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Market Insight Commentary – Forex
Today's News Headlines
- Donald Trump yesterday reiterated that he did not agree with the path that the Fed are taking on interest rates – the Fed should be an independent body and so we hope his comments won’t have any influence.
Market Insight Commentary – Indices
Market Recap
There was nothing on the economic calendar yesterday and other than the opening hour in London, this showed during the course of the day as there were not any major moves elsewhere – we also need to be reminded that this is the Northern Hemisphere summer holidays. The market instead waited for comments by the Feds Bostic which on first account was hawkish by hinting that the Fed was working to get policy back to neutral and that perhaps the economy did not need any more stimulus. He then reverted to dovish comments by suggesting the economy only needed one more hike this year.
The bigger market moving comments came from Donald Trump yesterday as he again tried to put pressure on the Fed to not tighten any further. He also accused of both China and Europe of manipulating their currencies, I sometime wonder if he is the pot or the kettle as those type of comments weaken the dollar – some may say that is a form of currency manipulation.
Today, like yesterday, is going to be a test of patience. It is tempting to look at taking counter trend trades – I prefer to trade with the daily trend and that is what I am looking at. I am going to wait for price to come to me, if price continues to move then so be it. There is always opportunity tomorrow.
Important Economic Data Due Today
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