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Market Insight Commentary – Forex
Today's News Headlines
- Trump suggested over the weekend that he is committed to remedying the trade imbalances with Europe, I am not really sure how to interpret that comment.
Market Insight Commentary – Indices
Market Recap
After such a strong week where the dollar was most definitely king, there was a predictable bout of profit taking late on Friday evening. Even strong GDP numbers could not build any momentum as the knee jerk reaction quickly subsided into dollar selling and then continued as the treasury yields started moving downwards. There would have been a lot of portfolio rebalancing last week and so I think that the market may very well start looking for reasons to sell the dollar this week.
The exception yesterday was the cable, where very soft UK GDP data meant that the pound was crucified. BOE Governor Carney started the rout the week before and this soft data translates to the expected interest rate hike next week most definitely off the table.
Although there is a bank holiday here, the market will still be active this week and so there will be some opportunity brewing.
Important Economic Data Due Today
Tentative AUD RBA Governor Lowe Speaks
Consensus: None
Effect: More hawkish than expected is good for the AUD
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