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Today's News Headlines
- Both the S&P and the Dow closed down yesterday – meaning both bourses are officially down on the year, considering the strength over the last 2 years that was not expected.
Market Recap
It was all about the loonie yesterday, with the BOC addressing the market – as was largely expected, the committee hiked interest rates by 25bps which sent the USDCAD into free fall. Price broke through both the 100 and 200 hour MA before finding support at 1.2960. This was a level too far for the pair closed below the 100 hour MA of 1.3060 and this will be the key level to watch for today, a move below 1.3040 will entice more sellers into the market.
Sterling continues to be driven by Brexit headlines, PM May met with cabinet yesterday amidst fear of no deal as well as a revolt within her own party – this meant that the GBPUSD grinded lower for most of the day. There is a trend line that is trending at 1.2885 and until this level can be broken to the upside, the sellers will remain in control.
The EURUSD still seems sympathetic towards cable and stalled against the 100 hour MA during the London session, it then followed sterling lower when New York came into office. The fall in the pair was helped by PMI data but there were some dip buyers lining up near lower trend support at 1.1375, staying above this level could lead to more profit buying this morning.
Important Economic Data Due Today
13:45 EUR Main Refinancing Rate
Consensus: 0.00%
Effect: Higher than expected is good for the EUR
14:30 EUR ECB Press Conference
Consensus: None
Effect: More hawkish than expected is good for the EUR
14:30 EUR Core Durable Goods
Consensus: 0.5%
Effect: Higher than expected is good for the EUR
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