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Today’s Trades 04.12.2018 – GBPUSD, USDJPY, USDCAD
*Good morning/afternoon everyone!*
The currency markets are eyeing geopolitical risks this morning as President Trump says an attack on Syria could happen very soon, or “not at all.” While this creates more confusion than clarity, investors are relieved that an announcement wasn’t made overnight. By hitting Syria, the President is taunting Russia and the greatest implication aside from military engagement, U.S. dollar weakness and risk aversion is higher oil prices. USD/CAD remains under pressure was investors eye the headlines for updates on Trump’s decision. Softer Eurozone industrial production makes the euro the weakest performing currency this morning. Sterling came back strongly after dropping below 1.4150. USD/JPY has moved to the top of its recent range on the back of higher bond yields and Dow futures, which are pointing to a positive open. AUD is flat while NZD continues to outperform. There are no major U.S. economic reports scheduled for release today so keep on the headlines and stocks.
*The MAIN THEMES I see today are*
-USD (but +USDJPY)
+GBP, +CAD, +NZD
-EUR, -USD (except USDJPY), -AUD, -CHF, -JPY
*Today’s Initial Trades*
Here’s the summary --
1. Sell USDCAD at 1.2594, stop at 1.2623, Target 1.2563
2. Buy USDJPY at 107.13, Stop at 106.85, Target 107.41
3. Buy GBPUSD at 1.4185, stop at 1.4157, Target 1.4213
Close ALL open day trades by 10:20AM NY / 15:20 GMT