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*Good morning/afternoon everyone!*
Last night’s North Korea headlines sent the US dollar tumbling against all of the major currencies but this morning the greenback appears to have found some support as US yields see only a modest decline. The House bill passed and now everyone’s watching the Senate who apparently advanced the bill through the Senate Finance Committee last night after 4 days of market ups. The vote was 14-12 with all Republicans voting yes and Democrats voting no. The bill heads to the Senate floor next week and will be debated by the entire Senate after the Thanksgiving break. There are no U.S. economic reports scheduled for release this morning so the dollar will take its cue from yields. We still think USDJPY its “nearing a bottom” here at 112.50 but have chosen to go long EURJPY. The only major piece of data today comes from Canada. CPI is expected to be weaker but the sharp rise in the price component of the IVEY PMI report suggests a stronger number. EUR, GBP are strong whereas AUD and NZD remain under pressure.
*The MAIN THEMES I see today are*
possible USD bottom
+CAD pre data
+GBP, +JPY, +CAD (pre-data0
*Today’s Initial Trades*
1. Sell EURGBP at .8935, Stop at .8963, Stop at .8907
2. Buy EURJPY at market now 132.87, Stop at 132.59, Target 133.14
3. Sell USDCAD at 1.2743, Stop at 1.2771, Target 1.2715
Close ALL open day trades by 10:20AM NY / 15:20 GMT