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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- News that Russian and OPEC plan to create a long term alliance should be positive for the oil price.
Market Insight Commentary – Indices
Market Recap
The dollar slide continued yesterday as the US equity markets continued its recent rally after the carnage we saw in the last two weeks. Again, there was not a lot economic data to move the market and instead the market continues to search for reasons to sell the dollar. There is a negative correlation between US equities and the dollar.
The dollar did have a slight recovery into the London session, but it wasn’t long before it tumbled again – especially against the commodity currencies. The USDJPY bounced at about 106.30 after forming a double bottom, the high came in at 106.85 and this is where the sellers were happy to build offers again. As the sellers have taken control again this pair looks vulnerable as the next real support level only trades again at 104.00.
I have highlighted the fact in the video that there are no real set ups that are brewing and so I would prefer to sit out the market until Monday.
Important Economic Data Due Today
11:30 GBP Retail Sales
Consensus: 0.5%
Effect: Higher than expected is good for the GBP
15:30 USD Building Permits
Consensus: 1.29M
Effect: Higher than expected is good for the USD
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