Does the Iowa caucus matter for the forex market?

Not at all, but here's the timeline

The US Presidential campaign has already been ongoing for what feels like forever but the first votes that actually count will take place today in Iowa.

Republicans and Democrats in the state will vote for preferred party candidates. The result matters less than 1% for who will be the eventually nominee but it's a good look at which way the wind is blowing.

Trump looks to have a healthy lead for the Republicans as Ted Cruz stumbles but a late surge from Bernie Sanders has put him within striking distance of Hillary Clinton.

There is a slight chance of a market hiccup if Sanders wins but I'd fade it because Hilary still has a big lead in the states that matter.

The caucuses begin at 8 pm ET but it will take a number of hours before the tally is finalized. The best place for real-time results will be here or the Des Moines Register's live page.