Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Join Our Facebook Trading Community!
In the Zone
- EURUSD
- GBPUSD
- Gold
- Oil
Market Insight Commentary – Forex
Today's News Headlines
- US Secretary of State is to finalize the diplomatic road map to Iran today which will determine what sort of sanctions may be placed on the middle east country.
Market Insight Commentary – Indices
Market Recap
The big story on Friday concentrated on the CAD, the data may have been somewhat misleading as at first glance they looked a good set – but the devil was in the details. Almost all the gains in both inflation and retail sales came in the auto parts which are renowned for being extremely volatile. This meant that traders would have eliminated the prospect of a rate hike next month and so the loonie started pricing in the “inevitable.”
The EURUSD moved to its lowest level since December of last year and that level comes in at 1.1745, the majority of the concern came out of Italy last week with the formation of yet another coalition. The coalition is in favour of lower taxes and higher public spending which is historically a recipe for disaster, the fear of these policies filtered into the EURUSD and for now the sellers look poised to push this pair back towards 1.1713.
The GBPUSD has been range bound over the last two weeks, the monthly lows at 1.3450 were tested, but not broken. The floor will remain in focus today and the 200 day MA on the topside will continually be the benchmark for buyers. The sellers will likely only give up when the price gets up above that key level.
It is a bank holiday through much of Europe today as well as in Canada and so liquidity may be a little light today. I am still looking for opportunity in the alternate assets today.
Important Economic Data Due Today
–
[su_divider]
