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Today’s Trades 12.01.2017 – USDCHF, EURGBP, AUDUSD, EURJPY
*Good morning/afternoon everyone!*
There is very little consistency in the performance of the U.S. dollar this morning because global yields are sharply lower across the board. Political troubles in the U.S, Germany and Britain are making investors weary of the recent rallies. In the U.S., there was alot of confusion about the tax reform deal when a tax increase trigger was ruled as invalid, pushing a vote to Friday. It is still too close to call and investors will be watching the headlines carefully for any updates on the tax vote. Debates begin at 11AM NY Time. In Germany, Angela Merkel is trying to convince the SPD to form a grand coalition but the head of the SPD said he has not given a green light for another coalition as Germany’s European policy must change. In Britain, the Irish border remains a thorny issue and the hard right DUP party has threatened to withdraw their support for May if she offers any compromises on the border. As a result, USDJPY, EURUSD and GBPUSD are all trading lower. The commodity currencies are a bit higher but also giving up on their rallies. Looking ahead, CAD GDP and employment are due for release along with US ISM manufacturing numbers -- we are bearish on all fronts.
*The MAIN THEMES I see today are*
-USD, -EUR, -CHF, -AUD
*Today’s Initial Trades*
1. Sell USDCHF at .9824, Stop at .9852, Target .9796
2. Sell EURGBP at market now .8812, Stop at .8840, Target .8784
3. Sell AUDUSD at .7566, Stop at .7594, Target .7538
4. Back into EURJPY at 133.69, Stop at 133.97, Target 133.41
Close ALL open day trades by 10:20AM NY / 15:20 GMT