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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- Donald Trump yesterday started the ball rolling on getting rid of some of the regulation that the Obama administration put in place. I think this could become a good thing, the regulations Obama placed were ridiculous.
Market Insight Commentary – Indices
Market Recap
There certainly was a lot of event risk to navigate yesterday and as a result most of the pairs spent the day treading water. Both the ECB and BOE left rates unchanged, both suggested that their respective economies were strengthening as GDP growth looked slightly stronger than first forecasted. If the ECB was trying to warn the market that they would start to taper soon – the market did not buy it and so coupled with strong retail sales data, the EURUSD spent most the day on the back foot.
The EURUSD moved lower than its 100 day MA at 1.1800 and traded closer to 1.1778, price moved back above this key level on fears that the US tax reform package is still not guaranteed to get through. This moving average is the level to watch today, stay below and the bears will build some momentum – probably to test 1.1725.
The AUDUSD rallied with some gusto early this morning on the back of a blockbuster employment report early yesterday morning – it was reminiscent of the CAD move two weeks ago. The 200 day MA trades at 0.7691 and the move lost momentum at 0.7679, to be fair though it never looked in danger of breaking that level. I would not be surprised if the AUDUSD tested that level this morning but the fact that such a strong data read could not lead it through that level makes me think that I would prefer to wait for shorting opportunities.
Important Economic Data Due Today
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