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*Good morning/afternoon everyone!*
Its a quiet morning for the euro, dollar and British pound which haven’t seen any major moves despite a pullback in yields. Today’s price action has been marked by mild recoveries in the commodity currencies but for the most part, currencies are marking their time. We still believe that the dollar will extend higher ahead of tomorrow’s FOMC minutes but we have 1 more day of trade (Wed) before prices grind to a halt. We also see further losses in the euro as Germany’s political troubles plague the currency. Today’s existing home sales report won’t have much impact on the dollar and Yellen doesn’t speak until after the NY close though we don’t expect the market to react strongly to her words either. AUD is supported by RBA Governor Lowe’s comments last night. NZD will be affected by today’s dairy auction while CAD could trade lower as NAFTA talks draw to a close.
*The MAIN THEMES I see today are*
+AUD, +CAD, +USD
neutral JPY, CHF
*Today’s Initial Trades*
1. Sell EURJPY at 131.97, Stop at 132.25, Target 131.69
2. Sell EURCAD at 1.5012, Stop at 1.5040, Target 1.4984
3. Sell EURUSD at 1.1723,, Stop at 1.1751, Target 1.1695
Close ALL open day trades by 10:20AM NY / 15:20 GMT