Welcome to this week’s Market Blast Fundamentals where we will look at USDCAD, US Oil (WTI), USDJPY, GBPUSD, and EURGBP.
Of course the big FX story has been the price-action gap in the value of Pound Sterling, split-seconds after the publishing of the UK election exit polls, last week.
However, this is one gap that may not be filled in the traditional way as the UK Parliament is much more stable regarding Brexit but now faces issues in Scotland.
As well, watch for economic news from London, today and Tuesday from Mark Carney, Employment figures Tuesday, Retail Sales and an Interest Rate decision Thursday and GDP Friday.
As we can see the Economic Calendar is busy this week with important events from every region.
Traders will be watching the Bank of Japan’s Interest Rate decision and conference Thursday as the markets look for direction into 2020 as the outlook for the Yen may be pessimistic.
The yen has been weaker lately for domestic economic issues and the market’s not requiring a “safe haven” currency.
The daily chart on USDJPY tells the story and shows that the Yen still may fall further.
We finally see the Canadian Dollar reacting to the price of Oil as WTI increases based on the latest OPEC forecasts so watch for news on US Oil and Friday’s Retail Sales figures.
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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