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Market Insight Commentary – Forex
Today's News Headlines
- New Brexit negotiator Dominic Raab commented that if no trade agreement with the EU is established, the UK would simply not pay the divorce bill – the gloves are most certainly off.
Market Insight Commentary – Indices
Market Recap
There was not much on the agenda on Friday with the only economic data out of Canada threatening to create some volatility in the market, and we have all come accustomed to start checking twitter once the US start waking up. There is bound to be some outlandish comments from Donald Trump that moves the market, he didn’t disappoint on Friday as he hinted to the Fed to lower rates and also threatened a much bigger trade war with China.
The loonie did not disappoint with a positive surprise from retail sales the catalyst to move the USDCAD from 1.3235 all the way down to 1.3100, this compounded the fall in the US dollar – triggered by Trumps comments. The dollar selling did not take a break throughout the New York session.
The UK also showed a little resilience as cable traders drove the GBPUSD from below the key floor of 1.3000 (an 8 month low) to 1.3135. I will be watching this week to determine if it is a matter of a dead cat bounce as with everything happening in the UK – it is hard to fall in love with the pound.
The question to ponder over the next couple of days is to determine if Trumps tweets will alter the Feds path, I am of the opinion that it will not – if it does, the Fed may lose a little credibility. In fact that the daily market moving tweets are becoming too frequent to be coincidental to me.
Important Economic Data Due Today
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