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In the Zone
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Market Insight Commentary – Forex
Today's News Headlines
- The SNB Chairman made a statement yesterday that Switzerland were, “ready to intervene in the FX market.” Keep this in mind if you are trading the CHF in the coming weeks.
Market Insight Commentary – Indices
Market Recap
There were two main events to navigate yesterday, and neither of them disappointed with the FX pairs the main beneficiaries in a wild day of trading. The market was expecting the ECB to keep rates unchanged and like so many meetings before, for Draghi to try and talk the EUR lower. His attempt this time were in vain as the market did not bite at the bait and instead the EUR found a bid. Later in the afternoon it was Donald Trumps turn to move the markets as he back tracked on Mnuchins comments on a weaker dollar in an interview with CNBC – this one was a little bit more predictable though, there was no way that someone with an ego like Trumps was going to accept a weak dollar.
The big question today is going to be whether the greenback will manage to fight back, you can bet that in his address at Davos today, Donald Trump is going to punt the US economy. I am wondering if the market will agree with Trump or if they are sick of his hot air? I am undecided on this issue at the moment, I agree that the US economy is not as strong as what is perceived – but I am also of the opinion that they are probably stronger than the rest at this point.
All the pairs are trading at key support and resistance levels today, but as indicated in the video this morning – I prefer to look for opportunity in the commodity currencies as it has the added luxury of strong fibs. For those of you in the market today, don’t discount the effect that the Trump speech can have today.
Important Economic Data Due Today
11:30 GBP GDP
Consensus: 0.4%
Effect: Actual higher than expected is good for the GBP
15:30 CAD CPI
Consensus: -0.3%
Effect: Actual higher than expected is good for the CAD
15:30 USD GDP
Consensus: 3.0%
Effect: Actual higher than expected is good for the USD
15:30 USD Durable Goods
Consensus: 0.5%
Effect: Actual higher than expected is good for the USD
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