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: Introduction To The Forex Market
In the Zone
- USDCAD
- USDJPY
Market Insight Commentary – Forex
Today's News Headlines
- –
Market Insight Commentary – Indices
Market Recap
It was a relatively range bound day as the dollar started the day softer and trading to its worst levels of the day by time New York woke up, before steadily eating away at the move to close the day near its open. There was really nothing to report and with a lack of any major economic data, there was nothing to sustain any momentum in the market.
The USDCAD may become the exception today as the NAFTA negotiations become the focus for the pair. These may become rather unpredictable as Donald Trump does seem to change his mind as he pleases. Either way, the loonie did raise above the 1.2700 level early before drifting lower. I still think that the 1.2700 remains a ceiling for now and anything above that level will mean I start looking for short trades.
There is a little event risk on the agenda this afternoon as new Fed Chair Powell testifies, I would not imagine there being much change from the Yellen leadership, but he may have some ideas that move the market.
Important Economic Data Due Today
15:30 USD Core Durable Goods
Consensus: 0.4%
Effect: Higher than expected is good for the USD
15:30 USD Fed Chair Powell Testifies
Consensus: None
Effect: More hawkish than expected is good for the USD
17:00 USD CB Consumer Confidence
Consensus: 126.2
Effect: Higher than expected is good for the USD
[su_divider]
