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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Bitcoin is starting to feel the pinch a little bit as more countries seek to enforce regulation on it, we have been sceptical about these cryptocurrencies for some time now and we see continued strain on them for some time to come.
Market Insight Commentary – Indices
Market Recap
It is a little bit difficult to interpret the move yesterday, US traders were not able to respond to the sharp move against it yesterday and as a result we look to have some distorted moves. It seemed that the rest of the world took the Us holiday as an opportunity to sell dollars and as a result all the pairs this morning look to be pointing to at the very least – a relief rally.
The EURUSD continues to be an outperformer, as it reached another high yesterday at 1.2300 before finding some resistance. There were various other attempts to run higher yesterday, but each time the pair failed which suggests that there are a lot of sellers looking to cap the move here. I will be watching a key eye on two things this morning, both the stochastic and the EMA levels on the 1H chart to see if we get an intraday short trade.
All the pairs hit new highs against the dollar yesterday, but the dollar bulls will be encouraged that there was not a lot of follow through when London closed. I suspect that the market will wait to see the response in New York today, and as we stated yesterday – remain patient this week and we will get a result.
Important Economic Data Due Today
11:30 GBP CPI
Consensus: 3.0%
Effect: Actual higher than consensus is good for the GBP
19:00 CHF SNB Chairman Speaks
Consensus: None
Effect: More hawkish than expected is good for the CHF
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