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In the Zone
- GBPUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- With the US preoccupied with Syria, the Chinese held meetings with the EU last night seeking partners against the protectionism of Donald Trump.
Market Insight Commentary – Indices
Market Recap
The US equity markets enjoyed a nice bonce yesterday as fears around trade wars start to subside a little bit, I am not convinced we will not hear about it again – it just seems as though the escalation of conflict in Syria supersedes anything at present.
The greenback enjoyed a gentle recovery yesterday as the USDJPY predictably led the way, it did fade somewhat in Asia this morning but I wonder if there could be a little more on the agenda. The GBPUSD hit the skid marks late yesterday afternoon trading as low as 1.4280 off a high of 1.4360, this was possibly off the technical break of 1.4250 on Monday evening. I suspect that we may see a rally towards 1.4330 and I am eagerly waiting to see if there is a short opportunity around those levels.
The USDCAD will be the main focus in the new trading day with a Central Bank meeting in the evening, the pair did test recent lows at 1.2525 but bounced to continue hovering around that 61.8% fib. I wonder if this is a case of the market pricing in a rate hike, this could be interesting tonight.
Important Economic Data Due Today
16:00 CAD BOC Rate Statements
Consensus: None
Effect: More hawkish than expected is good for the CAD
16:00 CAD Overnight Rate
Consensus: 1.25%
Effect: Higher than expected is good for the CAD
16:30 USD Crude Oil
Consensus: None
Effect: No consistent effect on the USD
17:15 CAD BOC Press Conference
Consensus: None
Effect: More hawkish than expected is good the CAD
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