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Today’s Trades 03.07.2018 – EURUSD, USDJPY, EURAUD
*Good morning/afternoon everyone!*
After Gary Cohn’s resignation last night, U.S. futures have falling sharply, pointing to a significantly lower open for U.S. equities. However stock futures are also off their lows and perhaps for that reason, we’re not seeing significant weakness in USD/JPY beyond the initial overnight post Cohn-resignation slide. Nonetheless, the NY session hasn’t even started so we could still see an exceptionally volatile day in equity and FX trade. With that in mind the earlier strength in EUR and GBP are fading, suggesting that investors may have turned from selling dollars versus high beta currencies because the troubles stem from the U.S. to buying it on risk aversion. Its too early to tell and for that reason, we’ve struggled with setting our morning trades. AUD and NZD definitely appear more resilient relative to EUR and GBP although all of the high beta currencies appear to be rejecting resistance. The Bank of Canada meets at 10AM NY / 15 GMT -- we’ll be live trading that with you in lieu of the 9am webinar.
*The MAIN THEMES I see today are*
-EUR, -GBP, -CHF
neutral USD, CAD
*Today’s Initial Trades*
Here’s the summary --
2. Sell EURAUD at 1.5893, stop at 1.5921, Target 1.5865
3. Sell EURUSD at 1.2405, Stop at 1.2433, Target 1.2377
4. Sell USDJPY at 105.77, Stop at 106.05, Target 105.49
Close ALL open day trades by 10:20AM NY / 15:20 GMT