Awaiting US Data | Current Market Sentiment

There is no trade call at this moment. We will be awaiting US data and monitor risk sentiment for potential intraday scalps.

Current Market Sentiment:

Today’s Asian session failed to see a continuation of the risk-appetite present during the NY session where the S&P500 rallied 55 points. During Asian trade, crude oil recommenced its move lower, which in turn saw softness in Asian equities and therefore weakness in commodity currencies and strength in yen. AUD, NZD and CAD all fell against the USD and JPY.

The Shanghai Composite Index has officially entered bear market territory after dropping 20% from highs and closing at the lowest level since 2014.

In recent trade, the Canadian dollar dramatically weakened 130 pips in 2 minutes. This comes as WTI continues to approach multi-year lows and speculation mounts that the BOC will cut next week. A move of such magnitude with no new data could suggest order size error, colloquially known as a “fat finger”.

The London calendar is light but the NY session has plenty of important data from the US. They were all covered in the weekly risk events video here.

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