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In the Zone
- EURUSD
- Gold
- Brent
- GBPUSD
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Today's News Headlines
- Brexit talks are currently on hold as PM May and her team cannot come to an agreement.
Market Recap
The ECB kept rates unchanged as expected, it was also confirmed that QE would remain towards the end of the year and possibly the end of summer 2019. Comments from Draghi that business would have to be cautious ahead of a possible hard Brexit is what caused both the EUR and GBP pairs to trade lower. Vice Chair Clarida was bullish towards moving to neutral rates but hinted that there may be some signs of productivity growth – which would be great for GDP.
The EURUSD struggled to get above the double bottoms at 1.1431 and this inability meant that the pair lost momentum and many buyers turned into sellers. The lower trend line at 1.1375 was broken which pushed the pair to a low of 1.3350, if the buyers are wanting to wrestle back some control then a move towards 1.1400 will be paramount – the bias won’t change though until we trade above 1.1430 again.
The GBPUSD also tumbled lower as Brexit worries again play the recurring theme, price fell below the 1.2900 level before finding a little support at 1.2835. The underside of that trend line became resistance late last night after tension with the PM May cabinet sent the pair even lower to 1.2788. The next natural level comes in at 1.2800 and this will be make or break for the buyers today.
Important Economic Data Due Today
14:30 USD Advance GDP
Consensus: 3.3%
Effect: Higher than expected is good for the USD
16:00 EUR ECB President Draghi Speaks
Consensus: None
Effect: More hawkish than expected is good for the EUR
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