Today’s Trades 09.07.2017 – NZDUSD, USDJPY

*Good morning/afternoon everyone!*

The main focus this morning is the European Central Bank’s monetary policy announcement. This is a big day for the euro, which is trading very strongly ahead of the rate decision. Investors are positioning for a reduction in asset purchases, positive comments from ECB President Draghi and possible upgrades to their latest economic forecasts. Living up to all of these expectations will be difficult especially since there have already been hints that they could delay asset purchases or cut their inflation forecasts. Nonetheless, FX traders are not worried about the downside risks and instead are focused purely on the prospect of taper. The U.S. dollar is also trading lower across these board, driving GBP/USD within 10 pips of 1.31 and AUD/USD back above 80 cents. U.S. yields are down slightly after yesterday’s strong move and the Canadian dollar is back at its highs.

*The MAIN THEMES I see today are*

+GBP
+AUD
+CAD
+NZD

*Trading Biases*

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

*Today’s Ideas*

1. Buy NZDUSD at market now 0.7208, Stop at 0.7178, Target 0.7228
2. Sell USDJPY at 108.83, Stop 109.03, Target 108.63

Cancel ALL pending orders by 3:30PM NY / 19:30 GMT / 5:30AM AEST
Close ALL open day trades by 4PM NY / 20 GMT / 6AM AEST

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Swing

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