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Market Insight Commentary – Forex
Today's News Headlines
- In a surprise move last night Italy suggested that they would not ratify the trade agreements between the EU and Canada, could this be the start of global protectionism.
Market Insight Commentary – Indices
Market Recap
The day was dominated by the both retail sales and the ECB press conference yesterday, both the UK and the US saw retail sales far exceed their expectations. The UK could be explained by the Royal Wedding which would have boosted the economy. The ECB indicated that they would start cutting bond buying in September, ending in December – although those moves came with a caveat dependent on the market.
So if the dollar was king yesterday, the EUR was the dog! Draghi tried his level best during his press conference to convince the market that he loved the idea. The market did not buy it though and leaked sources stating that ECB policymakers were split over the decision did not help the cause as the EURUSD shed a jaw dropping 300 pips yesterday. The swing low trades at 1.1550 although the low for the year trades at 1.1500, this will be a make or break level. A break below will target the 100 and 200 weekly MA at 1.1420.
The rest of the pairs endured the same pain as the dollar inflicted carnage everywhere, there does seem to be some opportunity to fade all these moves – but caution should be the word of the day.
Important Economic Data Due Today
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