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Market Insight Commentary – Forex
Today's News Headlines
- Donald Trump’s comments around the Fed will not be taken lightly, he has been able to stay away from the Fed up to now and lets hope that he is not trying to influence the central bank.
Market Insight Commentary – Indices
Market Recap
The economic releases yesterday saw the very strong data reads with employment claims the lowest since 1969, how much of those workers are skilled I am not sure. Trump has signed a pledge to retrain workers although it is easier said than done. Momentum was not sustained though as comments from Trump lamenting the strong dollar and disappointed in the Fed raising rates sent the dollar tumbling lower.
The GBPUSD moved from a 1.2965 during New York to a high of 1.1677 on the back of those comments. This becomes a key level to watch this morning and a barometer for the bulls and bears.
The forex market has been tough this month, but there does seem to be some opportunity starting to present itself as a lot of pairs look to be stretched, I am hoping that this will create some opportunity early next week.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: 0.1%
Effect: Higher than expected is good for the CAD
14:30 CAD Retail Sales
Consensus: 0.6%
Effect: Higher than expected is good for the CAD
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