US Dollar Fundamentals -WTI Slips To 6 Month Lows

Today the market released US Building Permits data as mentioned yesterday (Actual: 1.674M Forecast: 1.650M Previous:1.696M), this showed a bullish sentiment in relation to the expected data, but in regards to the previous data from June this data was bearish for the greenback as the value was less, less building permits means less construction starts and less growth in the economy. Core CPI data for Canada which helped the Loonie show bullish strength earlier in the New York session was also released today, the data showed Canadian inflation rose last month, but the inflation trend has been decreasing overall, the data showed an (Actual: 0.5% Previous: 0.3%), where there was no forecasted value. These were the fundamental economic reports for today. Tomorrow US Retail Sales data will be released which will be bringing strong volatility to the market, along with crude oil inventories and an FOMC meeting. So it is likely after the result of these fundamental economic reports the market will turn to a direction in which we can look to speculate on after such as if these reports cause a large spike in the market bringing strong bullish volatility, then we can short the market later on. Currently the FX market sits quite neutral from my standpoint. During the New York session WTI oil slipped earlier today to 6-7 month lows to 85.3 dollars a barrel.

Ilyas Khan Top1 Markets