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In the Zone
- EURUSD
- USDJPY
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Economists are starting to forecast higher than expected rate hikes in the US this year, this should be supportive for the dollar.
Market Insight Commentary – Indices
Market Recap
After the soft US data on Wednesday, the market was looking for any cheer out of the US yesterday and they got it in the form of better jobless claims. The number was very strong again which means that the dip in retail sales seem like a temporary blip. There was a subpoena from Mueller to Trumps business looking for some documents relating to his Russian investigation, and that could create some short term weakness in the USD.
The EURUSD fell lower than a lot of technical levels, major support levels are trading at 1.2290 – 1.2275 and that is where buyers may have some interest. The buyers will have to break through 1.2320 if there is going to be some momentum behind the move.
The USDCAD is still the attractive trade to me, it seems to be flirting with me though, and a slew of fundamental and political factors have meant that the CAD has had a tough week. The pair is trading at 8 month highs and in doing so closed above the 100 week MA at 1.2975 which is huge. There is a double top forming at 1.3000 which is where we might see some sellers build offers. If the pair closes above 1.2970 though, then we could see the buyers continue with this momentum.
Important Economic Data Due Today
14:30 USD Building Permits
Consensus: 1.32M
Effect: Actual higher than expected is good for the USD
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