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*Good morning/afternoon everyone!*
While today is FOMC day the usual consolidation before the event risk could be thwarted by the CPI report due at 8:30 NY time. The Fed is expected to raise interest rates for the third time this year but their forward guidance could be limited. The greenback is trading lower against most of the major currencies despite a modest increase in U.S. yields. Euro remains under pressure, GBP is up on the back of stronger wage gains while the commodity currencies consolidate. We think USD/CAD is prime for a pullback given its latest price action while AUD and NZD near key resistance.
We have our Wed webinar today and a LIVE FOMC trading session beginning at 1:45PM NY time (15 min before FOMC)
*The MAIN THEMES I see today are*
-USD, -EUR, -CHF
+CAD, +GBP, +JPY,
mildly -AUD, -NZD
*Today’s Initial Trades*
1. Sell EURGBP at market now .8783, Stop at .8811, Target .8755
2. Short NZDCAD at .8928, Stop at .8956, Target .8900
3. Sell EURUSD at 1.1737, Stop at 1.1765, Target 1.1709
4. Sell AUDJPY at 85.72, Stop at 86.00, Target 85.44
Close ALL open day trades by 10:20AM NY / 15:20 GMT