*Good morning/afternoon everyone!*

The U.S. dollar is trading lower against all of the major currencies this morning but thanks to President Trump who did not cause any major disruptions to the market, the sell-off is modest. High beta currencies continue to perform well with the New Zealand dollar leading the gains. There’s no specific explanation for the 1% jump outside of AUD/NZD selling after softer Australian CPI. Euro is trading above 1.2450 thanks to stronger German employment numbers and while GBP is also trading higher, it lags behind following a report that the EU rejected the city of London’s post Brexit deal for financial services. The Canadian dollar is trading firmly ahead of GDP but all eyes are on the FOMC today. It will be Yellen’s last and while the greenback is on its back foot, the currency’s slide should be limited by the prospect of a more hawkish outlook. Beware of month-end flows and the upcoming ADP and Chicago PMI reports.

*The MAIN THEMES I see today are*

+EUR
-JPY
-GBP

*Trading Biases*

+EUR
-JPY, -CHF
mildly +USD, +AUD, +NZD
mildly -GBP
neutral CAD

*Today’s Initial Trades*

1. Buy USDCHF at .9330, Stop at .9302, Target .9358
2. Buy EURJPY 135.47 at 135.19, Target 135.75
3. Buy EURGBP at .8795, Stop at .8767, Target .8823

Close ALL open day trades by 10:20AM NY / 15:20 GMT