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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- I am keeping an eye on the NAFTA developments, Canada seem that as deal with improvements can be reached – I am a little sceptical though considering how unpredictable and volatile Trump can be.
Market Insight Commentary – Indices
Market Recap
Ahead of a long weekend in the US, many would have expected the afternoon session on Friday to be rather quiet. It couldn’t have been further from the truth though as there was a massive dollar sell off late in the afternoon, the EURUSD moving by 160 pips and the GBPUSD moving by close on 200 pips. Of course, the lower dollar only meant that the US stock markets caught another bid and the already inflated market only continued its march higher. The market looks braced for a relief rally in the very least, but I am sceptical considering that there is a dollar holiday today.
I am not going to include technical levels in this report but will instead wait for tomorrow when there is a little more flow. Economics 101 suggests that a lower dollar means US goods are more affordable, it means that tax cuts will aid the middle class and it also means that although relatively low the inflation number is still rising gradually. It is clear to see manoeuvring in the treasury market which would suggest that inflation in the US will force the Fed to raise interest rates quicker than expected.
All this points to a higher dollar – and not a sell off. It may be one of those days whereby we need to keep an eye on the charts, patience will be rewarded this week.
Important Economic Data Due Today
All Day USD Bank Holiday
Consensus: None
Effect: Reduced liquidity
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