MA and a test of the trend line resistance at 1.1507. This will be a big level to watch in the coming days, I am hoping for a pull back where I will look to initiate a long trade.
Important Economic Data Due Today
10:30 GBP GDP
Consensus: 0.1%
Effect: Higher than expected is good for the GBP
10:30 GBP Manufacturing Production
Consensus: 0.1%
Effect: Higher than expected is good for the GBP
14:30 USD PPI
Consensus: 0.2%
Effect: Higher than expected is good for the USD
Tentative USD Treasury Currency Report
Consensus: None
Effect: No consistent effect on the USD
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