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Market Insight Commentary – Forex
Today's News Headlines
- There are comments surfacing that Trump is readying a strike on Iran – I would find this surprising but we have seen that Trump is anything but predictable.
Market Insight Commentary – Indices
Market Recap
The euphoria from the Trump – Junker meeting on Wednesday was replaced by the carnage of a tumbling Facebook share price yesterday as the company lost 19% as future earnings and revenues were guided lower. I mentioned my concerns yesterday that the Trump – Junker deal actually lacked substance and that in my opinion there was no real deal that could be confirmed.
This was confirmed to me by the comments out of the EU and US yesterday, Trump believing that the EU would be buying soybeans and Macron of France stating that agricultural would not be part of any deal. Commerce secretary Ross also hinted that aluminium tariffs would stay in place for now despite the EU believing these tariffs would be removed – it makes you wonder if Trump and Junker were actually in the same meeting.
The ECB kept rates unchanged and Draghi tried in vain to reiterate that the ECB would not tighten until summer 2019 – the market did not buy it again and the EURUSD dropped like a lead balloon. The bottom for now is 1.1650 and this will be a make or break level for the bears, if they are able to drag price through this level then 1.1500 could be on the cards again.
The FX market still looks void of any trading opportunities to me and so I continue to look at the Indices with the DAX in particular looking enticing this morning.
Important Economic Data Due Today
14:30 USD GDP
Consensus: 4.2%
Effect: Higher than expected is good for the USD
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