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In the Zone
- GBPUSD
- USDCAD
- Gold
Market Insight Commentary – Forex
Today's News Headlines
- Donald Trump claimed that North Korea have started blowing up there nuclear testing sites, I am not really certain about that but if it is true – this would give him a feather in his cap.
Market Insight Commentary – Indices
Market Recap
Another crazy day in the markets as it seems the whole team in the White House Administration wants to give an opinion on the potential trade war – the problem is that they all differ. The market moving event yesterday was the BOE decision and it was a big one, although the BOE left rates unchanged the committee did gain a dissenter and so the odds for an interest rate hike in August are now at 67%.
The EURUSD spent the morning session moving a lot lower, the pair traded to as low as 1.1510 but some pretty weak US news flow aided the EUR to bounce off that key support level and traded to as high as 1.1615. Near term resistance at 1.1630 kept the pair in check and this will be a massive level this morning, a sustained push above 1.1615 is key for the buyers while the sellers will need price to get below 1.1585.
As already mentioned, the GBPUSD was supported by both the BOE decision and weaker than expected US data. The 100 hour MA trades at 1.3210 and so anything above that would be bullish while the sellers will probably build offers at the 200 hour MA at 1.3276.
Both oil and USDCAD could be choppy today with the OPEC meetings set to start today, if anything I would expect that to support both – but you never know what comes out at these meetings.
Important Economic Data Due Today
14:30 CAD CPI
Consensus: 0.40%
Effect: Higher than expected is good for the CAD
14:30 CAD Retail Sales
Consensus: 0.50%
Effect: Higher than expected is good for the CAD
22:15 GBP BOE Governor Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
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