Did you know that The Forex or FX Market derives its name from Foreign Exchange. It is essentially the exchange of currency (money) between two different countries. The FX market is the largest financial market in the world, and is open 24 hours per day, 5 days per week. BlackStone Futures provide a User Friendly trading environment in YOUR journey to Profitability on:
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In the Zone
- EURJPY
- GBPJPY
- USDCAD
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Today's News Headlines
- Trump is at it again with tax cuts for middle class families, for someone who does not want interest rate increases – he is certainly making it difficult for the Fed not to.
Market Recap
The FX market was somewhat range bound yesterday, with very little on the economic calendar or any new fundamental developments, it meant that the markets just chopped around for most of the day. The JPY did attempt to break out on the back of a flight to safety, but the gains were not earth shattering – and most of those gains were given back by the end of the evening session.
It was a tricky session for the EURUSD with the pair trading for the best part of the day in a 45 pips range. The high traded at 1.1485, which was the 100 hour MA, but quickly found resistance at these levels. This becomes a key level to watch today and the bears will want to keep control by staying below, if the bulls are able to find some support here, momentum will force this pair higher.
The GBPUSD ran higher on headlines that the EU was willing to offer Theresa May a customs arrangement, the move higher found resistance at the 100 hour MA and faded lower to 1.2960. The stall at these levels means that the 100 hour MA become a key level this morning with 1.3036 being the key level for the buyers to trade through.
Important Economic Data Due Today
16:00 CAD BOC Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
16:00 CAD BOC Overnight Rate
Consensus: 1.75%
Effect: Higher than expected is good for the CAD
17:15 CAD BOC Press Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
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