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Market Insight Commentary – 14 November 2017

14 Nov
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Market Insight Commentary – 14 November 2017

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The start of the week was dominated by yet another afternoon session, it was the turn of the Canadians to enjoy a bank holiday and US traders didn’t seem to be keen on taking any big positions. The dollar enjoyed a little assistance from the bounce in yields today, but other than that there was nothing really of any importance to move the market. There is some event risk this afternoon in that the central bank heads of the ECB, BOE, BOJ and FED are all participating in the same panel discussion today – I personally suspect that this may turn out to be a dud.

The EURUSD spent most of the afternoon session trying to push through major resistance at 1.1665 – this was the neckline for the head and shoulders formation on the daily chart. The pair did push to 1.1675 but was met with a lot of selling offers that paired the move back down to 1.1665. The sellers will feel somewhat concerned that this pair was not able to break below this level, 1.1675 becomes the key level to watch today – if the buyers can break above then momentum could run.

There is a definite stalemate forming in the USDJPY with the buyers and sellers sparring around the 100 hour MA at 113.57. The day closed above this level yesterday but I think this price point looks vulnerable and am looking for sellers to start building some large offers up there. It may take a day or so for the pair to find its feet but if the sellers build some momentum then I would be interested in looking for some selling opportunities.

Market Insight Commentary – Forex

In the Zone

  • EURUSD
  • USDCAD
  • USDZAR
  • AUDUSD
  • NZDUSD

Market Insight Commentary – Indices

Important Economic Data out today

11:30                                         GBP                                             CPI

Consensus:                             3.1%

Effect:                                        Higher than expected is good for the GBP

 

12:00                                         ECB                                              ECB President Draghi Speaks

Consensus:                             None

Effect:                                        More hawkish than expected is good for the EUR

12:00                                         USD                                             Fed Chair Yellen Speaks

Consensus:                             None

Effect:                                        More hawkish than expected is good for the USD

 

12:00                                         GBP                                             BOE Governor Carney Speaks

Consensus:                             None

Effect:                                        More hawkish than expected is good for the GBP

 

12:00                                         JPY                                              BOJ Governor Kuroda Speaks

Consensus:                             None

Effect:                                        More hawkish than expected is good for the JPY

 

15:30                                         USD                                             PPI

Consensus:                             0.1%

Effect:                                        Higher than expected is good for the USD

Noteworthy News

  • It was interesting to hear BOJ Governor Kuroda mention that they are monitoring developments in the cryptocurrencies. These are the craze right now, I am not sure how to interpret these comments.