China & Hong Kong return to the markets after a 7 day holiday, with local indices catching up to overseas developments. Nikkei not as brilliant, retracing some of yesterday’s gains, also because Crude retraced virtually all of yesterday’s gains, impacting risk-appetite. So not much inspiration there.
Going into today, we have the BOE’s rate decision (expected unchanged, but minutes will be closely watched), ECB minutes, Cad Housing Starts, US jobless Claims, FOMC’s Bullard speaking, and then post-London Close BOE’s Carney speaking, then FOMC Minutes (most likely fully discounted, old news).
The fall in Crude has me watching a tactical GbpCad setup, as we are currently holding around current week’s highs. GbpUsd the only other interesting pair that may give fresh entries today. Of course, if Crude decided to break 48.40s to the upside, more CommDoll strengh would be warranted.
Charts for today:
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