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In the Zone
- GBPUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Optimism surrounding news that we will probably get a deal through on NAFTA is starting filter through the market, this could further underpin the CAD strength.
Market Insight Commentary – Indices
Market Recap
The market had braced itself for Fed Chair Powell first FOMC meeting, he had hinted over two weeks ago that we should expect a rate hike this week and that is exactly what we got. The focus then turned to what would happen in the future, the dot path for 2018 remained the same with 3 rate hike over the year, but we did see the path for 2019 move from 2 to 3. The market did not really move on that news as I am sure it may be too far away. The dollar actually weakened on the news as this was very much a, “buy the rumour, sell the fact,” trade.
The USDCAD was very much the darling of the day as it not only benefited from the FOMC meeting but also from greater confidence that there will be some positive news out of NAFTA. There was also news that the US would drop the 50% requirement of US parts for Canada, all in all a good day. The CAD responded by trading as low as 1.2900 and is now testing a lower support line, I am a little hesitant to get involved here and instead will wait to see how the market reacts around 1.2800.
Today may be a bit of a strange day as the market mulls over last night’s statement and so rather frustratingly we may have to wait for Friday for opportunities.
Important Economic Data Due Today
11:30 GBP Retail Sales
Consensus: 0.4%
Effect: Actual higher than expected is good for the GBP
14:00 GBP Official Bank Rate
Consensus: 0.5%
Effect: Actual higher than expected is good for the GBP
14:00 GBP Monetary Policy Statement
Consensus: None
Effect: Could affect the cryptocurrencies this week
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