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In the Zone
- GBPUSD
- EURUSD
- AUDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Canadian President commented yesterday that he would only sign a NAFTA agreement that is good for Canada. He did mention that there is a win-win scenario within this agreement, but to me. Those statements indicate that a final draft is not as close as what the media have hinted towards.
Market Insight Commentary – Indices
Market Recap
Yet another day where the market seemed to be held hostage by the political uncertainty in Italy, there is already talk that there will be another election held in July. The fear is that this just strengthens the anti-EU rhetoric and with both Portugal and Spain having similar grievances, there could be a snowball effect which leaves the EU is a state of tatters.
Other big news yesterday was the flow into US debt with the 10 year yields tumbling by 14.5 basis points, this led the market to seek safety and both the JPY and CHF were the big benefactors of that move. There was also a natural migration out of commodity linked assets and their respective currencies.
The EURUSD found a low of 1.1500 yesterday, this will be a key level for buyers with stops being built around 1.1450. The 200 week MA at 1.1429 will also prove to be a big level to watch and I suspect that today may be a make or break day for the EUR bulls.
The GBPUSD also tested a low at 1.3200 yesterday before we saw a healthy 50 pip bounce leading into the New York session. Key levels for the buyers are sitting at 1.3185 which is not far from the natural support we saw yesterday, on the topside sellers will probably look at 1.3300 as their first entry level and I would not be surprised to see range bound trading between these levels.
Important Economic Data Due Today
14:15 USD ADP Non-Farm Employment Change
Consensus: 191K
Effect: Higher than expected is good for the USD
14:30 USD GDP
Consensus: 2.3%
Effect: Higher than expected is good for the USD
16:00 CAD Overnight Rate
Consensus: 1.25%
Effect: Higher than expected is good for the CAD
16:00 CAD BOC Statement
Consensus: None
Effect: More hawkish than expected is good for the CAD
16:45 CHF SNB Chairman Jordan Speaks
Consensus: None
Effect: More hawkish than expected is good for the CHF
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