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*Good morning/afternoon everyone!*
The positive momentum generated by Wednesday’s FOMC statement carried over to Asia and Europe where investors continued to drive the U.S. dollar higher against all of the major currencies. This morning, the greenback is struggling to extend its gains particularly against the JPY as the pair nears 109.77 (Jan 26 high) resistance. The EURO continues to be one of the strongest currency, holding well above 1.2400 and aiming for a move above 1.2450. GBP is also up which surprising considering given softer manufacturing PMI. The commodity currencies are the weakest AUD leading the slide. The Canadian dollar is holding up best but each day it manages to stay above 1.2300, the greater chance of a bottom followed by a strong move upwards. Jobless claims and the ISM non-manufacturing reports are scheduled for release this morning but the focus will be on non-farm payrolls.
*The MAIN THEMES I see today are*
-AUD, -CAD, -CHF, -JPY
mildly +GBP, -NZD
*Today’s Initial Trades*
1. Buy USDCAD at 1.2325, Stop at 1.2297, Target 1.2353
2. Buy USDCHF at .9335, Stop at .9307, Target .9363
3. Buy EURUSD at 1.3436, Stop at 1.2408, Target 1.2464
*EURCAD closed for +21 and NZDUSD for -6
Close ALL open day trades by 10:20AM NY / 15:20 GMT