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Market Insight Commentary – Forex
Today's News Headlines
- North Korea pledged last night to suspend missile testing with immediate effect, could this be a good start for the world to go into some state of normalcy.
Market Insight Commentary – Indices
Market Recap
It seems as though the entire market is on tenterhook waiting to see how the whole geopolitical factors play out. Donald Trump continues to be the spanner in the works with regards to financial markets. Friday evening it definitely seemed as though the dollar was king again as the market saw a late flurry of dollar buying heading into the close, I am not convinced just yet that it is a change in attitude but merely squaring of positions heading into the weekend.
Both the EURUSD and GBPUSD whimpered into the close on Friday. The cable still reeling from the news that BOE Carney was looking to back away from a May rate hike – knowing his unpredictable nature though, it could just be a bit of cold feet. The EUR was affected by some dovish comments from Draghi on Friday, the fixing was the hero of the day late on Friday as it halted the momentum, it does look delicately poised today though and the EUR bulls will want to see price above 1.2280 if there is to be a reprieve.
The USDCAD will get another bout of volatility tonight as BOC Governor Poloz speaks again, couple the fact that NAFTA is still not a done deal – despite encouraging signs – this is a pair to stay away from for me.
Important Economic Data Due Today
21:30 CAD BOC Governor Poloz Speaks
Consensus: None
Effect: More hawkish than expected is good for the CAD
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