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As expected, yesterday was a relatively slow day, this would have been expected as it was the first day back after a long weekend and the market lacked direction. The dollar took a beating last week, and conventional theory would suggest that this was because of reduced liquidity in the afternoon session last week – this could have been the reason that for the most part the dollar was rather bid yesterday.
This week is a heavy news week with a lot of event risk on the calendar today with various talking heads today, and the US Treasury Secretary speaking tonight. Another brief glance at the calendar suggests that there may be very little opportunity this week, with major event risk on the horizon the entire week with the exception of Thursday. Often, the decisive factor between a decent trader and a good trader is being able to sit the day out – my strategy this week is to come into the market not expecting a trade and only trading if something obvious presents itself.
Of the major pairs, it is worth watching the USDJPY, the Yen has been the one currency that has bucked the trend of late and has been rather strong of late. The overriding reason has been that of the US government yields and headlines yesterday that North Korea were preparing another missile launch meant that there was a mini flight to the JPY. It is encouraging for the bulls that the pair has bounced around 111.00 for the last 3 days, and another look at those levels will have me building some bids.
Market Insight Commentary – Forex
In the Zone
- EURUSD
- USDJPY
- Oil
Market Insight Commentary – Indices
Important Economic Data out today
09:30 GBP BOE Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
16:45 USD Fed Chair Elect Powell Speaks
Consensus: None
Effect: More hawkish than expected is good for the USD
17:00 USD CB Consumer Confidence
Consensus: 123.9
Effect: Actual higher than expected is good for the USD
18:30 CAD BOC Governor Poloz Speaks
Consensus: None
Effect: More hawkish than expected is good for the CAD
22:00 NZD RBNZ Financial Stability Report
Consensus: None
Effect: More hawkish than expected is good for the NZD
22:45 USD Treasury Sec Mnuchin Speaks
Consensus: None
Effect: More hawkish than expected is good for the USD
02:00 NZD RBNZ Governor Spencer Speaks
Consensus: None
Effect: More hawkish than expected is good for the NZD
Noteworthy News
- There is conflicting reports on the new tax reform on the wires, President Trump believing that the bill will have bipartisan support, yet there are already Republican Senators rumoured to vote “No” on the current bill.
