Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Introduction To The Forex Market
In the Zone
- USDJPY
- USDZAR
Market Insight Commentary – Forex
Today's News Headlines
- All eyes will be on local government this morning as we hear news on President Zuma, persistent rumours continue to suggest the ruling party will give him his marching orders.
Market Insight Commentary – Indices
Market Recap
Donald Trump continues to punt his much mooted infrastructure and budget plan which bring into effect mandatory spending. This was a contributing factor towards the rebound in the equity markets which in turn weakened the dollar in most pairs.
The commodity currencies, and in particular the AUDUSD and NZDUSD were incredibly strong as both pairs moved above the 100 hour MA. The AUDUSD is an intriguing one to me as the pair moved higher yesterday, I do feel that it may be running out of steam and I wouldn’t be surprised if the 200 hour MA at 0.7885 becomes the ceiling today.
The other pair on my radar remains to be the USDCAD, unlike the other commodity pairs, this one actually weakened. Most of that move was much to do with the weak oil prices more than anything else, the encouraging factor for the sellers of this trade was that the pair was unable to trade above the 100 day MA but on the flip side found support on the 100 hour MA. I still think that the bias is to look for a short in this pair – and the oil price will lead this pair.
Important Economic Data Due Today
11:30 GBP CPI
Consensus: 2.9%
Effect: Higher than expected is good for the GBP
[su_divider]
