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In the Zone
- EURUSD
- USDCAD
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- FOMC Minutes confirmed what the market already knows, the Fed are expecting higher growth and the committee will start raising rates.
Market Insight Commentary – Indices
Market Recap
The market seemed to tread water last night as it eagerly awaited the release of the Fed minutes, it always amazes me that the market gives any attention to this release – it is basically a summary of the last meeting. What transpired after the release was nothing short of a dog’s breakfast, the initial knee jerk reaction was for the dollar to sell off and equities to be bought up. Then the bond market got into the action as treasuries started to raise, this lead the dollar to reverse and after the initial fall of 30 pips, it ended up on the day.
I continue to keep an eye on the USDCAD, it is a fascinating pair to watch as it is the only pair to break its recent range as last night we saw a test of 1.2700. I think that we will naturally see some sellers start to build some offers at these levels and today this could be a make a break for the buyers. I will be looking at reasons to sell at these levels.
The key driver to watch in the coming days is the 10 year yields as they approach that 3.00% levels, this is a key resistance level. When price action gets to these levels, we could see some jitters that filter through the entire market.
Important Economic Data Due Today
11:30 GBP GDP
Consensus: 0.5%
Effect: Higher than expected is good for the GBP
14:30 EUR ECB Monetary Policy Meeting Accounts
Consensus: None
Effect: More hawkish than expected is good for the EUR
15:30 CAD Retail Sales
Consensus: 0.1%
Effect: Higher than expected is good for the CAD
18:00 USD Crude Oil Inventories
Consensus: 2.2M
Effect: No consistent effect on the USD
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