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*Good morning/afternoon everyone!*
The U.S. dollar extended its gains against all of the major currencies overnight with USD/JPY running as high as 107.90. However as we start the North America session, USD/JPY is trading well off that level while pairs like EUR/USD and GBP/USD remain near their lows. Softer than expected Eurozone PMIs pushed the single currency pair down for the 4th day in a row and while UK claimant count and wages beat expectations, sterling traders were dismayed by the higher unemployment rate. BoE Governor Carney and a number of UK policymakers are speaking later this afternoon, making for the possibility of volatile GBP trade. The commodity currencies are lower across the board but the declines have been modest as investors wait for US data and the FOMC minutes. Stock futures are pointing to a flat open that should be perceived as positive rather than negative for risk appetite.
*The MAIN THEMES I see today are*
+USD, +EUR, +JPY
-GBP, -CAD, -AUD, -NZD, -CHF
*Today’s Initial Trades*
Here’s the summary –
1. Sell NZDJPY at 78.89, Stop at 79.17, Target 78.61
2. Buy EURAUD at 1.5689, Stop at 1.5661, Target 1.5717
3. Buy USDCAD at 1.2661, Stop at 1.2633, Target 1.2689
4. Buy EURUSD at 1.2317, Stop at 1.2289, Target 1.2345
Close ALL open day trades by 10:20AM NY / 15:20 GMT