Today’s Trades 09.04.2018 EURUSD, EURGBP, EURAUD, USDJPY

*Good morning/afternoon everyone!*

The summer is finally over and U.S. traders are back! This is a very busy week in the FX market with 2 central bank rate decisions, PMIs and employment reports on the calendar. The greenback is starting the week firmer, rising against all of the major currencies. The New Zealand dollar is leading the slide after terms of trade fell far short of expectations. NZD/USD dropped to a fresh 2 year low overnight while AUD/USD hit a new 1.5 year low. Interestingly enough, the move was not driven by the RBA who left monetary policy unchanged and said they expect the economy to grow above trend in the first half of 2018 with higher inflation and gradual progress in CPI and jobless expected. There was no comment about recent mortgage rate hikes. The meltdown in AUD did not happen until the London open. RBA Governor Lowe speaks at 7:30 NY / 12:30 GMT so there could be some headline risk as a result. Other major currencies have also fallen sharply with GBP pressured by a weaker UK construction PMI. EUR shrugged off stronger producer prices while CAD ignores the 1.7% increase in oil prices. With Treasury yields moving upwards, we expect the greenback to trade higher throughout the North American session.

*The MAIN THEMES I see today are*

+USD
+JPY
-EUR
-GBP

*Trading Biases*

+USD, +JPY
-EUR, -GBP
mildly -CAD, -AUD, -NZD
neutral CHF

*Today’s Initial Trades*

Here’s the summary --

1. Buy USDJPY at 111.42, Stop at 111.14, Target 111.70
2. Sell EURGBP at .9013, Stop at .9041, Target .8985
3. Sell EURUSD at 1.1557, Stop at 1.1585, Target 1.1529
4. Sell EURAUD at 1.6100, Stop at 1.6128, Target 1.6072

Close ALL open day trades by 10:20AM NY / 15:20 GMT

Swing

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