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In the Zone
- EURUSD
- GBPUSD
- AUDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Watching the Swiss National Bank press conference yesterday gives one a bad taste in their mouth. It seems as though the Swiss play by different rules and countries – in particular, the US – turn the other way. There is very much currency manipulation in the CHF, I will be looking for the US to respond today.
Market Insight Commentary – Indices
Market Recap
Coming back after a long weekend in the US, yesterday was always going to be about how the greenback reacted to the carnage it has experienced over the last couple of weeks. Coming into the New York session, the dollar seemed to be making some headway but soon gave away all the gains in the evening session as a strong equity market whittled away at the dollar.
The EURUSD stalled at 1.2300 on Monday and it wasn’t long before it was testing that 1.2200 level yesterday, this is where the buyers become comfortable picking up EUR and it means that the bulls were still in control. I am off the opinion that this pair will have another look closer to that big 1.2300 level and I believe that there are enough offers up there to cap the pair, I will be looking to enter shorts in this pair today.
In similar fashion, the cable fell to a low of 1.3741 in London before it to found some support, much like the EURUSD – some patience will need to be practiced here. I have always said that there is enough political and fundamental reasons to want to look for a short in this pair, I continue to have this strategy and will look to use any bounce to enter shorts, 1.3800 looks like it could be an attractive entry to me.
I am thankful for the decision of Blackstone not to get on the Bitcoin mania train, all the cryptocurrencies are under strain (something we warned against yesterday), with a lot of pairs down by anything between 30 – 50%. With countries around the world looking to regulate or ban, it does not look like a particularly attractive pair to me.
Important Economic Data Due Today
17:00 CAD Overnight Rate
Consensus: 1.25%
Effect: Actual higher than consensus is good for the CAD
17:00 CAD BOC Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
18:15 CAD BOC Press Conference
Consensus: None
Effect: More hawkish than expected is good for the CAD
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