Forex Market Insight Commentary 05 July 2018

Predictably, it was a very quiet day yesterday with the US enjoying Independence Day.

Risk warning: Losses could exceed deposits.

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Predictably, it was a very quiet day yesterday with the US enjoying Independence Day.

Anything remotely marking moving came from headlines out of Europe, the first that ECB members were shifting towards a more hawkish tone and the second that the US was willing to find a compromise on auto tariffs.

Both of these headlines were released after London had closed for the day, however, and so the impact was limited.

The GBPUSD had a continuous bid throughout the day as it climbed to 1.3250 which was the highest in almost a month, the catalyst is still a little bit unknown but I would suspect that it may be on May’s Brexit plan that will come later this week.

We also have a little event risk today in the form of a speech from BOE Governor Carney.

I am going to be a little bit more cautious this morning as price action can often be a little unpredictable after a bank holiday but with the looming NFP tomorrow, I would probably look at the indices as my main pairs today.

Supplied by BlackStone Futures

Risk warning: Losses could exceed deposits.
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