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*Good morning/afternoon everyone!*
While the Japanese Yen is trading higher against across the board today, the U.S. dollar is down against all of the major currencies except for sterling which fell on the back of weaker GDP. This divergence between the yen and the greenback reflects the battle in risk. After selling off sharply in the last 2 hours of trade, U.S. stocks futures are pointing to only a modestly lower open. Asian stocks took a hit but European stocks have stabilized. Given the recent vol in stocks it is too early to tell whether equities will resume their slide in North American trade. Meanwhile the best performing currencies this morning are comm dollars with AUD leading the gains. Canadian retail sales are scheduled for release this morning and we are seeing profit taking on long USD/CAD positions ahead of this key report. The euro has shrugged off a softer IFO report and while USD/JPY is in a clear downtrend. Jobless claims are also on the calendar.
*The MAIN THEMES I see today are*
-USD, -EUR, -GBP
+AUD, +NZD, +CHF
neutral JPY, mildly +CAD
*Today’s Initial Trades*
Here’s the summary –
1. Buy NZDUSD at .7333, stop at .7305, Target .7361
2. Sell EURAUD at 1.5710, Stop at 1.5738, Target 1.5682
3. Sell USDCHF at .9377, Stop at .9405, Target .9349
4. Buy AUDUSD at .7819, Stop at .7791, Target .7847
Close ALL open day trades by 10:20AM NY / 15:20 GMT