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*Good morning/afternoon everyone!*
There are 2 big stories impacting the FX market today – the US government shutdown and the SPD’s vote to begin coalition talks with German Chancellor Merkel. These political developments helped euro take one step forward and the dollar one step back. Euro is one of the strongest performers this morning whereas the dollar is the weakest. However the measured decline in the greenback reflects the hope that a deal will be reached quickly. Amidst active negotiations, the Senate will be voting at noon today to extend funding through Feb 8 and reopen the government. Its not clear whether the bill will pass but the Democrats may be willing to grant the Republicans a few more days to hold votes on extending the status for DACA residents. Meanwhile the sell-off in the greenback has driven the commodity currencies higher with the New Zealand dollar leading the gains. No U.S. economic reports scheduled for release today, so all eyes will be on Washington.
*The MAIN THEMES I see today are*
+EUR, +CAD, +AUD, +NZD
-USD, -CHF, -JPY
*Today’s Initial Trades*
1. Sell USDCAD at market 1.2461, Stop at 1.2489, Target 1.2433
2. Sell CHFJPY at 115.21, Stop at 115.49, Target 114.93
3. Buy EURUSD at 1.2260, Stop at 1.2232, Target 1.2288
4. Buy NZDCHF at .7022, Stop at .6994, target .7050
Close ALL open day trades by 10:20AM NY / 15:20 GMT