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In the Zone
- Brent
- DE30
- UK100
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Today's News Headlines
- PM May continues to hint that the UK would be happy with no deal – this may be a ploy to get the EU to offer a friendly deal – it does more likely that the EU will buckle.
Market Recap
With the FOMC meeting looming tonight, the market was reluctant to take any big positions yesterday. The market has been in limbo with a 50% chance of 2 hikes this year still the consensus, if that was the case, I suspect that those would come in October and December as opposed to this evening – but stranger things have happened.
NAFTA headlines are still the major driver at this point, there was a little wobble in the USDCAD yesterday as the market attempted to trade through 1.3000 but there are some clear sellers at those levels for now. The pair is getting some aid from oil, but my strategy here is to walk away, there are just too many risks with these headlines.
GBPUSD finished the day 60 pips higher and trades around the 61.8% fib of last week’s high. The high traded price for the day was 1.3198, and it grinded for the rest of the day. The major level to watch today is 1.3198 which will be a key level to break for the buyers, I suspect with the Fed this evening price may just trade sideways.
I will be looking at minimal instruments today and will focus my attention to the European indices today, if I have not traded in the morning session I will call it a day.
Important Economic Data Due Today
16:30 USD Crude Oil Inventories
Consensus: -0.7M
Effect: No consistent effect on the USD
20:00 USD Fed Funds Rate
Consensus: 2.25%
Effect: Higher than expected is good for the USD
20:00 USD FOMC Statement
Consensus: None
Effect: More hawkish than expected is good for the USD
20:30 USD FOMC Press Conference
Consensus: None
Effect: More hawkish than expected is good for the USD
23:00 NZD Official Cash Rate
Consensus: 1.75%
Effect: Higher than expected is good for the NZD
23:00 NZD RBNZ Monetary Policy Statement
Consensus: None
Effect: More hawkish than expected is good for the NZD
23:00 NZD FOMRBNZ Rate Statement
Consensus: None
Effect: More hawkish than expected is good for the NZD
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