Daily Market Forex

The previous U.S. and Asian sessions were a good opportunity for the market to down-play risk, as investors took advantage of the low quotes and started buying high yielding assets once again.
This has helped the major pairs recover much of the selling seen earlier in the session, and even add some additional pips.
The European open saw the Eur, Gbp and the Chf giving up initial ground against the Usd, while the Aud and the Cad held steady.

The momentum coming from a move higher in equity trade as things got underway was enough to reverse the moves, and send the Usd valuations lower.
The most important red-flag report on Tuesday is the Canadian interest rate meeting, scheduled at 09:00 ET.

The Canadian central bank is expected to keep the interest rates on hold, but provide a bullish statement on the state of the economy, which should support the Cad's near-term price action.

Forex traders will be wanting to hear confirmation that the BoC are still looking at July to raise interest rates.

Overnight, the Reserve Bank of Australia released the minutes of the last interest rate meeting, held two weeks ago. The document showed that the central bank raised the interest rate as it considered that Australia's mining boom would lift inflation expectations.

Since Australia's mining industry is likely to stay strong due to demand from China and other emerging countries, most analysts see the RBA continue to tightening rates this year. This should support the long side of Aud in the medium to longer-term.
Forex Momentum Times- 8pm, 2-3am, 6-7am ET. Outside of these, look for near-term Swing Point trades. The intra-day 25 pip plays are housed in the Trade Plan and Trade Analysis areas.

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