Today we had another positive data from UK FOR Manufacturing Production m/m which once again did not give us an opportunity to short.
Then later on we had BOE Carney speaks and crude oil inventories which was a large built up, however, the real driver today was the press conference of Donald Trump which market took as negative sentiment and sold off USD across the board.
Sentimentally, the equity market were largely green and oil was actually up despite off the large built in the inventories.
For EUR, there was no specific news or datas but as mentioned that EUR is acting as a counter-trade versus USD, so today we actually had a roller coaster ride with EUR largely sold off initially during London and NY session and then completely reversed during and after the press conference of Donald Trump.
For USD, the speculation earlier for a positive talk has supported a surge in Dollar but soon everything collapsed after the press conference as Donald Trump did not mention anything about the fiscal or infrastructure. The whole conference was really around the Russian hacking incident.
For GBP, it continues to be shadowed by hard Brexit fears and it also went ups/downs today versus USD, however, the currency has lost its ground against all other currencies as the uncertainty for the future of UK is still in play.
For CAD, regardless of the oil built, WTI actually went up today alone with the equity markets to boost a risk on sentiment, this alone with the USD weakness has once again push CAD to be a very strong currency.
For AUD & NZD, both are in the same position as the earlier USD strength did not really push them down, so when the sentiment shifted during the press conference and afterward, we saw a large buying into AUD & NZD all the way until now.
For JPY & CHF, both were helped by USD weakness as well and went up today regardless of the risk on sentiment.
So in conclusion, the whole currency markets are still very sentimental driven by political events, and traders need to be careful when holding trades because the existing direction can be reversed anytime.
Today we had another positive data from UK FOR Manufacturing Production m/m which once again did not give us an opportunity to short.
Then later on we had BOE Carney speaks and crude oil inventories which was a large built up, however, the real driver today was the press conference of Donald Trump which market took as negative sentiment and sold off USD across the board.
Sentimentally, the equity market were largely green and oil was actually up despite off the large built in the inventories.
For EUR, there was no specific news or datas but as mentioned that EUR is acting as a counter-trade versus USD, so today we actually had a roller coaster ride with EUR largely sold off initially during London and NY session and then completely reversed during and after the press conference of Donald Trump.
For USD, the speculation earlier for a positive talk has supported a surge in Dollar but soon everything collapsed after the press conference as Donald Trump did not mention anything about the fiscal or infrastructure. The whole conference was really around the Russian hacking incident.
For GBP, it continues to be shadowed by hard Brexit fears and it also went ups/downs today versus USD, however, the currency has lost its ground against all other currencies as the uncertainty for the future of UK is still in play.
For CAD, regardless of the oil built, WTI actually went up today alone with the equity markets to boost a risk on sentiment, this alone with the USD weakness has once again push CAD to be a very strong currency.
For AUD & NZD, both are in the same position as the earlier USD strength did not really push them down, so when the sentiment shifted during the press conference and afterward, we saw a large buying into AUD & NZD all the way until now.
For JPY & CHF, both were helped by USD weakness as well and went up today regardless of the risk on sentiment.
So in conclusion, the whole currency markets are still very sentimental driven by political events, and traders need to be careful when holding trades because the existing direction can be reversed anytime.