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In the Zone
- USDJPY
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Market Insight Commentary – Forex
Today's News Headlines
- UK PM May and Donald Trump will talk about both trade and tariffs when the President visits the UK.
Market Insight Commentary – Indices
Market Recap
Both Brexit and trade concerns created fireworks on Tuesday morning which left the market without any directional headlines. This all changed late in the evening as Donald Trump announced more tariffs onto China – this shook the equity markets and strengthened the dollar, if there was any ever doubt as to whether the trade war was on – it is now!
The commodity currencies staged a bit of a turnaround in the last couple of days as the dollar continues to dominate, the USDCAD rose as high as 1.3150 but the strong oil prices led to some short covering ahead of the BOC and the pair trades at 1.3114.
Markets are volatile at the moment and I am hesitant to trade any FX, for me the most attractive pair to trade is the USDJPY but keep an eye on the equity markets as there is a strong correlation between the JPY and the indices.
Important Economic Data Due Today
09:00 EUR ECB President Draghi
Consensus: None
Effect: More hawkish than expected is good for the EUR
16:00 CAD BOC Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
16:00 CAD Overnight Rate
Consensus: 1.5%
Effect: Higher than expected is good for the CAD
16:30 USD Crude Oil Inventories
Consensus: 1.2M
Effect: No consistent effect on USD
17:15 CAD BOC Press Conference
Consensus: None
Effect: More hawkish than expected is good for the CAD
17:35 GBP BOE Governor Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
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