After a prolonged battle, President Donald Trump’s travel ban comes into effect, thus creating a tougher U.S. entry for people from six countries. The ban applies to people from Iran, Libya, Syria, Somalia, Sudan and Yemen, and all refugees. The ban will temporarily bar people from these six countries from getting visas for the next 90 days in airports around America and consular offices around the world. Refugees would have to prove a “bona fide relationship” to someone in the U.S. according to the Supreme Court.
source: theguardian, ABC News
The euro surged near a 14-month high earlier today and it was on track for its best quarter in seven years. Economic events due later during the day may help uplift the euro during the day, Germany’s Unemployment Change for June will be released at 07:55 GMT, while the Eurozone Consumer Price Index (CPI) data for June will be out at 09:00 GMT. On Tuesday, the euro inched up after a speech by the European Central Bank President, Mario Draghi.
According to a survey based on polling of 2,000 people, before and after the U.K. general election, consumer confidence is now seen at its lowest. Economists even forecasted that growth will be significantly lower than in 2016 after Brexit aftermath. Follow the report of U.K.’s First Quarter GDP which is due at 08:30 GMT today. Canada will also be releasing its GDP for April at 12:30 GMT, and this is expected to affect the Canadian dollar, keep a close watch.
This currency pair traded remarkably on the forex market yesterday as it gained several momentary jumps as from 05:00 UTC to reach $0.76737 by 09:00 UTC. The Australian dollar rallied on Thursday, however, today the AUD/USD pair started losing momentum as from 02:00 UTC and it reached $0.76914 by 05:00 UTC. These pullbacks may continue to persist through today if the Aussie continues to edge up, trade this with Ladder Trading.
On Thursday, the EUR/AUD pair was seen trading towards a downtrend in early trading hours. After recording a set of pullbacks, starting from 08:00 UTC, it was quoted on a low level at 1.48602 by 11:00 UTC. On Friday, the currency pair gained momentum as from 01:00 UTC as it traded at the 1.48380 level to reach the 1.48619 level by 04:00 UTC. This currency pair is available for trade on the FX/CFD tool.
The Japanese Nikkei 225 recorded a huge set of pullbacks as from 12:00 UTC yesterday when it traded at 20242 points to close this bearish trend by 17:00 UTC at 19925 points. In today’s early trading session, it was seen trading with much volatility on the market. It was last quoted on a bearish candle at 19962 points around 03:00 UTC. The Ichimoku Cloud indicator suggests a change in trend around 19:00 UTC, keep an eye here.
Things to watch on the market
It would be a good opportunity to invest on the U.S. dollar today, after announcement of the travel ban. The EUR/USD, AUD/USD pairs and Wall Street indices can be traded for today as these could be impacted further.
Consider trading pairs such as the EUR/GBP, EUR/JPY and the EUR/AUD, along with the DAX index.
Trade assets such as the GBP/USD, GBP/CAD, EUR/CAD, FTSE 100 and the TSX 60 index.