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Today’s Trades 07.27.2018 CADJPY and NZDUSD
*Good morning/afternoon everyone!*
Its the end of the week and the U.S. dollar is trading firmly ahead of this morning’s second quarter US GDP report. GDP growth is expected to have accelerated significantly thanks to strong retail sales and trade activity. But investors are worried that the lofty 4.2% forecast will be hard to meet, hence the hesitant rally in the greenback. The weakest currency is the Swiss Franc followed by the Australian dollar. There was no news from Switzerland but Australia reported softer PPI. Global yields are flat and stocks are experiencing minor gains. The New Zealand dollar is under pressure following softer consumer confidence numbers and we believe NZD will underperform during the North American session. The Canadian dollar on the other hand could outperform as investors hope for a NAFTA deal. We hope to close most of trades before the 8:30AM GDP report as the outcome could have a material impact on currencies.
*The MAIN THEMES I see today are*
-NZD, -EUR, -GBP, -AUD, -JPY, -CHF
*Today’s Initial Trades*
Here’s the summary –
1. Bought CADJPY at 85.08, Stop at 84.80, Target 85.36
2. Sell NZDUSD at .6767, Stop at 6795, Target .6739
Close ALL open day trades by 10:20AM NY / 15:20 GMT