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In the Zone
- EURCAD
- NZDCAD
- AUDCAD
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Today's News Headlines
- Reports are emerging that PM May has informed her cabinet that a Brexit deal is close.
Market Recap
US CPI came in a little bit weaker in the New York session and traders immediately showed their appreciation, the bond yields have been the catalyst for the most recent market correction. Weaker inflation will mean that perhaps the Fed won’t increase rates, although I suspect that is just wishful thinking – the new tax reliefs are bound to increase inflation further.
This weak economic data, in conjunction with a report that Trump would meet with China at the G20 in November provided some relief to stocks, it later emerged that this was merely a rumour. My concern for today is that those equity indices reversed those gains and although did not close on the lows, they lost some hefty ground again yesterday. The market will hope some of the banking earnings can prop those markets up today.
The forex market was a mixed day today with the AUD and NZD proving to be the big gainers, the USD was the weakest of the majors – it seems as though FX traders are happy to sit back and watch the equity traders sweat for now. Talking about sitting back, which is exactly what I intend to do – I will sit on the side lines again today and come back Monday – hopefully the dust has settled then.
Important Economic Data Due Today
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