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Market Insight Commentary – Forex
Today's News Headlines
- In the wake of talks between the US and North Korea, we have seen moves from South Korea that suggest we could see some positive developments. This I would imagine would aid risk assets like the commodity pairs.
Market Insight Commentary – Indices
Market Recap
With both the UK and US out the market yesterday we anticipated a slow day, in yet another twist to the US-North Korea debacle – Trump stated that the meeting was back on and the market responded by getting back into risk assets. The weekend also started to cheer the fact that Italian elections may avoid plans of a new government and the EURUSD responded by rallying first thing in the morning, this was short lived as the possibility of fresh elections became more factual.
The EURUSD was dragged lower – much lower – on that prospect as Italian assets became a barometer for the EUR, anything European including stocks and bonds immediately sold off and it was a long painful day for the single currency.
With a full allocation of trading desks in today, hopefully we get some more pronounced moves as the market sees more liquidity.
Important Economic Data Due Today
16:00 USD CB Consumer Confidence
Consensus: 128.2
Effect: Higher than expected is good for the USD
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