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:
- Forex
- Global Equities
- Commodities
- Stock Indices
Click: Join Our Facebook Trading Community!
In the Zone
- EURUSD
- GBPUSD
- Brent
- DE30
Click HERE for Detailed Levels
Today's News Headlines
- The UK are determined to hold their nerve in Brexit negotiations and I would not be surprised to see a no deal – I also think that the EU are not in as strong as a position as they believe.
Market Recap
ECB President Draghi was on the agenda yesterday in the first of his three press statements this week, he was more on the hawkish side today which seemed to vindicate the recent view on medium term inflation in the EU. This led to the EURUSD strengthening and traded as high as 1.1815 which is the highest level 3 months. The political situation in Italy continues to put a dampener on things and this meant that the pair traded off those highs and trade back towards the 1.1740 level – very much range bound.
After such a big move on Friday, it was inevitable that we would see a bounce in the GBPUSD, the real question is how big this bounce would be. The pair moved to test the 100 hour MA at 1.3160 and the pair rotated lower again from there. The pair traded to as low as 1.3130 which is the 200 hour MA and this will be the key level to watch this today as it is a pivot level for buyers and sellers.
The USDJPY continues to be an interesting pair to watch as the session is very much correlated to global equity markets. The USDJPY stalled at the 100 hour MA at 112.45, traders seem content to lean against this level for now and the pair bounced to 112.83. The pair will have to break higher than 112.90 for those traders to be comfortable in their position – this will be a make or break level.
Important Economic Data Due Today
16:30 USD CB Consumer Confidence
Consensus: 132.2
Effect: Higher than expected is good for the USD
[su_divider]
Read Our Most Popular Articles Below, It's Worth It!
