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Market Insight Commentary – Forex
Today's News Headlines
- Comments out of Mexico suggest that the NAFTA negotiations are almost done – and they are good meetings at that.
Market Insight Commentary – Indices
Market Recap
After a whirl wind month of geopolitical factors that looked poised to rock the world to its core, everything looks as though it is slowly dissipating somewhat. The trade wars seems to have disappeared, North Korea has come to the negotiating table and there has been nothing back with regards to the recent attack in Syria.
The fundamental news was also slightly better last night, the big news yesterday though was the fact that US 10 year bonds got traded above 3% for the first time since 2014. This triggered the inevitable sell off in the equity markets as portfolio managers started rebalancing their portfolios.
The big FX mover yesterday was in the FX market was thus the USDJPY, the JPY pairs were the higher earlier but started wilting with stocks. This pair is most affected by the equity markets and so this is something that we will have to watch.
Important Economic Data Due Today
16:30 USD Crude Oil Inventories
Consensus: -1.6M
Effect: No consistent effect on the USD
21:30 CAD BOC Governor Poloz Speaks
Consensus: None
Effect: More hawkish than expected is good for the CAD
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