T4T FX Market Insight 19 July 2019

morning traders welcome to the FX market insight for the 19th of July so what happened yesterday yesterday we had John Williams from the Federal Reserve he's the vice chairman of the rate-setting committee coming out with the headline Federal Reserve officials lay out a case for aggressive rate cuts well recently with the current decision of the the usdollar direction it's been a bit of a tug of war between the strife economic data and the Fed saying they're intending to cut rates and this is being priced in by the traders but today with John Williams coming out with this particular comment about some aggressive rate cuts and a potentially half a point cut has caused the u.s. dollar to sell-off pretty much across the board so every single major moved quite aggressively and the probably the best one that moved today was the dollar yen if I could just bring that one up and look I'll just get up the dollar yen charts okay and you can see it's dropping down below came down below the clouds around support and it was great to see some of our workshop workshop traders pick up on this it came down below support support then became resistance and some some of our traders put in the using trendline trader and put in a shorts there and then of course what happened then was john williams came out with the the comment and down it went and whilst it was on its way down there was also a bit of GOP let's say this that would be that we considered the macro fundamentals and in addition to that we had been a geopolitical as well with the u.s. navy actually destroying an iranian drone in the gulf as it got too close to one of the warships and that caused it to to go down even further so essentially that was that was basically what happened today there was a fairly large dollar sell-off and tomorrow we let me just bring up the chart but bats and okay so tomorrow we're looking for the cad retail sales and what we're looking for there is hopefully we're gonna look and see that we're gonna get some strong data on that one which will then allow a fairly reasonable set up on the on the dollar cabs so pretty much that's pretty much it for today that's the set up for tomorrow or today in fact and it's just wait for the dollar cat's retail sales to come out have a good day and good trading you you