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Recent Posts by Stuart McPhee

Canada Gross Domestic Product (GDP) m/m

Today at 12:30pm UK Time. Canada Gross Domestic Product (GDP) m/m is the macroeconomic indicator of the national economy state. It reflects the value of all goods and services produced in all sectors of economy on the territory of Canada. F:0.1%, P:0.5%. #USDCAD may test 1.32.

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United Kingdom Gross Domestic Product (GDP) q/q

Today at 8:30am UK Time. U.K. GDP q/q is the key indicator of the national economy growth and shows changes in the market value of goods and services produced in the country in the given quarter compared to the previous quarter. F:0.5%, P:0.5%. #GBPUSD may rally above 1.2750.

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USDJPY - Settles Around 108 after BOJ Hints at Further Easing

 

 
Despite the fact that it has rallied a little in the last few days, the USDJPY has moved considerably in the last couple of months falling from above 112 down to a 2019 low below 107 a few days ago. Several weeks ago it enjoying some support from around 109 and trading back and forth between 109 and 110.50, before dropping through the support at 109 and moving lower. The 109 level remains a key level and is likely to play a role should the USDJPY continue to rally higher.
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United States Gross Domestic Product (GDP) q/q

Today at 12:30pm UK time. Gross Domestic Product q/q (GDP) is a monetary valuation of all goods and services produced in the United States in the given quarter compared with the previous one minus the price of goods and services used in production. F:3.1%, P:3.1%.

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GBPUSD - Consolidates around Key 1.27 Level as Boris Johnson Hardens His Brexit Position

 

 
For the last few days the GBPUSD has eased ever so slightly away from a one month high near 1.28 but in doing so, has just returned to the key 1.27 level which has accommodated the sterling now for the last month. It did fall away down to 2019 low close to 1.25 a week or so ago however it also rallied strongly and returned to the 1.27 level just as quickly. For the last month now, the GBPUSD has been content to trade very little and consolidate right around the key 1.27 level.
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Japan Retail Sales m/m

Today at 11:50pm UK time. Retail Sales m/m show the total volume of retail sales of goods and services in the past month compared with the previous one and indicator growth can have a positive effect on yen quotes. F:-0.6%, P:0.0%. #USDJPY may test 109.

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US30 - Eases Back Towards 26500 after Fed Chairman Powell Speech

 

 
In the last few days the US30 index has consolidated a little before easing back today however it is the last few weeks that is significant. A few weeks ago the US30 index rallied strongly to return to back above the 25000 level and continue beyond another key level in 26000 to reach a one month high, before consolidating a little and enjoying some support from 26000. It then surged higher again to get very close to its all time high set last year.
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United States New Home Sales

Today at 2:00pm UK time. The New Home Sales indicator reflects sales of newly constructed residences in the U.S. and is used for measuring the US housing market conditions. Index growth may have a positive effect on dollar quotes. F:0.685M, P:0.673M.

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UK Oil - Rallies to Three Week High Around $65 as Trump Hits Iran with Sanctions

 

 
In the last couple of weeks Oil has rallied higher to reach a three week high in the last 24 hours above $65 before easing recently. Just prior to the rally it had done well to consolidate a little trading in a narrow range roughly between $60 and $63, after falling sharply in the few weeks before. Throughout the second half of May oil fell sharply from around the key $71 level down to its lowest levels in four months below $60, before the recent rally.
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Market Recap: 17 - 21 June

 

 
On Tuesday last week we covered the AUDUSD which finished the week moving solidly higher off the support level at 0.6850. Just in the week prior, the AUDUSD dropped sharply to its lowest levels for 2019 briefly pushing through any support that may have been present around 0.6850. It had enjoyed a solid few weeks rallying higher to a three week high poking its head just above 0.70, however it has now returned all of those gains and if it doesn’t maintain its recent rally, it could reverse and threaten the support at 0.6850 again.
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