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*Good morning/afternoon everyone!*
After yesterday’s sharp sell-off in stocks, we are seeing risk appetite return this morning with the U.S. dollar trading higher against most of the major currencies. USD/JPY is at 106.50 and EUR/USD is holding above 1.2300 but support looks tenuous as the dollar could add to its gains ahead of tomorrow’s FOMC rate decision. Sterling took a hit from weaker CPI and could succumb to stronger selling than the euro. The commodity currencies are holding on strong with USD/CAD eyeing a move to 1.3050 and beyond. The Australian dollar is one of the strongest performers for no reason other than the fact that it experienced heavy selling over the past few days, so a healthier reversal is likely. The New Zealand dollar is lagging behind as investors worry about this morning’s dairy auction and tomorrow afternoon’s RBNZ rate decision.
*The MAIN THEMES I see today are*
+USD, +CAD, +AUD
-GBP, -EUR, -CHF, -JPY
*Today’s Initial Trades*
Here’s the summary --
1. Buy CADJPY at 81.40, Stop at 81.12, Target 81.68
2. Buy USDCHF at .9528, Stop at .9500, Target .9556
3. Sell GBPUSD at 1.4030, Stop at 1.4058, Target 1.4002
4. Sell USDCAD at 1.3068, Stop at 1.3096, Target 1.3040
Close ALL open day trades by 10:20AM NY / 15:20 GMT