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Today’s Trades 02.07.2018 – EURGBP, EURUSD, USDCAD
*Good morning/afternoon everyone!*
Risk sentiment is starting to deteriorate again after yesterday’s attempted consolidation. Asian and European equities came off their highs with some indices ending the day in negative territory. Dow futures are pointing to another ugly open. U.S. stocks may have experienced their strongest one day rise since 2016 but investors are nervous as the recent volatility makes them realize that equities are not in a one way uptrend. With U.S. yields rising the danger the economy faces is still very real. The Japanese Yen is the best performer today followed by the U.S. dollar -- the sell-off in USD/JPY is pulling other Yen crosses lower. All of the major currency pairs including EUR/USD and GBP/USD are vulnerable to additional losses at the start of the NY session. Yesterday’s recovery may have been a fakeout but prices could turn around just as quickly as they did yesterday so the prospect of volatile trading and wild swings means everyone should be weary of reversals.
*The MAIN THEMES I see today are*
+USD (except USDJPY)
-EUR, -GBP, -AUD, -CHF, -CAD
+JPY, +USD (but -USDJPY)
*Today’s Initial Trades*
1. Buy USDCAD at 1.2519, Stop at 1.2491, Target 1.2547
2. Buy EURGBP at .8892, Stop at .8864, Target .8920
3. Short EURUSD at 1.2345, Stop at 1.2373, Target 1.2317
Close ALL open day trades by 10:20AM NY / 15:20 GMT