Forex & Market Insight Commentary for 19 July 2018

A mixed bag yesterday meant that the dollar may have been strong during the morning session but started to battle to keep the momentum going once North America had started rolling in.

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Despite Boris Johnson’s resignation last week, he was adamant yesterday that the UK must push forward with Brexit as it is their final chance to leave the EU.

A mixed bag yesterday meant that the dollar may have been strong during the morning session but started to battle to keep the momentum going once North America had started rolling in.

The catalyst was comments made by Fed Chair Powell which were somewhat dovish towards inflation risks and the Fed’s Treasury holdings – this was a little bit of a contrast to the previous day’s testimony.

The GBPUSD picked up where it left off on Tuesday, the weak inflation report didn’t help the cause as weaker data sent the pair crashing to a low of 1.3000, fighting talk around the Brexit meant that there was a steady recovery from there, but I still wonder if this pair is in for a tough time this week.

I am still in the same boat and continue to find day trading strategies in the indices for now – the currency market does look as though it is getting stretched though and I am wondering if that means a slew of opportunity next week.

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Risk warning: Losses could exceed deposits.
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