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Market Insight Commentary – Forex
Today's News Headlines
- PM Trudeau of Canada gave a little hope yesterday when he commented that NAFTA will be modernised, this would suggest that there is still a deal on the cards.
Market Insight Commentary – Indices
Market Recap
No matter your feelings on Donald Trump, you have to give him credit on the steps he made with North Korea in Singapore, it’s a step forward – and its more than any other US President has ever done. It is unpredictable how this will end but if both parties can remain level headed in negotiations there is no reason that we won’t find a little peace. The market had eagerly anticipated this to occur but it was hardly market moving.
The market was heavily moved by Brexit headlines though as amendment votes supported PM May, although not without a lot of concessions. This was the catalyst for the GBP during the London session as the moved to test resistance at 1.3435, there was a better dollar bid during the New York session after Fed Chair Powell suggested that there would be a press conference after all meetings going forward, this is significant because this means every meeting is in play.
With a FOMC meeting this evening the markets could be on standby today, hopefully this means everything is in play tomorrow.
Important Economic Data Due Today
14:30 USD PPI
Consensus: 0.3%
Effect: Actual higher than expected is good for the USD
20:00 USD FOMC Funds Rate
Consensus: 2.00%
Effect: Actual higher than expected is good for the USD
20:00 USD Economic Projections
Consensus: None
Effect: More hawkish than expected is good for the USD
20:00 USD FOMC Statement
Consensus: None
Effect: More hawkish than expected is good for the USD
20:00 USD FOMC Press Conference
Consensus: None
Effect: More hawkish than expected is good for the USD
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