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Market Insight Commentary – Forex
Today's News Headlines
- The Irish PM made comments last night that they are preparing for the UK to exit the EU with no deal – this could have some repercussions for both the EUR and GBP.
Market Insight Commentary – Indices
Market Recap
The US dollar is in a bit of a moody disposition this week, it seems to want to grind higher but rather begrudgingly so. The Fed even tried to tone the dollar down somewhat with some dovish comments, but these were brushed aside by the market. The USDJPY started at about 110.20 and only dipped as low as 110.07 before reaching close on 110.80.
The USDGBP was also in the firing line as the pair traded to 1.3050 before the BOE added some support to the pair and allowed the recovery towards 1.3100, sometimes you get the impression that every trading desk around the world stops when a World Cup football match is on as the markets generally cease.
The US Index is starting to bottom out, and considering the moves this last week the dollar looks a little exhausted. Keep an eye out as there could be an opportunity to trade the rally today.
Important Economic Data Due Today
10:30 GBP Current Account
Consensus: -18B
Effect: Higher than expected is good for the GBP
10:30 CAD GDP
Consensus: 0.0%
Effect: Higher than expected is good for the CAD
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