Forex & Indices Market Insight Commentary for 20 July 2018

Donald Trump’s comments around the Fed will not be taken lightly, he has been able to stay away from the Fed up to now and lets hope that he is not trying to influence the central bank.

Risk warning: Losses could exceed deposits.

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The economic releases yesterday saw the very strong data reads with employment claims the lowest since 1969, how much of those workers are skilled I am not sure.

Trump has signed a pledge to retrain workers although it is easier said than done. Momentum was not sustained though as comments from Trump lamenting the strong dollar and disappointed in the Fed raising rates sent the dollar tumbling lower.

The GBPUSD moved from a 1.2965 during New York to a high of 1.1677 on the back of those comments. This becomes a key level to watch this morning and a barometer for the bulls and bears.

The forex market has been tough this month, but there does seem to be some opportunity starting to present itself as a lot of pairs look to be stretched, I am hoping that this will create some opportunity early next week.

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EUR/USD – Eurodollar ends session mixed as price rejection at $1.1580 low takes the pair near opening price levels, technicals provide a few bullish signs.
GBP/USD – British Pound flirts with $1.30 on disappointing UK Retail Sales while EU warns members on “hard Brexit”, price nears golden $1.2890 as bank rate approaches.
USD/JPY – Dollar reverses gains against Yen following Trump’s comments on Fed’s hiking policy, pair remains bullish medium term and above 111 until bears prove otherwise.
USOIL – Oil prices remain steady as earlier OPEN-related losses by USD slippage, barrel cost at $67.80, a tad higher than golden $67.40.
XAU/USD – Gold prices recover recent losses as investors short the greenback following Trump’s comments. Although a fresh 1-year low was made at $1211/oz prices closed near $1222/oz.
BTC/USD – Bitcoin price firm just by golden cycle for a second session as net longs remain unchanged, investors eye the $8K hurdle but technicals do not support the move.

Risk warning: Losses could exceed deposits.
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