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In the Zone
- EURUSD
- GBPUSD
- USDCAD
- USDZAR
- Gold
Market Insight Commentary – Forex
Today's News Headlines
- The US are scrambling today to try and downplay reports that they will block investment with China in an effort to protect technology IP.
Market Insight Commentary – Indices
Market Recap
Trade war concerns persist to effect the markets, the equities markets more so than most but it does reverberate through all the financial markets. The real news started that respected publications are reporting that Trump is considering targeted measures for IP to prevent China from acquiring US technology – this is hardly new news though as Trump has hinted at this in the past. The White House Administration denied this through both a tweet from Mnuchin and later through Navarro on CNBC, my concern is that “where there is heat there is fire.”
Good data out of the EU allowed for the EURUSD to be really strong for most of the day and the pair found a high of 1.1715. Considering where the daily charts are lying, I would be tempted to buy any dips that may occur. I will employing the same strategy with the GBPUSD, this pair was not as strong as the EUR yesterday and there may be some catch up to play.
There is usually a strong correlation between the EURUSD and Gold, the fact that we have not been able to find any substantial support yesterday intrigues me. I am wondering if there needs to be a move to catch up this morning and so I will be looking to and confirmation of a long trade today.
Important Economic Data Due Today
16:00 USD Consumer Confidence
Consensus: 127.6
Effect: Higher than expected is good for the USD
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