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Market Insight Commentary – Forex
Today's News Headlines
- There are a number of influential Senators that are considering creating a bill to curtail President Trump’s trade power – this could stop the trade wars in its tracks.
Market Insight Commentary – Indices
Market Recap
The market waited eagerly on the testimony of Fed Chair Powell in front of the Senate, he reiterated that he felt inflation would be sorted out within the next 2 years and that tax cuts and spending to spur growth. He didn’t necessarily criticize the White House Administration but he did warn that countries that are open to trade generally enjoy faster growth. This was possibly a catalyst for the equity markets to run – and run hard.
PM May and the puzzle called Brexit continues to be the focus in the UK, May did win the trade bill amendment vote yesterday and this narrow victory could have saved her job. There are reports starting to surface that although a no deal on Brexit would be harmful to the UK, it could prove to be far more damaging to the EU. The GBPUSD as a result fell below the 200 and 100 hour MA earlier in the day to 1.3218 before the floor fell out and the pair traded to as low as 1.3060, as long as this pair trades below 1.3100, the bears will be in full control.
I continue to seek opportunity in the indices, the Dax look as though it could be my preferred trade this morning.
Important Economic Data Due Today
10:30 GBP CPI
Consensus: 2.6%
Effect: Higher than expected is good for the GBP
16:00 USD Fed Chair Powell Testifies
Consensus: None
Effect: More hawkish tan expected is good for the USD
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