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Market Insight Commentary – Forex
Today's News Headlines
- On a spate issue, yesterday was as a sad day for music with news of the death of Aretha Franklin.
Market Insight Commentary – Indices
Market Recap
Equity markets caught a mid-afternoon bid yesterday as news that the US and China would hold meetings to thrash out a potential trade war started to surface. There was also some good earnings reports from both Walmart and Cisco and there was also some positive expectations from Boeing – this meant that the US indices really did soar. The momentum halted later on as comments from Larry Kudlow started spreading a little rhetoric.
The EURUSD moved back above the 200 week MA at 1.1356 before dropping slightly lower, this morning price is hovering around that level and this makes this a make or break play for next week. Similarly, the GBPUSD tested the 100 hour MA at 1.2735 but it failed really quickly once again, the good news is that the price is not racing lower as it does seem to be dip buyers at around 1.2650 but if the 100 hour MA can’t be broken, then the bias will be bearish.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: 0.1 %
Effect: Higher than expected is good for the CAD
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