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Market Insight Commentary – Forex
Today's News Headlines
- Trump criticized the EU on their trade relations with the US, no doubt that this will change. He also promised that the sanctions on Iran are going to be huge.
Market Insight Commentary – Indices
Market Recap
With a really quite calendar – literally nothing worth mentioning on it yesterday – the markets seemed to be in a bit of a lull. The only potentially market moving event came in the form of some Trump statements that labelled China, “very spoilt on trade,” as top officials from China and the US continue to try find an improved way of trade. Comments like those will make it difficult and we saw a slight drag on the dollar yesterday.
The USDJPY did move big yesterday as the US long bonds climbed to 3.25%, this has massive technical significance because these bonds broke through a major triple top in the process. When the pair settled, it sits just beneath a key level at 110.45. The high yesterday traded at 110.90 which is well above the 200 day MA and this will be the key level going forwards.
I still find the indices and oil as the most likely opportunity leading into the weekend, there were some big moves on the back of the moves in bond, and I just wonder if there will be some profit taking in the New York session.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: 0.3%
Effect: Higher than expected is good for the CAD
14:30 CAD Retail Sales
Consensus: 0.5%
Effect: Higher than expected is good for the CAD
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