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Market Insight Commentary – Forex
Today's News Headlines
- The UK acknowledged yesterday that the risk of a no deal scenario is increasing every day, this will weigh heavily on the GBP leading into the official Brexit date.
Market Insight Commentary – Indices
Market Recap
The economic calendar was light yesterday, but this did not deter the market as the market moves were pretty “tidy.” The market continued to buy the dollar yesterday, this was not risk aversion but more a general theme which helped it against everything except the loonie.
The CAD strength was a little bit puzzling at first, the east explanation would have been the stronger oil price – but even this move eventually faded and ended the day weaker. There was not much news on the NAFTA agreement, the Canadian Finance Minister was only cautiously optimistic on the economy, for these reasons I am probably going to stay away from the CAD as these moves just may reverse.
I am still focusing my attention on intraday moves in the Indices for now, just until there is some clarity on the Turkey situation.
Important Economic Data Due Today
10:30 GBP CPI
Consensus: 2.5%
Effect: Higher than expected is good for the GBP
14:30 USD Retail Sales
Consensus: 0.1%
Effect: Higher than expected is good for the USD
16:00 USD Crude Oil Inventories
Consensus: -2.6M
Effect: No consistent effect on the USD
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