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Today’s Trades 02.05.2018 – USDCAD, EURJPY, CHFJPY
*Good morning/afternoon everyone!*
The best performing currencies this morning are the U.S. dollar and Japanese Yen and whenever that happens, its a sign of risk aversion. After Friday’s 665 point drop in the Dow, investors are nervous that there will be more selling and weakness that drives currencies lower. Stock futures are pointing to a -250 point lower open! This is a busy week in the FX market with 3 central bank rate decisions and a host of other market moving reports but there’s very little U.S. data to key off of so risk appetite will be driving dollar flows. The greenback could extend its gains against high beta currencies like GBP, AUD, NZD and CAD, which are vulnerable to additional profit taking this week. The weakest currency this morning is the British pound which is not surprising considering that the central bank’s meeting and Quarterly Inflation reports are the biggest events this week. PMI data was also softer with service sector and composite activity slowing. The Australian dollar is holding up best ahead of this evening’s RBA rate decision and retail sales report.
*The MAIN THEMES I see today are*
-GBP, -CAD, -CHF, -NZD
+JPY, +USD (except for +USDJPY)
*Today’s Initial Trades*
1. Buy USDCAD at 1.2425, Stop at 1.2397, target 1.2453
2. Sell CHFJPY at 117.84, Stop at 118.12, Target 117.56
3. Sold EURJPY at 136.54, Stop at 136.82, Target 136.25
Pips banked in #2 and Trade Copier pre-summary
Close ALL open day trades by 10:20AM NY / 15:20 GMT